Refrigerants Market Size Worth USD 11.75 Billion in 2032 | Emergen Research

Increasing usage of refrigerants in the pharmaceutical industry is a major factor driving Refrigerants market revenue growth

vancouver, Jan. 02, 2024 (GLOBE NEWSWIRE) — The global refrigerants market size was USD 6.30 Billion in 2022 and is expected to register a rapid revenue CAGR of 6.5 % during the forecast period. The global refrigerants market is experiencing significant growth, primarily driven by the increasing usage of refrigerants in the pharmaceutical industry. Refrigerants play a crucial role in maintaining the integrity of medicinal materials, ensuring they remain uncontaminated. Stringent regulatory requirements for the storage of pharmaceutical drugs and vaccines necessitate the use of cold storage refrigerants, ranging from 2°C-8°C, and cool storage refrigerants with temperatures varying from 8°C to 15°C. The adoption of new refrigerants with technological advancements, such as Honeywell’s Solstice N40 refrigerant, is further contributing to market growth.

In addition to pharmaceuticals, the rising demand for refrigerants in Heating, Ventilation, and Air Conditioning (HVAC) systems in commercial and residential buildings is a key driver. With approximately 2 billion air-conditioning units operating worldwide, refrigerants are crucial for HVAC systems, enabling the heating and cooling of buildings. However, regulations against fluorocarbon refrigerants pose a challenge due to their harmful impact on the environment, leading to ozone depletion and contributing to global warming.

Type Insights: Hydrofluorocarbon (HFC) Dominates the Market

The global refrigerants market is segmented into fluorocarbons (CFC, HCFC, HFC), inorganics (Ammonia, Carbon Dioxide), and hydrocarbons (Isobutane, Propane). In 2022, the HFC segment accounted for the largest revenue share. HFC refrigerants, including R-32, R-125, R-134A, R-143A, and R-152A, meet industry requirements for safety, reliability, efficiency, availability, and affordability. The use of mineral oil in air conditioners containing R-22 distinguishes HFCs, contributing to their significant market share.

The CFC segment is expected to register moderately fast revenue growth, driven by the utilization of R-11, R-12, R-13, R-113, R-114, and R-115 in various industrial and commercial HVAC systems.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2650

Application Insights: Refrigeration Leads, Air Conditioning on the Rise

The refrigeration segment is anticipated to hold a significant revenue share in the global refrigerants market due to increased use in industries such as Food & Beverage, pharmaceuticals, and chemicals. Refrigerants also play a crucial role in data centers for processing volumes of data.

The air conditioning segment is expected to experience steady revenue growth, propelled by the widespread use of air conditioners in commercial buildings and industries. The need for refrigerants to meet the rising demand for space cooling and air conditioning further drives this segment’s growth.

Regional Insights: Asia Pacific Takes the Lead

The Asia Pacific region claimed the largest revenue share in the global refrigerants market in 2022. The demand for air conditioners in the region, driven by high temperatures and weak monsoon conditions, significantly contributed to this market dominance. Increasing investments in infrastructure projects, particularly in India, further bolstered the market’s growth.

North America secured the second-largest revenue share, primarily due to the rising demand for refrigerants in heat pumps. Colder climates in North America make space heating a crucial component, and government policies, such as the Inflation Reduction Act, are expected to fuel market growth.

Europe is poised to account for a considerable revenue share, driven by the importance of refrigerants in storing medicinal drugs and vaccines. The European Union’s strategic plan for pharmaceutical manufacturing and the increasing demand for heat pumps in the region are expected to contribute to market growth.

The global refrigerants market is witnessing dynamic growth, fueled by diverse applications in pharmaceuticals, HVAC systems, and infrastructure development. However, stringent regulations against fluorocarbon refrigerants present challenges that the industry must navigate. As the market continues to evolve, stakeholders are exploring innovative solutions and sustainable practices to ensure the responsible use of refrigerants in various industries.

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2650

Scope of Research

Report Details Outcome
Market Size in 2022 USD 6.30 Billion
CAGR (2023–2032) 6.5 %
Revenue Forecast To 2032 USD 11.75 Billion
Base Year Of Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Material, application, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled A-GAS, Arkema, DAIKIN INDUSTRIES, Ltd, DONGYUE GROUP, Harp International Ltd., Honeywell International Inc., Hudson Technologies, Mexichem , Navin Fluorine International Limited, sinochemintl.com, The Chemours Company,  and Linde plc
Customization Scope 10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global refrigerants market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions in the market. Some major players included in the global refrigerants market report are:

  • A-GAS
  • Arkema
  • DAIKIN INDUSTRIES, Ltd.
  •  DONGYUE GROUP
  • Harp International Ltd.
  • Honeywell International Inc.
  • Hudson Technologies
  • Mexichem 
  • Navin Fluorine International Limited
  • sinochemintl.com
  • The Chemours Company
  •  Linde plc

Strategic Development

  • On 19 September 2023, Carrier Commercial Refrigeration collaborated with Relayr, a Munich-based Internet of Things (IoT) technology company to provide a refrigeration-as-a-service offering to customers. With the jointly developed RaaS solution, food retailers no longer need to make upfront investments in refrigeration equipment and infrastructure.
  • On 3June 2022, Chemours Company launched XL41 refrigerant for North American residential and light commercial ducted HVAC segment. XL41 achieves an optimal equilibrium between sustainability, performance, and ease, making it well-suited for various applications in air conditioning and heat pumps.

Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2650

For the purpose of this report, Emergen Research has segmented the global refrigerants market on the basis of type, application, and region:   

  • Type Outlook (Revenue, USD Billion; 2019-2032)
  • Fluorocarbons
    • Chlorofluorocarbon (CFC)
  • Hydrochlorofluorocarbon (HCFC)
  • Hydrofluorocarbon (HFC)
  • Inorganics
    • Ammonia
    • Carbon dioxide
    • Other Inorganic
  • Hydrocarbons
    • Isobutane
    • Propane
    • Other Hydrocarbons
  • Application Outlook (Revenue, USD Billion; 2019-2032)
  • Refrigeration
    • Domestic
    • Commercial
    • Transportation
    • Industrial
  • Air-conditioning
    • Stationary
    • Chiller
    • Mobile
  • Regional Outlook (Revenue, USD Billion; 2019-2032)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • UK
      • Italy
      • Spain
      • Benelux
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
    • Latin America
      • Brazil
      • Rest of LATAM
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of Middle East & Africa

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/refrigerants-market

Curated Reports You Shouldn’t Miss: Dive In Now!

Thin Wall Packaging Market By Product Type (Cups, Trays, Tubs, Jars, Pots & Lids), By Production Process (Injection molding & Thermoforming), By Material (High-density & Low-density Polyethylene, Polypropylene (PP)), By Application, and By Region Forecast to 2027

3D Printing Metal Market By Form, By Metal Type, By Technology, By Industry Vertical, Forecasts to 2027

Chromatography Resins Market By Type, By Technology, By Application, Forecasts to 2027

Water Quality Monitoring Market By Product (Ph Meters, Conductivity sensor, TOC Analyzer, Dissolved Oxygen Analyzers, Turbidity Meter), By Application (Industrial, Laboratory, Commercial Space, Government Building), Forecasts to 2027

Polysorbate Market By Product (Syrups, Injections, Tablets & Capsules, Ointments, Others), By Type (Polysorbate 20, Polysorbate 40, Polysorbate 60, Polysorbate 80), By Usage (Excipient, Solubilizer, Emulsifier), By End-Use (Food, Cosmetics, Healthcare), By Region Forecasts to 2027

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: https://www.emergenresearch.com/

Direct Line: +1 (604) 757-9756

E-mail: sales@emergenresearch.com

Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy