Refrigerant Market Outlook & Forecast [2028]
Global Refrigerant Market has valued at USD5.46 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 6.23% through 2028. Refrigerant is a fluid mixture used in heat pump or refrigeration cycles, serving as a coolant. During the refrigeration cycle, it undergoes a phase change from liquid to gas. It is chosen for its non-corrosive nature, high heat vaporization, moderate density in liquid form, and high density in gaseous form. Various chemicals, such as hydrochlorofluorocarbons (HCFC), hydrofluorocarbons (HFC), chlorofluorocarbons (CFC), and other inorganic compounds, are employed as refrigerants. The demand for air conditioners has surged due to urbanization and improvements in lifestyle, consequently driving the growth of the refrigerant market. Technological advancements and the widespread use of freezing techniques in the food and transportation industries also contribute to this growth. The production of automobiles,...