Refrigerants Market to Grow with a CAGR of 4.82% through 2030

Growing demand of refrigerants in food & beverage and pharmaceutical industries are expected to drive the Global Refrigerants Market growth in the forecast period, 2026-2030

According to TechSci Research report, “Refrigerants Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030F”, the Global Refrigerants Market stood at USD 6.50 Billion in 2024 and is anticipated to grow with a CAGR of 4.82% in the forecast period, 2026-2030.

The global refrigerants market is experiencing significant expansion, driven by government regulations aimed at reducing environmental impact and promoting sustainable alternatives. Regulatory bodies, particularly in developed markets, are enforcing stricter policies on the use of high-global warming potential (GWP) refrigerants, creating strong demand for innovative and eco-friendly solutions. One of the most influential regulatory drivers shaping the refrigerants market is the U.S. Environmental Protection Agency (EPA). The agency has intensified its efforts to phase out hydrofluorocarbons (HFCs), a class of refrigerants known for their high GWP and contribution to climate change. To facilitate this transition, the EPA has implemented policies under the American Innovation and Manufacturing (AIM) Act, which mandates the gradual reduction of HFC production and consumption.

To support industries in adopting sustainable alternatives, the EPA encourages the widespread use of low-GWP refrigerants such as hydrofluoroolefins (HFOs), natural refrigerants (including ammonia, carbon dioxide, and hydrocarbons), and advanced blends that offer comparable efficiency with reduced environmental impact. Additionally, incentives and regulatory relief are being offered to manufacturers investing in next-generation refrigerant technologies, accelerating industry-wide transformation.

Beyond regulatory enforcement, advancements in research and development (R&D) are playing a crucial role in the evolution of the refrigerants market. Leading manufacturers are actively investing in the development of refrigerants that balance performance, safety, and sustainability. Hydrofluoroolefins (HFOs), a class of fourth-generation refrigerants, have emerged as a promising alternative to HFCs. These refrigerants possess significantly lower GWP while maintaining high cooling efficiency, making them an attractive option for applications in air conditioning, refrigeration, and heat pumps. Continuous research is also being conducted to optimize the performance of HFO blends, enhancing their thermal stability and energy efficiency.

Additionally, natural refrigerants such as CO₂ (R-744), ammonia (R-717), and propane (R-290) are gaining traction due to their zero or near-zero GWP. Companies are developing new system designs and safety mechanisms to facilitate the large-scale adoption of these natural alternatives, particularly in commercial refrigeration and industrial cooling applications.

The transition to environmentally friendly refrigerants is gaining momentum across various sectors, including HVAC, automotive, and commercial refrigeration. Companies that proactively invest in next-generation refrigerant solutions are not only ensuring regulatory compliance but also strengthening their market positioning in an increasingly sustainability-focused business environment. With ongoing governmental support, technological advancements, and increasing consumer demand for green cooling solutions, the global refrigerants market is set to witness robust growth in the coming years.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Refrigerants Market”

The Global Refrigerants Market is segmented into type, application, regional distribution, and company.

Based on its application, The air conditioners segment is projected to experience rapid growth during the forecast period. The usage of refrigerants in air conditioning systems has witnessed a significant increase, driven by the growth of the global economy and the rise in domestic standards. To ensure optimal performance, an ideal refrigerant should seamlessly integrate with the refrigeration system, delivering efficient energy utilization. Air conditioning, the desired outcome is effective cooling, and the selection of superior refrigerants plays a pivotal role in achieving this objective while minimizing carbon emissions. By carefully considering the characteristics and properties of refrigerants, we can enhance the overall output of air conditioning systems, resulting in a more sustainable and environmentally friendly approach to cooling.

Based on region, North America segment is expected to grow during the forecast period. The rise in cold chain sector technology, coupled with heightened concerns regarding food wastage, has led to an increased demand for refrigerated food and beverages. Additionally, the stronger presence of supermarkets has further contributed to the growth of this industry. In terms of the inorganic segment, ammonia has emerged as the dominant choice due to its exceptional cooling capabilities and high efficiency. Its remarkable properties make it an ideal compound for various applications within the cold chain sector.

Major companies operating in Global Refrigerants Market are:

• Daikin Industries, Ltd.
• Asahi Glass Corporation
• The Chemours Company
• Sinochem Group Co Ltd
• Honeywell International Inc.
• Gujarat Fluorochemicals Limited
• Airgas Refrigerants Inc.
• Linde PLC
• Mexichem America Inc.
• SRF Limited

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“Growing application of refrigerants in various end user industries are key drivers of the refrigerants market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of refrigerants with every passing year are anticipated to register an impressive growth to Global Refrigerants Market in the forecast period.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Refrigerants Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (CFCs, HCFCs, HFCs, Inorganic Refrigerants, Others), By Application (Air Conditioners, Refrigerators, Electronics Devices, Chillers, Others), By Region and Competition, 2020-2030F”, has evaluated the future growth potential of Global Refrigerants Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Refrigerants Market.

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