Refrigerants Market Report 2026

Refrigerants Market Overview

• Refrigerants market size has reached to $29.3 billion in 2025 • Expected to grow to $46.65 billion in 2030 at a compound annual growth rate (CAGR) of 9.6% • Growth Driver: Electric Vehicle Boom Driving Demand For Refrigerants In Automotive Applications • Market Trend: Shift Toward Low-GWP Natural Refrigerant Technologies Driven By Sustainability And Regulatory Compliance • Asia-Pacific was the largest region in 2025.

What Is Covered Under Refrigerants Market?

The refrigerants can be used as primary working fluids in absorption refrigeration systems or as secondary fluids to transmit thermal energy from one medium to the other. A refrigerant is a chemical blend of fluids that serves as a cooling agent in heat pumps and refrigeration cycles. It operates on the concept of phase transition, which converts liquid to gas and vice versa at varying temperatures. The main types of refrigerants are halocarbons, inorganic, hydrocarbons, and others. Halocarbons are organic compounds with several or all hydrogen atoms replaced with halogen atoms, usually fluorine or chlorine. It is used in air conditioners, refrigerators, and others.

What Is The Refrigerants Market Growth Forecast?

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.

What Is The Driver Of The Refrigerants Market?

The rising demand for electric vehicles will support the growth of the refrigerants market. The increasing adoption of electric vehicles (EVs) is indeed creating a demand for refrigerants in the automotive industry. EVs, which use electric motors powered by batteries instead of internal combustion engines, require refrigeration systems for various purposes such as battery thermal management systems and power electronics cooling. For instance, in April 2024, according to the International Energy Agency (IEA), a France-based intergovernmental organization, reported that in 2024, the number of new electric car registrations in China reached 8.1 million in 2023, representing a 35% increase compared to 2022. Therefore, the rising demand for electric vehicles will drive the refrigerants industry.

Key Players In The Global Refrigerants Market

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

Global Refrigerants Market Trends and Insights

Major companies operating in the refrigerants market are focusing on developing energy-efficient, low-GWP cooling solutions that use natural refrigerants such as CO₂ to meet sustainability goals and comply with tightening environmental regulations. For instance, in December 2024, Enex Technologies, an Italy-based energy technology company, unveiled two new natural-refrigerant products SENNA XS and KUBE marking a major step in sustainable HVAC and refrigeration systems. The SENNA XS is a CO₂ transcritical booster with a compact design and capacity range of 50–400 kW, optimized for supermarkets and commercial settings; it delivers high efficiency, easier maintenance, and retrofit-friendly dimensions. Meanwhile, the KUBE CO₂ subcritical rack (10–270 kW) is targeted at industrial refrigeration, offering flexibility with condenser configurations, robust reliability, and simplified servicing. Together, these systems replace traditional refrigerants with eco-friendly CO₂, reducing greenhouse-gas impact and improving energy efficiency reinforcing Enex’s commitment to natural refrigerant technology and advancing sustainable cooling solutions.

What Are Latest Mergers And Acquisitions In The Refrigerants Market?

In June 2024, Hudson Technologies, a US-based chemical manufacturing company, acquired USA Refrigerants for $20.7 million. With this acquisition, Hudson aims to strengthen its refrigerant sourcing capabilities, expand its 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 company that specializes in providing refrigerants.

What Defines the Refrigerants Market?

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.

How is Market Value Defined and Measured?

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.

What Key Data and Analysis Are Included in the Refrigerants Market Report 2026?

The refrigerants market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the refrigerants industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.