PUBLISHER: Grand View Research | PRODUCT CODE: 1751428
PUBLISHER: Grand View Research | PRODUCT CODE: 1751428
The global refrigerant market is expected to reach USD 19.65 billion by 2030, registering a CAGR of 4.7% from 2025 to 2030, according to a new report by Grand View Research, Inc. The increasing development of environmentally friendly alternatives, driven by environmental policies focused on mitigating ODS and GHG emissions, constitutes a significant factor fueling market growth.
Regulations implemented across the EU, Asia Pacific, and the U.S. have encouraged a consumer shift towards hydrocarbon & inorganic refrigerants, with their demand projected to increase substantially throughout the forecast period. In 2024, the fluorocarbons segment dominated over 53.3% of the total consumption.
The inorganic product segment held the second-largest position in terms of revenue. The thermal efficiency of inorganic refrigerants has facilitated their adoption across various industrial applications. Their low cost, ease of procurement, and environmentally benign properties contribute to their increasing demand within industrial sectors.
The Asia Pacific refrigerant market has demonstrated robust demand in recent periods. The expansion of industrial activity and productivity in China and India is expected to continue driving the need for refrigeration across residential, industrial, and commercial domains.
Companies consistently endeavor to strengthen their market presence through strategies encompassing product development, regional expansion, and application diversification. Offering innovative and cost-effective products that satisfy end-user requirements and regulatory standards is crucial for establishing a competitive advantage.