Refrigerants Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Fluorocarbon, Hydrocarbon, Inorganic, Others), By Application (Industrial Refrigeration, Domestic Refrigeration, Transport Refrigeration, Commercial Refrigeration, Stationary Air Conditioning, Chillers & Heat Pumps, Mobile Air Conditioning), and Region  

Refrigerants Market size was valued at US$ 23.4 billion in 2023 and is expected to reach US$ 39.6 billion by 2030, at a CAGR of 8.5% from 2024-2030. Rising awareness regarding global warming and ozone depletion coupled with the increase in demand for energy-efficient cooling solutions is anticipated to fuel the refrigerant market during the forecast period. Global phase-down of production and consumption of hydro-fluorocarbons (HFCs), one of the six greenhouse gases (GHGs) has led to an increased demand for natural refrigerants. The hydrocarbon and inorganic segments are, therefore, anticipated to attest to significant growth in the market. Increased industrialization in emerging economies such as China, India, and Japan has led to the establishment of a large number of data centers, subsequently fueling demand for refrigerants. However, stringent regulation stifles the growth of the market. The report studies Global refrigerant market dynamics elaborately to identify the current market trends and drivers, future opportunities, and possible challenges to the key stakeholders operating in the market. In addition, the Global Refrigerants market report includes competition analysis with a vividly illustrated competition dashboard to assess the market competition.

Moreover, PBI analyzed the global Refrigerants market to better equip clients with possible investment opportunities across the Countries (Country Investment Hot-Spots) and market unmet needs (Product Opportunities).  The key players in the global market have adopted acquisition, expansion, product launches, technological advancements, and partnerships as their business strategies to sustain the intense competition. Refrigerant giants have focused on market strategies such as product launches and expansion to strengthen their brand image in the market. Honeywell International is a pioneer in developing low GDP and OWP blends. Innovations such as these are expected to inspire other industry players to invest significantly in R&D and the production of environment-friendly products to meet stringent regulatory specifications and changing consumer preferences.