New Tools and Technology Development will drive Refrigerant Market in coming years

Refrigerant Industry Overview

The global refrigerant market size was estimated at USD 14.26 billion in 2023 and is projected to grow at a CAGR of 4.7% from 2024 to 2030.

The industry is experiencing growth due to increased demand from various end-use sectors, particularly the commercial & industrial refrigeration industry. Rapid urbanization in emerging economies, the expansion of cold storage facilities, and the rising preference for environmentally friendly refrigerants are all expected to fuel global market growth in the coming years.

Gather more insights about the market drivers, restrains and growth of the Refrigerant Market

Refrigerants such as hydrofluorocarbons (HFCs), 1,1,1,2-Tetrafluoroethane, and Ammonia are widely utilized in the beverage and food processing industry due to their minimal contribution to global warming, thus reducing their impact on the ozone layer. These refrigerants are commonly used for storing, producing, and transporting food and beverages.

Food, perishable goods, and medicines can be refrigerated throughout their life. Refrigerated containers, trucks, and trailers systems keep these supplies fresh during transportation and preserve the goods from production to delivery. The growing demand for medicines, frozen foods, and new treatments requiring cold chains has increased the need for reliable refrigerated transport.

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Key Refrigerant Company Insights

Some of the key players operating in the market include Honeywell International Inc., Daikin Industries Ltd., and Arkema S A, among others

Honeywell International Inc. manufactures and supplies aerospace product & services, turbochargers, energy efficient solutions and products for homes, businesses & transport, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals and security technologies for home, industries and buildings. The company has its business operating via four segments, aerospace, home and building technologies, performance materials and technologies and safety & productivity solutions. The company has a global presence.

Daikin Industries Ltd is a manufacturer and supplier of cooling equipment and chemicals. It operates via three segments, Air Conditioning and Refrigeration Business, Chemicals and others. The Air Conditioning and Refrigeration Business segment is responsible for providing residential and commercial air conditioners, residential and commercial air purifiers, large sized chillers, marine vessel air conditioners and marine refrigeration units. The Chemicals segment manufactures and supplies fluoropolymers, fluorocarbons, fine chemical products and chemical engineering machinery. The company has a global presence.

Mexichem SAB de CV, Linde Group, Air Liquide, and Dongyue Group, among others, are some of the emerging participants in the refrigerants market.

Air Liquide manufactures and supplies gases, technologies, and services for healthcare and various industries. It operates through three segments: Gas & Services, which includes refrigerants; Engineering & Construction; and Global Markets & Technologies. The Gases & Services segment comprises four business lines: large industries, Industrial merchants, Healthcare, and Electronics. The company also manufactures and designs plants in the renewable, alternative, and traditional energy sectors and has a presence in 72 countries.

Linde Group is a gas and engineering company that operates via three segments Gases, Engineering and Other. The Gases segment provides a wide range of liquified and compressed gases, as well as chemicals to several industries including energy, steel production, chemical processing, environmental protection, welding, food processing, electronics and glass production. The Engineering division assists in planning, development and construction of turnkey industrial plants such as chemical plants, refineries, petrochemical plants, fertilizer plants, and olefin, air separation, hydrogen, natural gas and synthesis gas plants. The other segment consists of logistics services offered by the company’s subsidiary Gist, which provides expert solutions in the distribution of chilled beverages and food.

Key Refrigerant Companies:

The following are the leading companies in the refrigerants market. These companies collectively hold the largest market share and dictate industry trends

·         Honeywell Industries Inc.

·         Daikin Industries Inc.

·         Arkema S A

·         Dongyue Group

·         The Chemours Company

·         Mexichem SAB de CV

·         Sinochem Group

·         Linde Group

·         Air Liquide

·         SRF Limited

·         Gujarat Fluorochemicals Limited

·         Asahi Glass Co, Ltd (AGC)

Recent Developments

In June 2024, Hudson Technologies announced the acquisition of USA Refrigerants for USD 27 million. This acquisition helps Hudson Technologies enter the North America and U.S. markets.

In November 2022, Danfoss announced the acquisition of BOCK GmbH, a German compressor manufacturer. This move aligns with Danfoss's goal to expand its range of clean, sustainable technologies and accelerate the green transition in commercial refrigeration systems

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