Refrigerant Market Size Worth USD 23.22 billion by 2034 | CAGR: 4.5%

The global refrigerant market size is expected to reach USD  23.22 billion by 2034, according to a new study by Polaris Market Research. The report “Refrigerant Market Size, Share, Trends, Industry Analysis Report: By Type (Fluorocarbons, Hydrocarbons, and Inorganic Refrigerants), Application (Air Conditioning, Refrigeration, and Others), End User (Industrial, Commercial, and Domestic), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The refrigerant market growth is driven by increasing demand for energy-efficient and environmentally friendly cooling solutions across various industries, including air conditioning, refrigeration, and industrial cooling. A few key drivers are stringent environmental regulations that are pushing for the phase-out of high-GWP refrigerants and rising global temperatures, which increase the need for cooling systems.

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The growing adoption of low-GWP refrigerants, including natural refrigerants such as CO₂ and ammonia, that align with sustainability goals would offer growth opportunities for the market in the coming years. Additionally, the rapid urbanization and industrialization in emerging markets, especially in Asia Pacific, present strong growth prospects.

Refrigerant Market Report Highlights

• Based on type, the fluorocarbons segment dominates the refrigerant market share due to their wide application in air conditioning and refrigeration systems. However, the hydrocarbons and inorganic refrigerants segments are rapidly gaining traction due to their lower environmental impact and alignment with regulatory standards.
• The air conditioning segment, by application, holds the largest market share, driven by rising demand in residential and commercial cooling systems. However, the refrigeration sector is witnessing the highest growth, particularly in industrial refrigeration applications due to increased food processing and pharmaceutical storage needs.
• In terms of end user, the industrial segment leads the market, driven by heavy demand for refrigeration in manufacturing and chemical processes. The commercial sector is seeing the highest growth due to an increased adoption of refrigeration and air conditioning in the retail, hospitality, and healthcare sectors.
• Asia Pacific dominates the refrigerant market due to rapid industrialization and urbanization, particularly in China and India. The  increasing demand for cooling systems driven by rising temperatures and growing middle-class populations in emerging economies drive the regional market growths.

Polaris Market Research has segmented the refrigerant market report on the basis of type, application, end user, and region:

By Type Outlook  (Revenue – USD Billion, 2020–2034)

• Fluorocarbons
• Hydrocarbons
• Inorganic Refrigerants

By Application Outlook  (Revenue – USD Billion, 2020–2034)

• Air Conditioning
• Refrigeration
• Others

By End User Outlook  (Revenue – USD Billion, 2020–2034)

• Industrial
• Commercial
• Domestic

By Regional Outlook  (Revenue – USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

Refrigerant Market Report Scope