Market Size of Refrigerants Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 2.02 Million tons |
| Market Volume (2029) | 2.29 Million tons |
| CAGR (2024 - 2029) | 2.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Refrigerants Market Analysis
The Refrigerants Market size is estimated at 2.02 Million tons in 2024, and is expected to reach 2.29 Million tons by 2029, growing at a CAGR of 2.5% during the forecast period (2024-2029).
COVID-19 had a detrimental effect on the market. All the major manufacturing activities were on a temporary halt owing to the pandemic scenario, which minimized the demand for refrigerants used for refrigeration, air conditioners, and other applications. However, the market retained its growth trajectory in 2022 due to the resumed production processes in all industries.
- The major factors driving the market are the expansion of the global cold chain market and increasing demand for HVAC applications.
- However, stringent environmental regulations against fluorocarbon refrigerants and the continuous amendments in the Montreal Protocol are likely to restrain the market.
- The awareness and development of green and low GWP refrigerants are 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 demand from the countries like India, China and ASEAN Countries.
