The global refrigerants market size was valued at USD 24.20 billion ****in 2023 and is projected to grow from USD 26.11 billion in 2024 to USD 47.98 billion by 2032, exhibiting a CAGR of 7.9% during the forecast period. North America dominated the refrigerants market with a market share of 30.58% in 2023. The growth can be attributed to the surging demand for green refrigerants coupled with the increasing number of cold stores globally. The product demand comes from various end-use industries, especially the automotive sector.
Fortune Business Insights™ cites this information in its research report, titled “Refrigerants Market, 2024-2032”.
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List of Key Players Mentioned in the Report:
Segments:
Hydrocarbons Segment to Gain Immense Traction Owing to Rapid Industrialization in Emerging Economies
Based on type, the market is classified into hydrocarbons, fluorocarbons, and inorganic refrigerants. The hydrocarbon segment held a leading market share in 2022. This was on account of rising industrialization in developing nations coupled with the extensive product usage in residential and commercial applications.
Refrigeration Segment to Lead Due to Surging Equipment Demand
With respect to application, the market is classified into refrigeration, air conditioning, and others. The refrigeration segment held the largest market share in 2022. This can be credited to the surging purchasing power of the middle-class population for consumer goods such as refrigeration equipment. The segment expansion can also be ascribed to surging industrialization and deteriorating weather conditions.