Refrigerant Market Size

Refrigerants Market size was over USD 24.39 billion in 2023 and is likely to cross USD 64.75 billion by the end of 2036, growing at more than 7.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of refrigerants is estimated at USD 25.91 billion.

The growth of the market can be attributed to the growing demand for cooling refrigerants from the end-users backed by the growing adoption of residential and commercial cooling equipment, such as heating, ventilation, and air conditioning (HVAC) systems, refrigerators, freezers, air conditioners, and others. The demand for residential cooling equipment, where refrigerants are used widely, has witnessed a significant growth over the past few years. The changing lifestyle of individuals, along with the rise in disposable income are some of the factors that can be attributed to the growing demand for such residential cooling equipment. According to the statistics by the Organization for Economic Co-Operation and Development (OECD), the household disposable income in the United States grew from USD 43929/capita in 2013 to USD 53202/capita in 2018. Moreover, the housing disposable income in the European Union grew from USD 26634/capita in 2013 to USD 32822/capita in 2019. The market is also thriving on account of the growing consumer electronics sector as well as for the growth of the automotive industry.