Global HFO Refrigerant Market 2025-2035

Description

List of Tables

Global HFO Refrigerant Market Size, Share & Trends Analysis Report by Refrigerant Type (R-1234Yf, R-1234Ze, R-1234Zd) by Application (Refrigeration, and Air-Conditioning) By End-User (Domestic, Commercial, Transportation, Industrial, and Others) Forecast Period (2026-2035)

Industry Overview

HFO refrigerant market was valued at $6,267 million in 2025 and is projected to reach $33,080 million by 2035, growing at a CAGR of 18.2% during the forecast period (2026-2035). The growth of the HFO refrigerant market is driven by factors such as increasing regulatory support for environmentally friendly refrigerants, technological advancements in refrigeration and air conditioning systems, and the growing pharmaceutical industry. Introduction and adoption of environmental regulations to control global warming, such as the Environmental Protection Agency (EPA) Significant New Alternatives Policy (SNAP) Program, is increasing the demand for HFOs in North America, particularly in the US. Furthermore, the expansion of distribution networks by companies in the HFO refrigerant market is driving the growth of the market, making the product more accessible to a broader range of customers, including those in remote or underserved regions. For instance, Gas Servei has a large distribution network in Spain, Portugal, France, and partners in international markets.

Market Dynamics

Phase out of HFCs leads to growth in the HFO Refrigerants Market

HFO refrigerants are gaining popularity owing to the phase-out of HFC refrigerants and low GWP and ozone depletion potential (ODP), making them an option for companies seeking to comply with environmental regulations and reduce their carbon footprint. The AIM Act mandates the phasedown of HFCs by 85% from historic baseline levels by 2036 and authorizes EPA to address HFCs. Moreover, the EU-wide HFC phase-out is expected to result in large reductions in F-gas use and emissions. HFCs accounted for around 90% of F-gas emissions in 2022. These regulations encourage companies to manufacture HFO refrigerants for wide industry applications. For instance, Forane is the brand of Arkema, which manufactures refrigerants. These refrigerants are used in a wide range of applications, including air conditioning and refrigeration systems in commercial, industrial, and residential settings. The company provides reliable and sustainable refrigerant solutions while minimizing environmental impact. The company also developed low-global-warming-potential refrigerants that comply with regulations and standards such as the EPA's Significant New Alternatives Policy (SNAP). The company also offers technical support, training, and resources to help customers optimize the performance and efficiency of their systems.

Growing Demand for HFO Refrigerants in Pharmaceutical and Cold-Chain Sector

Refrigerant plays a critical role in pharmaceutical development, helping maintain material and process quality and preventing the growth of contaminants. In the highly regulated, capital-intensive world of drug, biologic, and vaccine innovation, precise and dependable temperature control is a must-have. For instance, Opteon offers hydrofluoroolefin (HFO) refrigerants for efficient thermal management in a variety of pharmaceutical environments, from labs and production facilities to transport, storage, and clinical settings. Opteon products offer superior efficiency to alternative refrigerants and improved environmental profile versus legacy refrigerants, delivering safe and reliable performance that supports the building blocks of health progress. According to India Brand Equity Foundation (IBEF), India has the largest number of USFDA-compliant pharmaceutical plants outside the US and over 2,000 WHO-GMP approved facilities, serving demand from 150+ countries globally. These facilities require temperature control and consistent cooling for manufacturing, storage, and cold-chain logistics. This drives the growth in the market.

Market Segmentation

Based on the refrigerant type, the market is segmented into R-1234Yf, R-1234Ze, and R-1234Zd.
Based on the application, the market is segmented into freestanding refrigeration and air-conditioning.
Based on the end-user, the market is segmented into Domestic, Commercial, Transportation, Industrial, and Others.

Refrigeration: A Key Segment in Market Growth

Based on the application, the market is sub-segmented into refrigeration and air conditioning. Among these, the refrigeration sub-segment is estimated to hold the largest share. The factors supporting the market growth include the high volume usage of refrigerants in refrigeration systems. A refrigeration system uses refrigerants to absorb and transmit heat from a low-temperature and high-pressure environment to a high-temperature and low-pressure environment. Such systems are extensively used in various industries, such as food and beverages, pharmaceuticals, and other domestic purposes. Several refrigeration system manufacturers are also focusing on developing systems for domestic applications. For instance, in April 2023, ELANPRO launched a new series of energy-efficient freezers, coolers, and ice machines for the food service industry. The new product line summarizes the company's vision to create an ecosystem of various cooling products catering to food and beverage businesses of different sizes.

The Transportation Segment of the HFO Refrigerant Market is expanding at the Highest Rate

Growing vehicle production and strict national and sub-national regulations on refrigerants have boosted the adoption of HFO refrigerants in automotive AC applications. BMW has switched to 100% HFO refrigerants; similarly, GM, Genesis, Kia, Mini, Jaguar and Land Rover, Volkswagen, have been using AC systems with HFO-1234yf and are expected to switch to 100% HFO refrigerants in the upcoming years. Further, as per the International Organization of Motor Vehicle Manufacturers (OICA), vehicle production has grown and is estimated to grow at a significant rate owing to the commercialization of electric vehicles. This growth is creating enormous demand for HFO-1234yf refrigerants globally.

Regional Outlook

The global HFO refrigerant market is further divided by region, including North America (the US and Canada), Europe (the UK, Germany, France, Italy, Spain, Russia, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, Australia and New Zealand, ASEAN Countries, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Europe holds the largest Market Share in the Market

Europe holds the largest market share owing to various factors such as growth in the automotive sector, government initiatives, an increase in chemical sales, launches of innovative solutions, and strict environmental regulations. The regulation on the phase-down of HFCs under the Montreal Protocol marks a significant step towards reducing carbon emissions and protecting the ozone layer. The EU F-Gas Regulation entered into force in March 2024. It will further drastically reduce quotas. R-474A is an HFO mixture of R-1234yf and R-1132(E). With an ultra-low GWP <1, it helps to meet the EU's ambitious climate targets set by the EU Green Deal and can be considered as quota-free for equipment manufacturers. Honeywell's Solstice yf Refrigerant is a key element in achieving the EU's climate goals. With a GWP of only 4, it is 97% lower than the mandate of less than 150. It is also 99.7 percent better than the refrigerant currently in use, R-134a, which has a GWP of 1430. Solstice yf Refrigerant is safe and efficient in all climates globally.

Market Players Outlook

The major companies operating in the global HFO refrigerant market include DuPont Inc., Honeywell International Ltd, Daikin Industries, Ltd, The Chemours Company, A-Gas, among others. Market players are leveraging partnerships, collaborations, mergers, and acquisition strategies for business expansion and innovative product development to maintain their market positioning.

Recent Developments

In January 2023, Chemours, one of the leading refrigerant manufacturers, launched a new line of HFO refrigerants, Opteon XL41, in North America, which are designed to replace HFCs in commercial refrigeration and air conditioning systems.
In January 2023, Honeywell announced a new MD Discount store to use Solstice L40X (R-455A). Solstice L40X is a low-GWP, energy-efficient HFO-blend solution for commercial refrigeration applications such as small- and medium-sized supermarkets, food services, cold rooms, and freezer rooms.

The Report Covers:

Market value data analysis of 2025 and forecast to 2035.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global HFO refrigerant market. Based on the availability of data, information related to new products and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.

Product Code: OMR2023849

1. Report Summary

Current Industry Analysis and Growth Potential Outlook
Global HFO Refrigerant Market Sales Analysis - Refrigerant Type | Application | End User| ($ Million)
HFO Refrigerant Market Sales Performance of Top Countries
1.1. Research Methodology
Primary Research Approach
Secondary Research Approach
1.2. Market Snapshot

2. Market Overview and Insights

2.1. Scope of the Study
2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key HFO Refrigerant Market Trends
- 2.2.2. Market Recommendations

3. Market Determinants

3.1. Market Drivers
- 3.1.1. Drivers For Global HFO Refrigerant Market: Impact Analysis
3.2. Market Pain Points and Challenges
- 3.2.1. Restraints For Global HFO Refrigerant Market: Impact Analysis
3.3. Market Opportunities
- 3.3.1. Opportunities For Global HFO Refrigerant Market: Impact Analysis

4. Competitive Landscape

4.1. Competitive Dashboard - HFO Refrigerant Revenue and Share by Manufacturers
HFO Refrigerant Product Comparison Analysis
Top Market Player Ranking Matrix
4.2. Key Company Analysis
4.3. Dupont Inc
4.4. Daikin Industries, Ltd
4.5. Honeywell International Inc.
4.6. The Chemours Co.
4.7. A-Gas International Ltd
4.8. Top Winning Strategies by Market Players
- 4.8.1. Merger and Acquisition
- 4.8.2. Product Launch
- 4.8.3. Partnership And Collaboration

5. Global HFO Refrigerant Market Sales Analysis By Refrigerant Type ($ Million)

5.1. R-1234Yf
5.2. R-1234Ze
5.3. R-1234Zd

6. Global HFO Refrigerant Market Sales Analysis By Application ($ Million)

6.1. Refrigeration
6.2. Air-Conditioning

7. Global HFO Refrigerant Market Sales Analysis By End-User ($ Million)

7.1. Domestic
7.2. Commercial
7.3. Transportation
7.4. Industrial
7.5. Others

8. Regional Analysis

8.1. North American HFO Refrigerant Market Sales Analysis - Refrigerant Type | Application | End User | ($ Million)
Macroeconomic Factors for North America
- 8.1.1. United States
- 8.1.2. Canada
8.2. European HFO Refrigerant Market Sales Analysis - Refrigerant Type | Application | End User | ($ Million)
Macroeconomic Factors for Europe
- 8.2.1. UK
- 8.2.2. Germany
- 8.2.3. Italy
- 8.2.4. Spain
- 8.2.5. France
- 8.2.6. Russia
- 8.2.7. Rest of Europe
8.3. Asia-Pacific HFO Refrigerant Market Sales Analysis - Refrigerant Type | Application | End User | ($ Million)
Macroeconomic Factors for Asia-Pacific
- 8.3.1. China
- 8.3.2. Japan
- 8.3.3. South Korea
- 8.3.4. India
- 8.3.5. Australia & New Zealand
- 8.3.6. ASEAN Countries (Thailand, Indonesia, Vietnam, Singapore, And Other)
- 8.3.7. Rest of Asia-Pacific
8.4. Rest of the World HFO Refrigerant Market Sales Analysis - Refrigerant Type | Application | End User | ($ Million)
Macroeconomic Factors for the Rest of the World
- 8.4.1. Latin America
- 8.4.2. Middle East and Africa

9. Company Profiles

9.1. A-Gas International Ltd
- 9.1.1. Quick Facts
- 9.1.2. Company Overview
- 9.1.3. Product Portfolio
- 9.1.4. Business Strategies
9.2. AGC Chemicals Americas, Inc.
- 9.2.1. Quick Facts
- 9.2.2. Company Overview
- 9.2.3. Product Portfolio
- 9.2.4. Business Strategies
9.3. Arkema Group
- 9.3.1. Quick Facts
- 9.3.2. Company Overview
- 9.3.3. Product Portfolio
- 9.3.4. Business Strategies
9.4. Climalife Groupe Dehon
- 9.4.1. Quick Facts
- 9.4.2. Company Overview
- 9.4.3. Product Portfolio
- 9.4.4. Business Strategies
9.5. Coolib
- 9.5.1. Quick Facts
- 9.5.2. Company Overview
- 9.5.3. Product Portfolio
- 9.5.4. Business Strategies
9.6. Daikin Industries, Ltd
- 9.6.1. Quick Facts
- 9.6.2. Company Overview
- 9.6.3. Product Portfolio
- 9.6.4. Business Strategies
9.7. Dupont Inc
- 9.7.1. Quick Facts
- 9.7.2. Company Overview
- 9.7.3. Product Portfolio
- 9.7.4. Business Strategies
9.8. Gas Servei Sa
- 9.8.1. Quick Facts
- 9.8.2. Company Overview
- 9.8.3. Product Portfolio
- 9.8.4. Business Strategies
9.9. GRIT, Gases Research Innovation & Technology S.L.U
- 9.9.1. Quick Facts
- 9.9.2. Company Overview
- 9.9.3. Product Portfolio
- 9.9.4. Business Strategies
9.10. GTS Spa
- 9.10.1. Quick Facts
- 9.10.2. Company Overview
- 9.10.3. Product Portfolio
- 9.10.4. Business Strategies
9.11. Harp International Ltd.
- 9.11.1. Quick Facts
- 9.11.2. Company Overview
- 9.11.3. Product Portfolio
- 9.11.4. Business Strategies
9.12. Honeywell International Inc.
- 9.12.1. Quick Facts
- 9.12.2. Company Overview
- 9.12.3. Product Portfolio
- 9.12.4. Business Strategies
9.13. KPS Global
- 9.13.1. Quick Facts
- 9.13.2. Company Overview
- 9.13.3. Product Portfolio
- 9.13.4. Business Strategies
9.14. Lecron Industrial Development Group, Ltd
- 9.14.1. Quick Facts
- 9.14.2. Company Overview
- 9.14.3. Product Portfolio
- 9.14.4. Business Strategies
9.15. Linde PLC
- 9.15.1. Quick Facts
- 9.15.2. Company Overview
- 9.15.3. Product Portfolio
- 9.15.4. Business Strategies
9.16. Messer Canada Inc.
- 9.16.1. Quick Facts
- 9.16.2. Company Overview
- 9.16.3. Product Portfolio
- 9.16.4. Business Strategies
9.17. Mitsubishi Electric Hydronics & IT Cooling Systems S.p.A
- 9.17.1. Quick Facts
- 9.17.2. Company Overview
- 9.17.3. Product Portfolio
- 9.17.4. Business Strategies
9.18. National Refrigerants Inc.
- 9.18.1. Quick Facts
- 9.18.2. Company Overview
- 9.18.3. Product Portfolio
- 9.18.4. Business Strategies
9.19. Shandong Shing Chemical Co., Ltd.
- 9.19.1. Quick Facts
- 9.19.2. Company Overview
- 9.19.3. Product Portfolio
- 9.19.4. Business Strategies
9.20. Sinochem Group Co., Ltd.
- 9.20.1. Quick Facts
- 9.20.2. Company Overview
- 9.20.3. Product Portfolio
- 9.20.4. Business Strategies
9.21. SRF Ltd.
- 9.21.1. Quick Facts
- 9.21.2. Company Overview
- 9.21.3. Product Portfolio
- 9.21.4. Business Strategies
9.22. The Chemours Co.
- 9.22.1. Quick Facts
- 9.22.2. Company Overview
- 9.22.3. Product Portfolio
- 9.22.4. Business Strategies
9.23. Tribo-Synthetics
- 9.23.1. Quick Facts
- 9.23.2. Company Overview
- 9.23.3. Product Portfolio
- 9.23.4. Business Strategies
9.24. Weitron, Inc.
- 9.24.1. Quick Facts
- 9.24.2. Company Overview
- 9.24.3. Product Portfolio
- 9.24.4. Business Strategies
9.25. Wilhelmsen
- 9.25.1. Quick Facts
- 9.25.2. Company Overview
- 9.25.3. Product Portfolio
- 9.25.4. Business Strategies