Meticulous Research®, a leading global market research firm,
has released a report titled "Refrigerants Market - Global Opportunity
Analysis and Industry Forecast (2024-2031)." This report forecasts that
the refrigerants market will reach $10.5 billion by 2031, growing at a compound
annual growth rate (CAGR) of 5.8% from 2024 to 2031.
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Key drivers of this market growth include the widespread
adoption of air conditioning and refrigeration in commercial settings, as well
as increasing regulatory and environmental initiatives promoting sustainable
refrigerants. However, challenges such as the flammability and toxicity of
certain refrigerants could hinder growth.
Additionally, the rising demand for refrigeration solutions
in the pharmaceutical industry and the need for refrigerants in automotive HVAC
systems present significant opportunities for market participants. Nonetheless,
elevated operational costs remain a challenge. Current trends include a growing
preference for natural refrigerants, an increase in green building
certifications, and the adoption of sustainable construction practices.
Key Players:
The refrigerants market is moderately competitive, featuring
numerous large and small players globally, regionally, and locally. Notable
companies include Honeywell International Inc. (U.S.), Daikin Industries, Ltd.
(Japan), Linde plc (Ireland), 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 report segments the refrigerants market by type,
application, and end user, and provides a competitive analysis at regional and
country levels.
Among the types analyzed, chlorofluorocarbons (CFCs) are
projected to dominate the market with a 29.0% share in 2024. Their ease of
integration into existing refrigeration and HVAC systems, along with their
growing use to mitigate fire risks compared to alternatives, drives this
segment's prominence.
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In terms of applications, the refrigeration segment is
expected to hold a 34.0% market share in 2024, fueled by the demand for
refrigerants with lower global warming potential (GWP), which reduces
environmental impact. Their lower toxicity and flammability also enhance safety
in refrigeration systems.
For end users, the industrial sector is anticipated to
dominate with a 35.0% share in 2024. The increasing application of refrigerants
for temperature control in industries like food processing, chemical
manufacturing, and pharmaceuticals, as well as the need to preserve product
quality and reduce waste, support this segment’s leading position.
The report provides a thorough analysis of key regions,
including North America (U.S., Canada), Europe (Germany, U.K., France, Italy,
Netherlands, Spain, Sweden, and others), Asia-Pacific (Japan, China, India,
South Korea, Singapore, Australia & New Zealand, Indonesia, and others),
Latin America (Brazil, Mexico, and others), and the Middle East & Africa
(UAE, Saudi Arabia, Israel, and others).
Among these regions, Asia-Pacific is expected to hold the
largest market share of 42.0% in 2024. Factors contributing to this include the
rising adoption of residential air conditioning, large-scale industrial
refrigeration, significant R&D investments in high-performance,
environmentally compliant refrigerants, and the growing demand for specialty
refrigerants in automotive HVAC systems.
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