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HFC, HFO, HFC/HFO blends and natural refrigerants are expected to witness high demand over the forecast period 2022-2030

Market Scenario


Refrigerant is a substance used as a medium of heat transfer, which picks up the heat by evaporating at a low temperature and pressure. It gives up the heat on condensing at a higher temperature & pressure, and coverts back to the gas phase in the refrigeration cycle. Refrigerants are designated by R followed by a unique number.


Market Segmentation


The global refrigerant market is segmented by type, application, and region.


On the basis of the type, the global refrigerant market is segmented into natural refrigerants and synthetic refrigerants. Natural refrigerants are further segmented into organic/hydrocarbons and inorganic refrigerants. Hydrocarbons are further segmented into propane, n-butane, iso-butane, and others. Similarly, inorganic hydrocarbons are also sub-segmented into ammonia, CO2, water, and others. Synthetic refrigerants/fluorocarbons are segmented into two types namely pure fluorocarbons and fluorocarbon blends. Pure fluorocarbons are further segmented into chlorofluorocarbons (CFCs), hydrofluorocarbons (HCFCs), hydrofluorocarbons (HFCs), hydro fluoro Olefins (HFO) and others. Similarly, fluorocarbon blends are also segmented into two types, i.e., azeotropic and zeotropic (non-azeotropic). 


HFC, HFO, HFC/HFO blends, and natural refrigerants are expected to witness high growth during the forecast period, 2022-2030 due to their eco-friendly properties, low GWP, and low ODS potential compared to Synthetic Lubricants counterparts.


On the basis of the application, the global refrigerant is segmented into refrigerators, air conditioners, chillers/heat pumps, and others. Refrigerators are sub-segmented into domestic refrigerators, commercial refrigerators (medium scale), industrial & supermarket refrigerators (large scale), and transport refrigerators. Air conditioners (AC) are further segmented into centralized AC, split AC, window AC, portable AC, and hybrid AC.  Air conditioners are projected to be the largest market for refrigerants in the forecast period due to the rising disposable incomes; rising standard of living, rapid technological advancements, and upcoming infrastructure projects on transport networks, and commercial & residential projects in emerging economies.


Regional Analysis


The global refrigerant market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific is the major region in the global market. The Middle East & Africa is expected to show rising demand over the forecast period. North America and Europe is expected to show steady demand, which is further trailed by Latin America. Rising disposable income, changing lifestyles, upcoming transportation, and domestic & commercial projects in emerging economies are primarily driving the demand for air conditioners and refrigerators. Therefore, it is positively impacting the global refrigerant market. Furthermore, growing industrialization across the globe is expected to drive the demand for chillers/heat pumps.


Competitive Analysis


Some of the key players in the global refrigerant market are DAIKIN INDUSTRIES, Ltd. (Japan), The Chemours Company. (U.S.), Honeywell International Inc. (U.S.), Arkema S.A. (France), Dongyue Group Co. Ltd (China), Asahi Glass Co., Ltd. (Japan), Sinochem Group (China), Mexichem S.A.B. de C.V. (Mexico), The Linde Group (Germany), SRF Limited (India), and DowDuPont Inc. (U.S.). 


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