The refrigerant market size was valued at US$ 47.04 billion in 2024 and is expected to reach US$ 75.62 billion by 2031; it is estimated to register a CAGR of 7.0% from 2025 to 2031.

The refrigerant market growth is driven by the increasing demand by the world to have environmentally friendly, low-GWP (Global Warming Potential), and energy-efficient cooling systems in the refrigeration, air conditioning, and heat pump processes. Strict policies, including the F-Gas regulations in the EU and the use of the strict Kigali amendment to the Montreal protocol, and phase-down schedules of different countries, are hastening the replacement of high-GWP HFCs with next-generation HFOs, natural refrigerants, and low-GWP mixes. Demand is also propelled by rapid urbanization, the building of more cold-chain infrastructure in developing economies, and the increased use of electric cars and data center cooling. With industries focusing on sustainability without sacrificing performance and safety, newer refrigerants are becoming exhibits of vital enabling and sufficient control and long-term operation efficiency in the climate-aware world.

The refrigerant market analysis has been performed by considering the following segments: type, application, and end use. By type, the refrigerant market is segmented into ammonia, carbon dioxide, propane, isobutane, HFCs, HFO, and others. The HFCs segment leads the refrigerant market share in 2024, with its extensive application in the established commercial refrigeration, stationary, and mobile air conditioning, and retrofit systems. HFCs are an ideal choice in many applications as they are not flammable (A1 safety category), have high performance thermodynamically, and can be connected to existing equipment. In developing markets, the high demand is supported by large installed bases, affordable supply, and sluggish substitution despite the continued phase-down of the Kigali Amendment across the globe. HFC-134a, R-410A, and R-404A/507 are featured at the top of the list of blends in supermarkets, transportation refrigeration, and residential AC, which ensures the leadership of HFCs, with the industry slowly transferring to lower-GWP courses.

Asia Pacific dominated the refrigerant market in terms of revenue in 2024, supported by increasing adoption of air-conditioning systems in densely populated countries such as China, India, and Indonesia. The region's extensive manufacturing base-including electronics, food processing, cold storage, and pharmaceuticals-relies heavily on industrial refrigeration. Significant investment in infrastructure, retail expansion, and growth of organized food distribution enhances cold-chain requirements. The automotive sector, particularly in China and Southeast Asia, contributes additional demand as vehicle production remains high and thermal management systems evolve. Government initiatives promoting energy efficiency and gradual transitions toward low-GWP refrigerants influence market dynamics, although regulatory variation across countries produces diverse adoption patterns. Overall, economic growth, climate-related cooling needs, and industrial expansion underpin refrigerant demand in the region. There is an increasing adoption of air-conditioning systems in densely populated countries such as China, India, and Indonesia. The region's extensive manufacturing base-including electronics, food processing, cold storage, and pharmaceuticals-relies heavily on industrial refrigeration. Significant investment in infrastructure, retail expansion, and growth of organized food distribution enhances cold-chain requirements.

Some of the key players operating in the global refrigerant market include A-Gas International Limited, Eastman Chemical Co, Eastman Chemical Co, Arkema SA, Linde Plc, Honeywell International Inc, Daikin Industries Ltd, Air Liquide, Orbia, and Quimobasicos SA de CV. Players operating in the refrigerant market focus on providing high-quality products to fulfill customer demand. Also, they are focusing on launching new and high-quality products for their customers.

The overall global refrigerant market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the refrigerant market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the refrigerant market.