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Europe Refrigerant Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Published: September 2024 || SKU: CH6962
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180 pages
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See how US Tariffs impact Europe Refrigerant Market

Europe Refrigerant Market is segmented By Type (Mineral Oils, Hydrochlorofluorocarbons(HCFCs), Chlorofluoro Carbon (CFC), Hydrofluoro Carbon (HFC), and Others), By Application (Refrigeration Systems, Chillers, Air-Conditioning Systems, Mac, Heat Pumps, and Others), and By Country (Germany, France, Belgium, the U.K., Switzerland, and Rest of Europe) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

 

Report Overview

The Europe Refrigerant Market is expected to grow at a CAGR of 4.50% during the forecast period 2024-2031.

 

A refrigerant is a chemical combination of fluids that acts as a cooling agent in heat pumps and refrigeration cycles. It operates on the phase transition hypothesis and may be used as the main working fluid in absorption refrigeration systems or as a secondary fluid to transfer thermal energy from one medium to another.

There are two types of refrigerants primary and secondary. Primary refrigerants are fluids that are used as working fluids in refrigeration systems, such as vapour compression and vapour absorption, to produce refrigeration by undergoing a phase change process in the evaporator. Secondary refrigerants are liquids that use the same brine to transport heat energy from one area to another.

Refrigerant is substantially used in end-user industries such as pharmaceuticals, food, and beverages, air-conditioning equipment, fire suppression, etc.

Market Scope

Metrics

Details

CAGR

4.50%

Size Available for Years

2021-2030

Forecast Period

2024-2031

Data Availability

Value (US$)

Segments Covered

Type, and Application

Countries Covered

Germany, France, Belgium, the U.K., Switzerland, and Rest of Europe

Largest Country

Germany

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights.

 

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Market Drivers

Environmental Regulations:

Stringent environmental restrictions, such as the European Union's F-Gas Regulation, are driving the switch to low-GWP refrigerants in Europe. These restrictions limit the use of high-GWP refrigerants while encouraging the use of more ecologically friendly alternatives.

Energy Efficiency Requirements:

The growing focus in Europe on energy efficiency and sustainability drives the demand for energy-efficient refrigeration systems. As a result, there is a greater need for refrigerants with better energy efficiency ratings, prompting producers to develop and implement improved refrigerant technologies.

Market Restraint

The challenge of phase-out of high-GWP refrigerants like hydrofluorocarbons (HFCs) is a key barrier for the European refrigerant market. Identifying acceptable alternatives, assuring their availability, and successfully managing the transition need meticulous preparation and collaboration among refrigeration industry players.

Market Opportunities

The transition to natural refrigerants such as hydrocarbons (e.g., propane, butane) and carbon dioxide (CO2) provides an opportunity in the European refrigerant market. Natural refrigerants have a low GWP and are regarded as more ecologically benign than manufactured refrigerants.

Market Segmentation

The Europe Refrigerant Market is segmented by type and application

The chlorofluorocarbon (CFC) segment has the largest market share, owing to increased demand for air-conditioning system sales globally. For example, the Energy Government Organization's yearly air-conditioning equipment has expanded to 100 units each year, with a worldwide value of roughly US$ 100 billion, accounting for 4.5 exajoules.

Key Development

  • Honeywell introduced the olstice® N71 (R-471A) refrigerant in January 2022, an innovative, new low-global-warming-potential (GWP) refrigerant for commercial and industrial refrigeration that is tailored for supermarkets.

Geographical Insights

By region the Europe refrigerant market is segmented by Germany, France, Belgium, the U.K., Switzerland, and Rest of Europe.

Germany is likely to dominate the European refrigerant market due to the advancements in the region's sectors. France is predicted to develop rapidly throughout the projection period due to increased knowledge regarding the use of refrigerants.

Key Players of Market

The major Europe refrigerant market players include The Chemours Company, Gas Servei, Gujarat Fluorochemicals Ltd., DAIKIN INDUSTRIES, Ltd. (Japan), Mexichem S.A.B. de C.V., Zhejiang Fotech International Co. Ltd., Tazzetti S.p.A., SRF Limited, Arkema, and Honeywell International, Inc.

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FAQ’s

  • The Europe Refrigerant Market growth rate is 4.50% during the forecast period.

  • The increasing emphasis on energy efficiency and sustainability in Europe motivates the demand for energy-efficient refrigeration systems and environmental regulations are the growth drivers of the Europe Refrigerant Market.

  • Type, and application, are the factors on which the Europe Refrigerant Market research is based.

  • Key players in the Europe refrigerant market include The Chemours Company, Gas Servei, Gujarat Fluorochemicals Ltd., DAIKIN INDUSTRIES, Ltd. (Japan), Mexichem S.A.B. de C.V., Zhejiang Fotech International Co. Ltd., Tazzetti S.p.A., SRF Limited, Arkema, and Honeywell International, Inc.
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