Global Refrigerant R32 Market Size, Share, Growth Analysis, By Type(Fluorocarbons, hydrocarbons), By Application(Domestic, industrial) - Industry Forecast 2024-2031

Global Refrigerant R32 Market size was valued at USD 6.38 billion in 2022 and is poised to grow from USD 6.85 billion in 2023 to USD 12.13 billion by 2031, growing at a CAGR of 7.40% during the forecast period (2024-2031).

The market's growth stems from heightened investments in research and development, the influx of new market entrants, ongoing product innovations, efficient deployment of new products, and intensified competition among industry competitors. Additionally, supportive governmental initiatives and policies are anticipated to bolster market expansion in the forecast period. For instance, in India, verification tests were conducted for inverter type R32 air conditioners, leading to requests for technical assistance from various governments in Thailand and Malaysia by Daikin, a leading manufacturer of Refrigerant R32. This, combined with favorable legislation promoting R32 refrigerant adoption, is expected to expedite market growth. Moreover, increasing disposable incomes and a willingness to invest in luxurious lifestyle upgrades and innovative equipment will further fuel market development. Refrigerant R32 offers distinct advantages over other refrigerants, such as potentially reducing electricity consumption by up to 10% compared to R-22 air conditioners, one-third lower global warming potential than R-22 and R-410A, ease of recycling, and lower operation and maintenance costs. Consequently, heightened awareness of these benefits is driving increased adoption of refrigerant R32, opening up new business avenues for market participants.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Refrigerant R32 Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Refrigerant R32 Market Segmental Analysis

The global Refrigerant R32 market is segmented into type and applications. Based on type, the global market is segmented into fluorocarbons, hydrocarbons, inorganic refrigerants, and others. Based on application, the global Refrigerant R32 Market is segmented into domestic, industrial, commercial, air conditioning, chillers, variable refrigerant flow, mobile air conditioning, and others.

Drivers of the Global Refrigerant R32 Market

The pharmaceutical sector relies heavily on maintaining low temperatures during the transportation and storage of drugs, with the increasing adoption of refrigerant R32 driven by a growing preference for biologics. This trend, alongside the escalating demand for specialty pharmaceuticals, insulin products, and vaccines, is poised to propel market expansion. Particularly, emerging Asian markets like India and China are experiencing substantial growth in the pharmaceutical industry, further stimulating the demand for refrigerant R-32 in the foreseeable future.

Restraints in the Global Refrigerant R32 Market

The refrigerant R-32 market faces significant obstacles stemming from challenges in storing and transporting its gaseous and highly volatile hydrochlorofluorocarbons and hydrocarbons. Additionally, stringent government regulations aimed at environmental conservation further hinder the global market's growth.

Market Trends of the Global Refrigerant R32 Market

In recent times, R410A (HFC) has been the predominant refrigerant for air conditioners across various applications despite its high Global Warming Potential (GWP) of around 2,090. Its successor, HFC R32, with a lower GWP of 675, has gained widespread adoption as a replacement for R410A. However, R32's mild flammability poses significant safety concerns, especially in larger equipment and supermarket applications. The increasing popularity of shopping at supermarkets and large grocery stores naturally increases the demand for refrigerant R32, presenting manufacturers with promising growth prospects in the foreseeable future.