Refrigerants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Type (Fluorocarbons, Inorganics, Hydrocarbons, and Other Types), by Application (Refrigeration, Air-conditioning, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa)

Market Snapshot

Refrigerants Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >3 %

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Market Overview

The market for refrigerants is expected to grow at a CAGR of around 3% during the forecast period. One of the major factors driving the market studied will be the expansion of the global cold chain market. However, stringent environmental regulations against fluorocarbon refrigerants are likely to restrain the market.

  • Increasing demand for bio-based refrigerants is likely to act as an opportunity for market growth in the future.
  • Asia-Pacific dominated the market across the world, owing to the rapidly growing construction and automotive industries.

Scope of the Report

The refrigerants market report includes:

Type
Fluorocarbons
Chlorofluorocarbons (CFC)
Hydrochlorofluorocarbons (HCFC)
Hydrofluorocarbons (HFC)
Inorganics
Ammonia
Carbon Dioxide
Other Inorganics
Hydrocarbons
Isobutane
Propane
Other Hydrocarbons
Others
Application
Refrigeration
Domestic
Commercial
Transportation
Industrial
Air-conditioning
Stationary
Chiller
Mobile
Others
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Rest of the Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa (MEA)

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Key Market Trends

Fluorocarbons to Dominate the Market

  • Fluorocarbons have dominated the market owing to the increasing demand for hydrofluorocarbons.
  • HFCs are widely utilized in air conditioning applications as they are less harmful to the atmosphere in comparison to other fluorocarbon refrigerants.
  • They also serve as the most prominent substitutes for phased-out CFCs and HCFCs. Emerging nations are slowly phasing out fluorocarbon refrigerants and are working on phasing out HCFCs. This will, in turn, result in a high demand for HFCs globally.
  • HFCs are non-flammable, recyclable, energy efficient, less toxic, and are chemically stable. They are non-reactive with the environment even upon direct exposure.
  • One of the chief advantages of HFCs over chlorofluorocarbons (CFC’s) is that they do not contribute to ozone layer depletion.
  • Hence, fluorocarbons segment is likely to account for the highest market share during the forecast period.
Refrigerants Market Volume Share

Asia-Pacific to Dominate the Market

  • Asia-Pacific accounted for the highest market share and is likely to witness the highest market share during the forecast period.
  • China is one of the fastest growing economies worldwide and almost all the end-user industries have been experiencing a significant growth, owing to the rising population, living standards, and per capita income. However, owing to the international trade turbulences and unfavorable geopolitical affairs, the growth rate is expected to slow down in the initial years of the forecast period. But the growth is expected to speed up in the later part of forecast period, considering the favorable conditions and relations in the future.
  • Chinese consumers are increasingly purchasing health and wellness food products, including organics foods that require cold storages, including peas, corn, etc. Packaged frozen foods are also increasingly becoming popular, especially dairy, baby food, and confectionary products.
  • Many consumers in China are considering refrigeration appliances as household necessities, owing to increasing usage of ready-to-eat packed food, which paves the way for appliances, to penetrate the market. The scenario further strengthens the growth of the Chinese refrigeration market.
  • India is booming economy of modern times, due to significantly rising living standards and per capita income are changing the choices and preferences of an individual. These are resulting in broadening of all major sectors of Indian economy, leading to higher growth prospects in the country.
  • Hence, Asia-Pacific is likely to dominate the market during the forecast period.
Refrigerants Market Regional Trends

Competitive Landscape

The global refrigerants market is partially consolidated, with the top five players accounting for a decent share in the market. The global refrigerants market is dominated by Honeywell International Inc., The Chemours Company, Mexichem SAB de CV, and Arkema Group. Other key players in the market include Linde, Daikin Industries Ltd, Sinochem Group Co. Ltd, Messer Group, and Navin Fluorine International Limited, among others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Expansion of the Global Cold Chain Market

      2. 4.1.2 Rapid Growth in the Global Automotive Industry

    2. 4.2 Restraints

      1. 4.2.1 Stringent Environmental Regulations against Fluorocarbon Refrigerants

      2. 4.2.2 Constant Amendment of Montreal Protocol

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Fluorocarbons

        1. 5.1.1.1 Chlorofluorocarbons (CFC)

        2. 5.1.1.2 Hydrochlorofluorocarbons (HCFC)

        3. 5.1.1.3 Hydrofluorocarbons (HFC)

      2. 5.1.2 Inorganics

        1. 5.1.2.1 Ammonia

        2. 5.1.2.2 Carbon Dioxide

        3. 5.1.2.3 Other Inorganics

      3. 5.1.3 Hydrocarbons

        1. 5.1.3.1 Isobutane

        2. 5.1.3.2 Propane

        3. 5.1.3.3 Other Hydrocarbons

      4. 5.1.4 Others

    2. 5.2 Application

      1. 5.2.1 Refrigeration

        1. 5.2.1.1 Domestic

        2. 5.2.1.2 Commercial

        3. 5.2.1.3 Transportation

        4. 5.2.1.4 Industrial

      2. 5.2.2 Air-conditioning

        1. 5.2.2.1 Stationary

        2. 5.2.2.2 Chiller

        3. 5.2.2.3 Mobile

      3. 5.2.3 Others

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 ASEAN Countries

        6. 5.3.1.6 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 France

        3. 5.3.3.3 United Kingdom

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of the Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa (MEA)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 A-Gas

      2. 6.4.2 Arkema Group (Bostik SA)

      3. 6.4.3 Daikin Industries Ltd

      4. 6.4.4 Dongyue Group Co. Ltd

      5. 6.4.5 Harp International Ltd

      6. 6.4.6 Honeywell International Inc.

      7. 6.4.7 Hudson Technologies

      8. 6.4.8 Mexichem S.A.B. de CV

      9. 6.4.9 Navin Fluorine International Ltd

      10. 6.4.10 Sinochem Group

      11. 6.4.11 SRF Limited

      12. 6.4.12 The Chemours Company

      13. 6.4.13 LINDE Plc

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Demand for Bio-based Refrigerants

**Subject to Availability

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Frequently Asked Questions

The Refrigerants Market market is studied from 2016 - 2026.

The Refrigerants Market is growing at a CAGR of >3% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Honeywell International Inc., Arkema Group, Mexichem, The Chemours Company are the major companies operating in Refrigerants Market.

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