November 24, 2020

Refrigerant Market Drivers, Trends, Opportunities and Forecast 2027

The Global Refrigerant Market is estimated to reach USD 21.1 Billion by 2027 at a CAGR of 4.1%, says forencis research (FSR).

Refrigerant is referred to as the compound used in the refrigerators in order to offer cooling effects. It is crucial in the products offering air conditioning, refrigeration, and freezing. These refrigerants work by absorbing the heat from the air entrapped inside the equipment, and transfer it from the low pressure gas to the high-pressure liquid. The components installed in the air conditioning system circulates the refrigerant outside. After this, the refrigerant cools down and turns back into low-pressure gas. Due to its efficient working, it is widely used in residential, commercial and industrial sector.

Refrigerant Market: Drivers & Restraints

Market Drivers:

Higher Demand for Chillers and Freezers

The demand for the refrigerant is escalating owing to rising demand for the chillers and freezers which is attributed to the increasing adoption from various industries. Among these, food and beverage sector is emerged as the promising sector, which can be boosting the demand for chillers and freezer. The increasing trend of consuming frozen food by the potential population is expected to foster the chillers and freezer demand. In addition to this, higher preference to ready to eat/drink, and processed food products is further fueling the demand for chillers to increase the shelf life of the products.

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Growing Demand for an Efficient Cooling Equipment

In industrial sector, the demand for efficient cooling system is increasing. It is crucial in industries to reduce the overall heating of the industrial components and equipment. Rise in manufacturing sector in emerging regions with ongoing industrialization along with higher preference of the prominent industrialists towards cooling system is projected to push the market growth. Increasing preference towards domestic heating equipment is further fostering the market growth in the forecast period.

Market Restraints:

Strict Regulation Imposed On the Use High-GWP refrigerants

Chlorofluorocarbon and hydro chlorofluorocarbons are the compounds that are responsible for the emission causing major global concerns: global warming and greenhouse emissions. To overcome this, stringent emission regulation has been imposed by the developing countries. Also, some of the developing and developed countries has taken initiative to phase out the refrigerant with higher global warming potential GWP by 2030 and 2020 to promote environmental health. This is acting a restrain for the market growth.

Refrigerant Market: Key Segments

  • Key Segments by Type: Chlorofluorocarbons, Hydro Chlorofluorocarbons, Hydrofluorocarbons, Fluorocarbons, Hydrocarbons, Ammonia, Carbon Dioxide, Propane, Iso-Butane and Others
  • Key Segments by Application: Residential, Commercial, Industrial and Transportation and Refrigeration
  • Key Regions Covered: North America, South America, Europe, Asia-Pacific, Middle East & Africa with individual country-level analysis.

Refrigerant Market: Report Scope

The report on the refrigerant market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

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List of the leading companies operating in the Refrigerant Market include:

  • Danfoss (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • Linde
  • Honeywell International Inc.
  • Arkema SA
  • DuPont
  • The Chemours Company
  • Air Liquide
  • Dongyue Group
  • Asahi Glass Co, Ltd
  • Other Key Companies

Refrigerant Market: Report Segmentation

For the scope of report, In-depth segmentation is offered by Forencis Research

Refrigerant Market, by Type

  • Chlorofluorocarbons
  • Hydro Chlorofluorocarbons
  • Hydrofluorocarbons
  • Fluorocarbons
  • Hydrocarbons
  • Ammonia
  • Carbon Dioxide
  • Propane
  • Iso-Butane
  • Others

Refrigerant Market, by Application

  • Residential
  • Commercial
  • Industrial
  • Transportation and Refrigeration

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Refrigerant Market by Region

  • Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
  • North America (US, Canada, Mexico)
  • Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
  • Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
  • South America (Brazil, Argentina, Rest of South America)

Key Questions answered by the report

  • What are the major developments impacting the global market and its growth?
  • What will be the effects of the developments in the global market on the industry and on the market players in the near and far future?
  • What are the evolving types of the global market?
  • What are the evolving applications of global market?
  • What are the major characteristics that will affect the global market growth during the study period?
  • Who are the key global players operating in the market?
  • How are the major players leveraging in the existing global market conditions?

Table of Content


1.1 Research Objectives

1.2 Market Definition

1.3 Research Scope

1.4 Regional Coverage

1.5 Research Timeline

1.6 Assumptions

1.7 Limitations


2.1 Introduction

2.2 Primary Research

2.2.1 Key Industry Expert Insight

2.3 Secondary Research

2.3.1 Vital Data from Secondary Sources

2.4 Market Size Estimation

2.5 Data Validation & Triangulation



4.1 Introduction

4.2 Drivers

4.2.1 Higher Demand for Chillers and Freezers

4.2.2 Growing Demand for an Efficient Cooling equipment

4.3 Restraints

4.3.1. Strict Regulation Imposed On the Use High-GWP refrigerants

4.4 Opportunities

4.4.1. Advent of Next Generation refrigerant


5.1 Introduction

5.1.1. Power of Buyers

5.1.2. Power of Suppliers

5.1.3. Intensity of Competition

5.1.4. Challenges of Substitutes

5.1.5. Challenges of New Entrants

5.2 Macro-Economic Indicators

6 REFRIGERANT MARKET BY SERVICE, Market Size in USD Million and Kiloton (2019—2027)

6.1 Introduction

6.2 ChloroFluoroCarbons

6.3 HydroChloroFluoroCarbons

6.4 HydroFluoroCarbons

6.5 FluoroCarbons

6.6 HydroCarbons

6.7 Ammonia

6.8 Carbon Dioxide

6.9 Propane

6.10 Iso-Butane

6.11 Others

7 REFRIGERANT MARKET BY APPLICATION, Market Size in USD Million and Kiloton (2019—2027)

7.1 Introduction

7.2 Residential

7.3 Commercial

7.4 Industrial

7.5 Transportation And Refrigeration

8 REFRIGERANT MARKET BY REGION, Market Size in USD Million (2019—2027)

8.1 North America

8.1.1. US

8.1.2. Canada

8.1.3. Mexico

8.2 Europe

8.2.1. Germany

8.2.2. France

8.2.3. Italy

8.2.4. UK

8.2.5. Spain

8.2.6. Rest of Europe

8.3 Asia-Pacific

8.3.1. China

8.3.2. Japan

8.3.3. India

8.3.4. South Korea

8.3.5. Rest of Asia-Pacific

8.4 Middle East & Africa

8.4.1. Saudi Arabia

8.4.2. UAE

8.4.3. Rest of Middle East & Africa

8.5 South America

8.5.1. Brazil

8.5.2. Argentina

8.5.3. Rest of South America


9.1 Introduction

9.2 Market Ranking/Share Analysis of Key Companies

9.3 Company Benchmarking


10.1 Danfoss

10.1.1 Company Overview

10.1.2 Financial Overview

10.1.3 Products/Solutions/Services Offered

10.1.4 Key Developments

10.1.5 SWOT Analysis

10.2 Linde


10.4 Honeywell International Inc.

10.5 Arkema SA

10.6 DuPont

10.7 The Chemours Company

10.8 Air Liquide

10.9 Dongyue Group

10.10 Asahi Glass Co, Ltd

10.11 Other Key Companies


11.1 Key Industry Expert Insights

11.2 Primary Discussion Guide

11.3 Customization Options

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