REDDING, Calif., Nov. 21, 2024 /PRNewswire/ -- According to a new market research report titled, ' Refrigerants Market by Type (CFCs, HCFCs, HFCs, HCs, CO2, HFO), Application (Air-conditioning, Refrigeration, Chilling and Heating), End User (Residential, Commercial, Industrial), and Geography-Global Forecast to 2031,'
The refrigerants market is projected to reach $10.5 billion by 2031, at a CAGR of 5.8% from 2024 to 2031.
The refrigerants market is experiencing growth driven by the increased adoption of air conditioning and refrigeration for commercial applications, as well as the rising implementation of regulatory and environmental policies promoting sustainable refrigerants. On the other hand, market growth is restrained by flammability and toxicity issues.
In addition, the growing demand for refrigeration and storage solutions in the pharmaceutical industry and the increasing need for refrigerants in automotive HVAC systems present significant growth opportunities for market players. However, high operational costs pose a significant challenge to market growth.
Moreover, the increasing demand for natural refrigerants, increasing green building certifications, and sustainable construction practices are prominent market trends in the refrigerants market.
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Key Players:
Some of the major players studied in this report are Honeywell International Inc. (U.S.), Daikin Industries, Ltd. (Japan), Linde plc (Ireland), L'AIR LIQUIDE S.A. (France), A-Gas International Limited (U.K.), The Chemours Company (U.S.), Tazzetti S.p.A. (Italy), AGC Inc. (Japan), DuPont de Nemours, Inc. (U.S.), Arkema Group (France), Dongyue Group Limited (China), Sinochem Group Co., Ltd. (China), SRF LIMITED (India), Gujarat Fluorochemicals Limited (India), and Engas Pty Ltd (Australia).
The refrigerants market is segmented by type (chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), hydrofluorocarbons (HFCs), hydrocarbons (HCs), ammonia, water refrigerant, carbon dioxide (CO2), hydrofluoroolefin (HFO), Iso-butane, propane, and other types); application (air-conditioning {split Acs, window Acs, centralized/ducted Acs, VRF (variable refrigerant flow) systems, and portable AC}, refrigeration, chilling and heating, and other applications); end user (residential, commercial {supermarkets, warehouses, hospitality, transportation, healthcare, and food service}, industrial { food & beverage, automotive, chemical & petrochemical, medical & pharmaceutical, agriculture, power generation, and other industries}, and data centers). The report also provides a comprehensive analysis of the refrigerants market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Key Findings in the refrigerants Market Study:
By type, the chlorofluorocarbons (CFCs) segment is slated to register the highest CAGR during the forecast period. The increasing use of CFC refrigerants, driven by their chemical stability that facilitates safe storage and transportation, and the rising demand for CFCs in HVAC systems are key factors expected to support the rapid growth of this segment.
By application, the air-conditioning segment is slated to register the highest CAGR during the forecast period. The growing adoption of refrigerants in various air conditioning systems, including split systems, window units, and central air systems, along with the increasing use of refrigerants for their low toxicity and non-flammability, which enhance safety in both residential and commercial AC applications, are factors expected to support the rapid growth of this segment.
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By end user, the commercial segment is slated to register the highest CAGR during the forecast period. The growing use of refrigerants for air conditioning in commercial settings such as supermarkets, restaurants, and office buildings, the rising consumption of frozen and packaged foods, and the increasing demand for natural refrigerants in commercial refrigeration applications are factors expected to support the rapid growth of this segment.
By geography, the Asia-Pacific market is slated to register the highest CAGR of 7.0% during the forecast period. Rising industrial development and economic growth in the region, as well as the growing demand for efficient refrigeration solutions in sectors such as food processing, pharmaceuticals, and logistics, are expected to support the rapid growth of this regional market.
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Scope of the Report:
Refrigerants Market Assessment-by Type
- Chlorofluorocarbons (CFCs)
- Hydrochlorofluorocarbons (HCFCs)
- Hydrofluorocarbons (HFCs)
- Hydrocarbons (HCs)
- Ammonia
- Water Refrigerant
- Carbon Dioxide (CO2)
- Hydrofluoroolefin (HFO)
- Iso-Butane
- Propane
- Other Types
Refrigerants Market Assessment-by Application
- Air-conditioning
- Split ACs
- Window ACs
- Centralized/Ducted ACs
- VRF (Variable Refrigerant Flow) Systems
- Portable AC
- Refrigeration
- Chilling and Heating
- Other Applications
Refrigerants Market Assessment-by End User
- Residential
- Commercial
- Supermarkets
- Warehouses
- Hospitality
- Transportation
- Healthcare
- Food Service
- Industrial
- Food & Beverage
- Automotive
- Chemical & Petrochemical
- Medical & Pharmaceutical
- Agriculture
- Power Generation
- Other Industries
- Data Centers
Refrigerants Market Assessment-by Geography
- North America
- S.
- Canada
- Europe
- Germany
- K.
- France
- Italy
- Netherlands
- Spain
- Sweden
- Poland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Indonesia
- Thailand
- Malaysia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Israel
- Rest of Middle East & Africa
Related Reports:
Natural Refrigerants Market Size, Share, Forecast, & Trends Analysis by Refrigerant Type (Ammonia, Carbon Dioxide, Hydrocarbon), Application (Refrigeration, Air-conditioning), End User (Residential, Industrial, Commercial), and Geography - Global Forecast to 2031 - https://www.meticulousresearch.com/product/natural-refrigerants-market-5912
Automotive HVAC Market Size, Share, Forecast, & Trends Analysis by Offering (Hardware, Services), Operation Mode (Manual HVAC, Automatic HVAC), Application (ICE Vehicles, EV Vehicles), End User (OEM, Aftermarket), and Geography - Global Forecast to 2031 - https://www.meticulousresearch.com/product/automotive-hvac-market-5913
Medical Cooling Systems Market By Product [Equipment (Standard, Customize), Accessories], Type (Air Cooled), Model (Split, Modular System), Compressor (Scroll, Screw), Application (MRI, CT, PET, Laser), End User (OEM, Hospital)- Global Forecast To 2024 - https://www.meticulousresearch.com/product/medical-cooling-systems-market-4911
Solid State Cooling Market Size, Share, Forecast, & Trends Analysis by Type (Single, Multi, Thermocycler), Product (Refrigeration, Cooling), Technology (Thermoelectric, Electrocaloric), Application, and End-use Industry - Global Forecast to 2031 - https://www.meticulousresearch.com/product/solid-state-cooling-market-5982
Refrigerants Market Research Summary
Particulars | Details |
Number of Pages | 250 |
Format | |
Forecast Period | 2024-2031 |
Base Year | 2023 |
CAGR (Value) | 5.8 % |
Market Size (Value) | USD 10.5 billion by 2031 |
Segments Covered | By Offering
By Application
By End User
|
Countries Covered | North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Netherlands, Spain, Sweden, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Singapore, Australia & New Zealand, Indonesia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Saudi Arabia, Israel, and Rest of Middle East & Africa). |
Key Companies | Honeywell International Inc. (U.S.), Daikin Industries, Ltd. (Japan), Linde plc (Ireland), L'AIR LIQUIDE S.A. (France), A-Gas International Limited (U.K.), The Chemours Company (U.S.), Tazzetti S.p.A. (Italy), AGC Inc. (Japan), DuPont de Nemours, Inc.(U.S.), Arkema Group (France), Dongyue Group Limited (China), Sinochem Group Co., Ltd. (China), SRF LIMITED (India), Gujarat Fluorochemicals Limited (India), and Engas Pty Ltd (Australia) |
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