Top 15 Refrigerants Companies, Worldwide 2023

The Refrigerants Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Refrigerants. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 70 companies of which the Top 15 Refrigerants Companies were categorized and recognized as the quadrant leaders.

Refrigerants are cooling mediums that absorb heat at low temperatures and pressure and release heat at high temperatures and pressure. Fluorocarbons are the most widely used refrigerants in equipment, such as refrigerators and air conditioners. However, due to their high Ozone-Depleting Potential (ODP) and Global Warming Potential (GWP), they are being replaced by greener refrigerants such as propane, isobutane, ammonia, and carbon dioxide.

The 360 Quadrant maps the Refrigerants Companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Refrigerants’ quadrant. While the top criteria for product footprint evaluation included Type (HFC & Blends, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide), Application (Refrigeration System (Industrial, Commercial, Residential), Airconditioning system, Chillers, Mobile Airconditioning).

Key trends highlighted in 360 Quadrant’s study include:

• The global refrigerants market was valued at USD 6.64 billion in 2023 and is forecast to reach USD 9.05 billion by 2028, growing at a CAGR of 6.40% during the 2023-2028 period. Key factors driving refrigerant demand include rising consumption of refrigeration and air conditioning equipment in both commercial and residential settings as well as expansion of cold chain infrastructure for food transport and storage.
• Another prominent reasons supporting the rapid growth of the refrigerants companies include growth in organized retail, a shift towards high-value horticultural crops requiring cold storage and increasing demand for processed foods.
• The refrigerants market is highly competitive, and the Refrigerants Companies are constantly trying to capture higher market shares. Honeywell, Chemours, Linde, Daikin, and Air Liquide have been identified as the top refrigerants companies, together these companies capture nearly 45-50% share of the global refrigerants market.
• In 2022, HFCs and blends claimed the top spot in the global refrigerants market by type, comprising nearly 60% of the volume, followed by carbon dioxide. It can be expected that in near future HFO segment will record highest CAGR mostly driven by rising environmental concerns associated with the use of hydrofluorocarbons (HFCs) and blends, as well as hydrochlorofluorocarbons (HCFCs).
• In 2022, refrigeration systems accounted for the largest share of the global market at 43.1% by value in terms of applications which was largely driven by significant volumes of refrigerant usage in industrial refrigeration. It was followed by air conditioning systems, with growth fueled by rising demand from an expanding urban middle class population across developing economies as well as continued infrastructure development. Some of the notable refrigerants companies in this refrigeration systems segment include Arkema, Dongyue Group, Honeywell, Chemours, Linde, Air Liquide, Sinochem, and Daikin among others.
• In terms of regional analysis, Asia Pacific accounted for the largest share of the global refrigerants market. It was followed by North America and Europe in 2022. One of the key factors driving the growth in the Asia Pacific region is the growing presence of manufacturing and other industries that use refrigerants in applications such as refrigeration systems, air conditioning, and chillers. Other factors such as huge industrial base and increasing urbanization are also driving the growth in the region, thereby creating a multitude of opportunities for the refrigerants companies in the region.
• Refrigerants Companies are adopting various strategies such as geographic expansions, new product launches, partnerships, and acquisitions to accelerate their position in the market. The key players have been trying to strengthen their product & service portfolios and cater to the untapped markets. For instance, In May 2023, Chemours announced a capacity expansion in its low global warming potential (GWP) products, encompassing the Opteon 1100 foam blowing agent and Opteon SF33 specialty fluid. This expansion aims to triple the capacity of the ultra-low GWP hydrofluoroolefin (HFO) solution, empowering customers and value chain partners to address the growing demand for sustainable and efficient fluids based on HFO-1336mzzZ.