Refrigerants Market to Be Worth $10.5 Billion by 2031 - Exclusive Report by Meticulous Research®

The refrigerants market is projected to reach $10.5 billion by 2031, at a CAGR of 5.8% from 2024 to 2031.

The refrigerants market is experiencing growth driven by the increased adoption of air conditioning and refrigeration for commercial applications, as well as the rising implementation of regulatory and environmental policies promoting sustainable refrigerants. On the other hand, market growth is restrained by flammability and toxicity issues.

In addition, the growing demand for refrigeration and storage solutions in the pharmaceutical industry and the increasing need for refrigerants in automotive HVAC systems present significant growth opportunities for market players. However, high operational costs pose a significant challenge to market growth.

Moreover, the increasing demand for natural refrigerants, increasing green building certifications, and sustainable construction practices are prominent market trends in the refrigerants market.

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Key Players:

Some of the major players studied in this report are Honeywell International Inc. (U.S.), Daikin Industries, Ltd. (Japan), Linde plc (Ireland), L'AIR LIQUIDE S.A. (France), A–Gas International Limited (U.K.), The Chemours Company (U.S.), Tazzetti S.p.A. (Italy), AGC Inc. (Japan), DuPont de Nemours, Inc. (U.S.), Arkema Group (France), Dongyue Group Limited (China), Sinochem Group Co., Ltd. (China), SRF LIMITED (India), Gujarat Fluorochemicals Limited  (India), and Engas Pty Ltd (Australia).

The refrigerants market is segmented by type (chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), hydrofluorocarbons (HFCs), hydrocarbons (HCs), ammonia, water refrigerant, carbon dioxide (CO2), hydrofluoroolefin (HFO), Iso-butane, propane, and other types); application (air-conditioning {split Acs, window Acs, centralized/ducted Acs, VRF (variable refrigerant flow) systems, and portable AC}, refrigeration, chilling and heating, and other applications); end user (residential, commercial {supermarkets, warehouses, hospitality, transportation, healthcare, and food service}, industrial { food & beverage, automotive, chemical & petrochemical, medical & pharmaceutical, agriculture, power generation, and other industries}, and data centers). The report also provides a comprehensive analysis of the refrigerants market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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Key Findings in the refrigerants Market Study:

By type, the chlorofluorocarbons (CFCs) segment is slated to register the highest CAGR during the forecast period. The increasing use of CFC refrigerants, driven by their chemical stability that facilitates safe storage and transportation, and the rising demand for CFCs in HVAC systems are key factors expected to support the rapid growth of this segment.

By application, the air-conditioning segment is slated to register the highest CAGR during the forecast period. The growing adoption of refrigerants in various air conditioning systems, including split systems, window units, and central air systems, along with the increasing use of refrigerants for their low toxicity and non-flammability, which enhance safety in both residential and commercial AC applications, are factors expected to support the rapid growth of this segment.

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By end user, the commercial segment is slated to register the highest CAGR during the forecast period. The growing use of refrigerants for air conditioning in commercial settings such as supermarkets, restaurants, and office buildings, the rising consumption of frozen and packaged foods, and the increasing demand for natural refrigerants in commercial refrigeration applications are factors expected to support the rapid growth of this segment.

By geography, the Asia-Pacific market is slated to register the highest CAGR of 7.0% during the forecast period. Rising industrial development and economic growth in the region, as well as the growing demand for efficient refrigeration solutions in sectors such as food processing, pharmaceuticals, and logistics, are expected to support the rapid growth of this regional market.

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Scope of the Report:

Refrigerants Market Assessment—by Type

Refrigerants Market Assessment—by Application

Refrigerants Market Assessment—by End User

Refrigerants Market Assessment—by Geography

Related Reports:

Natural Refrigerants Market Size, Share, Forecast, & Trends Analysis by Refrigerant Type (Ammonia, Carbon Dioxide, Hydrocarbon), Application (Refrigeration, Air-conditioning), End User (Residential, Industrial, Commercial), and Geography - Global Forecast to 2031 - https://www.meticulousresearch.com/product/natural-refrigerants-market-5912

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Refrigerants Market Research Summary

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