PUBLISHER: Grand View Research | PRODUCT CODE: 1575192
PUBLISHER: Grand View Research | PRODUCT CODE: 1575192
The global refrigerant market size is expected to reach USD 19.64 billion by 2030, registering a CAGR of 4.7% during the forecast period, according to a new report by Grand View Research, Inc. Development of eco-friendly alternatives, as a result of environmental policies aimed at ozone depletion and GHG emissions, is a key factor driving market growth.
Regulations across EU, Japan, China, and U.S. have prompted consumers to shift toward hydrocarbon and inorganic refrigerants, with its demand predicted to increase drastically over the forecast period. The fluorocarbons segment accounted for over 53.7% of the overall consumption in 2023.
Inorganics emerged as the second-largest product segment in terms of revenue. Thermal efficiency of the product has enabled its penetration across industrial applications. Low cost, easy availability, and eco-friendly characteristics are key factors boosting its demand in industrial areas.
The Asia Pacific market for refrigerants has reported strong demand in recent times. Growth in industrial activity and productivity across China and India will continue to spur demand for refrigeration across residential, industrial, and commercial sectors.
Companies are constantly striving to consolidate their presence through product development, regional expansions, and application diversification strategies. Innovative and cost-effective products that meet both end-user specifications and regulatory standards are key determinants for competitive edge.