PUBLISHER: The Business Research Company | PRODUCT CODE: 1927187
PUBLISHER: The Business Research Company | PRODUCT CODE: 1927187
Refrigerants can function as primary working fluids in absorption refrigeration systems or as secondary fluids to convey thermal energy between different mediums. A refrigerant is essentially a chemical mixture of fluids employed as a cooling agent in heat pumps and refrigeration cycles. Its operation is based on the principle of phase transition, involving the conversion of liquid to gas and vice versa at varying temperatures.
The main categories of refrigerants include halocarbons, inorganic compounds, hydrocarbons, and others. Halocarbons are organic compounds where several or all hydrogen atoms are substituted with halogen atoms, typically fluorine or chlorine. They find applications in air conditioners, refrigerators, and various other systems.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs have impacted the refrigerants market by influencing the pricing of imported refrigerant chemicals, compressors, and cooling system components. Increased duties have raised costs for air conditioning and refrigeration manufacturers, particularly in asia pacific and europe. Segments using advanced low gwp and blended refrigerants have been most affected due to specialized sourcing. On the positive side, tariffs have promoted domestic refrigerant production and accelerated the shift toward natural and locally sourced refrigerants.
The refrigerants market research report is one of a series of new reports from The Business Research Company that provides refrigerants market statistics, including refrigerants industry global market size, regional shares, competitors with a refrigerants market share, detailed refrigerants market segments, market trends and opportunities, and any further data you may need to thrive in the refrigerants industry. This refrigerants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The refrigerants market size has grown rapidly in recent years. It will grow from $29.3 billion in 2025 to $32.28 billion in 2026 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to growth in refrigeration and air conditioning demand, expansion of food cold storage infrastructure, rising urbanization, increased industrial cooling needs, availability of halocarbon refrigerants.
The refrigerants market size is expected to see strong growth in the next few years. It will grow to $46.65 billion in 2030 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to stricter environmental regulations, growth of cold chain logistics, rising demand for energy efficient cooling, expansion of electric vehicles thermal management, development of next generation refrigerants. Major trends in the forecast period include increasing adoption of low gwp refrigerants, rising demand for natural refrigerants, growing use of refrigerants in cold chain systems, expansion of air conditioning applications, increasing transition from hfcs to hfos.
The rising demand for electric vehicles is expected to support the growth of the refrigerants market. The increasing adoption of electric vehicles (EVs), which use electric motors powered by batteries instead of internal combustion engines, is creating a greater need for refrigerants in the automotive industry. EVs require refrigeration systems for purposes such as battery thermal management and power electronics cooling. For instance, in April 2024, according to the International Energy Agency (IEA), a France-based intergovernmental organization, new electric car registrations in China reached 8.1 million in 2023, marking a 35% increase compared to 2022. Therefore, the rising demand for electric vehicles is driving the refrigerants market.
Major companies operating in the refrigerants market are focusing on developing energy-efficient, low-GWP cooling solutions that rely on natural refrigerants such as CO2 to meet sustainability goals and comply with increasingly strict environmental regulations. For instance, in December 2024, Enex Technologies, an Italy-based energy technology company, introduced two new natural-refrigerant products, SENNA XS and KUBE, marking a significant advancement in sustainable HVAC and refrigeration systems. The SENNA XS is a compact CO2 transcritical booster with a 50-400 kW capacity range, designed for supermarkets and commercial installations, offering high efficiency, simplified maintenance, and retrofit-friendly dimensions. The KUBE CO2 subcritical rack (10-270 kW) targets industrial refrigeration, providing flexible condenser configurations, strong reliability, and straightforward servicing. These systems replace traditional refrigerants with eco-friendly CO2, reducing greenhouse-gas impact and improving energy efficiency while supporting the shift toward sustainable cooling technologies.
In June 2024, Hudson Technologies, a US-based chemical manufacturing company, acquired USA Refrigerants for $20.7 million. Through this acquisition, Hudson aims to strengthen its refrigerant sourcing capabilities, expand access to recovered and reclaimed refrigerants, and enhance purchasing scale as regulatory phase-downs increase demand for higher-margin reclaimed products. USA Refrigerants is a US-based provider specializing in refrigerants.
Major companies operating in the refrigerants market are The Chemours Company, Honeywell International Inc., Arkema S.A., Daikin Industries Ltd., Orbia, SRF Limited, AGC Inc., Gujarat Fluorochemicals Limited, Dongyue Group Limited, Sinochem Group Co., Ltd., Zhejiang Juhua Co., Ltd., Meilan Chemical Co., Ltd., TCI Chemicals (India) Pvt. Ltd., Navin Fluorine International Limited, Koura Global plc, Mexichem Fluor S.A. de C.V., Asahi Glass Co., Ltd., Harbin Zhonghao Chemical Co., Ltd., Shandong Dongyue Chemical Co., Ltd., A-Gas International
Asia-Pacific was the largest region in the refrigerants market in 2025. Asia-Pacific is predicted to record the fastest growth in the refrigerants market in the forecast period. The regions covered in the refrigerants market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the refrigerants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The refrigerants market consists of sales of hydrocarbons, water and ammonia. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Refrigerants Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses refrigerants market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for refrigerants ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The refrigerants market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Added Benefits available all on all list-price licence purchases, to be claimed at time of purchase. Customisations within report scope and limited to 20% of content and consultant support time limited to 8 hours.