The refrigerants market size is estimated to be USD 21.3 billion in 2020 and is expected to reach USD 30.8 billion by 2025, at a CAGR of 7.7% during the forecast period. Factors such as increasing demand for consumer appliances and growing cold chain markets are expected to drive the refrigerants market. The major restraint for the market will be the regulations imposed against the usage of fluorocarbons such as HCFCs and HFCs in North America and Europe. However, the increasing demand for natural refrigerants will act as an opportunity for the market.

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The key market players profiled in the report include Arkema S.A. (France), Dongyue Group Co. Ltd. (China), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Ireland), Air Liquide (France), Sinochem Lantian Co. Ltd. (China), Daikin Industries (Japan), Mexichem (Mexico), and Asahi Glass Corporation (Japan). Players in the refrigerants market are mainly concentrating on new product launches, agreements, mergers & acquisitions, and expansions to meet the growing demand for refrigerants for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.

Impact of COVID-19 on Refrigerants Market

The COVID-19 outbreak has impacted the global refrigerants market as demand for refrigerants from end-use applications declined for a short-term period at the beginning of 2020. Several industries witnessed setbacks in the first half of 2020, which led to a consequent decline in the demand for refrigerants. As a result, the refrigerant market is expected to witness negative growth in 2020. However, demand is expected to revive from 2021 onward and continue during the forecast period. 

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Honeywell International Inc. (US) is one of the leading players in the refrigerants market. In order to expand its business, the company is focusing on enhancing its market reach by entering new markets and regions. For instance, in January 2020, Honeywell International Inc. (US) Solstice L40x refrigerant was selected by Central England Co-Operative for its new food chilling systems. Similarly, The Chemours Company announced to support the market transition driven by the European Union’s F-Gas regulation to lower GWP alternatives and prepare for the next quota phasedown in 2021. It will be suspending the supply of the high GWP refrigerants, R-404A (GWP 3922) and R-507A (GWP 3985), in the European Union.

The companies also adopted new product launches as a strategy to expand their product portfolio and market presence. For instance, in February 2020, Honeywell International Inc. launched a new non-flammable refrigerant with low GWP for stationary air conditioning systems. Similarly, in May 2018, Arkema SA developed Forane 449A, which has low GWP levels and is compatible with systems using R404A/507A.