Table of Content

1 INTRODUCTION 11
1.1 MARKET DEFINITION 11
1.2 INCLUSIONS AND EXCLUSIONS 11
1.3 STAKEHOLDERS 12
2 EXECUTIVE SUMMARY 13
3 MARKET OVERVIEW 16
3.1 INTRODUCTION 16
3.2 MARKET DYNAMICS 16
3.2.1 DRIVERS 17
3.2.1.1 Increasing demand for consumer appliances 17
3.2.1.2 Growing pharmaceutical industry 17
3.2.2 RESTRAINTS 18
3.2.2.1 Stringent regulations against fluorocarbon refrigerants 18
3.2.2.2 Flammability and toxicity issues 19
3.2.3 OPPORTUNITIES 20
3.2.3.1 Increasing demand for natural refrigerants 20
3.2.4 CHALLENGES 21
3.2.4.1 Illegal trade of refrigerants 21
3.3 PORTER’S FIVE FORCES ANALYSIS 21
3.3.1 THREAT OF NEW ENTRANTS 22
3.3.2 THREAT OF SUBSTITUTES 22
3.3.3 BARGAINING POWER OF SUPPLIERS 23
3.3.4 BARGAINING POWER OF BUYERS 23
3.3.5 INTENSITY OF COMPETITIVE RIVALRY 23
4 INDUSTRY TRENDS 24
4.1 SUPPLY CHAIN ANALYSIS 24
4.2 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 25
4.3 ECOSYSTEM ANALYSIS 26
4.4 TECHNOLOGY ANALYSIS 28
4.4.1 KEY TECHNOLOGIES 28
4.4.1.1 Not-in-kind cooling technology 28
4.4.2 COMPLEMENTARY TECHNOLOGIES 29
4.4.2.1 Magnetic refrigeration 29
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4.5 KEY CONFERENCES AND EVENTS, 2025 29
4.6 PATENT ANALYSIS 29
4.6.1 METHODOLOGY 30
4.6.2 DOCUMENT TYPES 30
4.6.3 TOP APPLICANTS 32
4.6.4 JURISDICTION ANALYSIS 35
4.7 IMPACT OF AI/GEN AI ON REFRIGERANTS MARKET 36
5 COMPETITIVE LANDSCAPE 37
5.1 OVERVIEW 37
5.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 37
5.3 MARKET SHARE ANALYSIS 39
5.4 REVENUE ANALYSIS 41
5.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 42
5.5.1 STARS 42
5.5.2 EMERGING LEADERS 42
5.5.3 PERVASIVE PLAYERS 43
5.5.4 PARTICIPANTS 43
5.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 44
5.5.5.1 Company footprint 44
5.5.5.2 Type footprint 45
5.5.5.3 Application footprint 46
5.5.5.4 Region footprint 47
5.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 49
5.6.1 PROGRESSIVE COMPANIES 49
5.6.2 RESPONSIVE COMPANIES 49
5.6.3 DYNAMIC COMPANIES 49
5.6.4 STARTING BLOCKS 49
5.6.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 51
5.6.5.1 Detailed list of key startups/SMEs 51
5.6.5.2 Competitive benchmarking of key startups/SMEs 51
5.7 BRAND/PRODUCT COMPARISON ANALYSIS 52
5.8 COMPANY VALUATION AND FINANCIAL METRICS 53
5.9 COMPETITIVE SCENARIO 54
5.9.1 PRODUCT LAUNCHES 54
5.9.2 DEALS 54
5.9.3 EXPANSIONS 56
5.9.4 OTHERS 57
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6 COMPANY PROFILES 58
6.1 KEY PLAYERS 58
6.1.1 ARKEMA 58
6.1.1.1 Business overview 58
6.1.1.2 Products/Solutions/Services offered 59
6.1.1.3 Recent developments 60
6.1.1.3.1 Deals 60
6.1.1.4 MnM view 60
6.1.1.4.1 Key strengths/Right to win 60
6.1.1.4.2 Strategic choices 60
6.1.1.4.3 Weaknesses/Competitive threats 60
6.1.2 DONGYUE GROUP LIMITED 61
6.1.2.1 Business overview 61
6.1.2.2 Products/Solutions/Services offered 62
6.1.2.3 MnM view 63
6.1.2.3.1 Key strengths/Right to win 63
6.1.2.3.2 Strategic choices 63
6.1.2.3.3 Weaknesses/Competitive threats 63
6.1.3 HONEYWELL INTERNATIONAL INC. 64
6.1.3.1 Business overview 64
6.1.3.2 Products/Solutions/Services offered 65
6.1.3.3 Recent developments 66
6.1.3.3.1 Product launches 66
6.1.3.3.2 Deals 67
6.1.3.3.3 Expansions 68
6.1.3.3.4 Others 68
6.1.3.4 MnM view 68
6.1.3.4.1 Key strengths/Right to win 68
6.1.3.4.2 Strategic choices 69
6.1.3.4.3 Weaknesses/Competitive threats 69
6.1.4 THE CHEMOURS COMPANY 70
6.1.4.1 Business overview 70
6.1.4.2 Products/Solutions/Services offered 71
6.1.4.3 Recent developments 72
6.1.4.3.1 Deals 72
6.1.4.3.2 Expansions 73
6.1.4.3.3 Others 73
6.1.4.4 MnM view 74
6.1.4.4.1 Key strengths/Right to win 74
6.1.4.4.2 Strategic choices 74
6.1.4.4.3 Weaknesses/Competitive threats 74
?
6.1.5 LINDE PLC 75
6.1.5.1 Business overview 75
6.1.5.2 Products/Solutions/Services offered 76
6.1.5.3 Recent developments 77
6.1.5.3.1 Expansions 77
6.1.5.3.2 Others 77
6.1.5.4 MnM view 78
6.1.5.4.1 Key strengths/Right to win 78
6.1.5.4.2 Strategic choices 78
6.1.5.4.3 Weaknesses/Competitive threats 78
6.1.6 SINOCHEM HONG KONG (GROUP) COMPANY LIMITED 79
6.1.6.1 Business overview 79
6.1.6.2 Products/Solutions/Services offered 80
6.1.6.3 Recent developments 81
6.1.6.3.1 Deals 81
6.1.7 DAIKIN INDUSTRIES, LTD. 82
6.1.7.1 Business overview 82
6.1.7.2 Products/Solutions/Services offered 84
6.1.7.3 Recent developments 84
6.1.7.3.1 Deals 84
6.1.7.3.2 Expansions 85
6.1.8 ORBIA ADVANCE CORPORATION, S.A.B. DE C.V. 86
6.1.8.1 Business overview 86
6.1.8.2 Products/Solutions/Services offered 87
6.1.8.3 Recent developments 88
6.1.8.3.1 Product launches 88
6.1.8.3.2 Deals 88
6.1.9 AGC INC. 89
6.1.9.1 Business overview 89
6.1.9.2 Products/Solutions/Services offered 90
6.1.9.3 Recent developments 91
6.1.9.3.1 Product launches 91
6.1.9.3.2 Deals 91
6.1.9.3.3 Expansions 91
6.1.10 A-GAS INTERNATIONAL LIMITED 92
6.1.10.1 Business overview 92
6.1.10.2 Products/Solutions/Services offered 92
6.1.10.3 Recent developments 94
6.1.10.3.1 Deals 94
6.1.10.3.2 Expansions 94
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6.2 OTHER PLAYERS 97
6.2.1 SRF LIMITED 97
6.2.2 GUJARAT FLUOROCHEMICALS LIMITED 98
6.2.3 NAVIN FLUORINE INTERNATIONAL LIMITED 98
6.2.4 PUYANG ZHONGWEI FINE CHEMICAL CO., LTD. 99
6.2.5 SHANDONG YUEAN CHEMICAL INDUSTRY CO., LTD. 100
6.2.6 HARP INTERNATIONAL LTD 101
6.2.7 QUIMOB?SICOS, S.A. DE C.V. 102
6.2.8 TAZZETTI S.P.A. 103
6.2.9 GAS SERVEI 104
6.2.10 ZHEJIANG FOTECH INTERNATIONAL CO. 105
6.2.11 REFRIGERANT SERVICES INC. 106
6.2.12 BROTHERS GAS 107
6.2.13 ECO-FREEZE INTERNATIONAL 107
6.2.14 ENGAS AUSTRALASIA 108
6.2.15 NATIONAL REFRIGERANTS LTD 109
7 APPENDIX 110
7.1 RESEARCH METHODOLOGY 110
7.1.1 RESEARCH DATA 110
7.1.1.1 Secondary data 110
7.1.1.2 Primary data 111
7.1.2 RESEARCH ASSUMPTIONS 111
7.1.3 RESEARCH LIMITATIONS 111
7.1.4 RISK ASSESSMENT 111
7.2 COMPANY EVALUATION MATRIX: METHODOLOGY 112
7.3 AUTHOR DETAILS 115



List of Figures

FIGURE 1 HFC & BLENDS SEGMENT ACCOUNTED FOR LARGEST SHARE OF
REFRIGERANTS MARKET IN 2023 14
FIGURE 2 REFRIGERATION SYSTEMS SEGMENT TO LEAD REFRIGERANTS MARKET
BETWEEN 2024 AND 2029 14
FIGURE 3 ASIA PACIFIC ACCOUNTED FOR LARGEST SHARE OF
REFRIGERANTS MARKET IN 2023 15
FIGURE 4 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
IN REFRIGERANTS MARKET 16
FIGURE 5 REFRIGERANTS MARKET: PORTER’S FIVE FORCES ANALYSIS 22
FIGURE 6 REFRIGERANTS MARKET: SUPPLY CHAIN ANALYSIS 24
FIGURE 7 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 26
FIGURE 8 REFRIGERANTS MARKET: ECOSYSTEM MAP 26
FIGURE 9 REFRIGERANTS MARKET: PATENTS REGISTERED, 2013–2023 30
FIGURE 10 GRANTED PATENT TRENDS, 2013–2023 31
FIGURE 11 MAJOR PATENTS RELATED TO REFRIGERANTS, 2013–2023 31
FIGURE 12 LEGAL STATUS OF PATENTS FILED FOR REFRIGERANTS 35
FIGURE 13 MAXIMUM PATENTS FILED IN US JURISDICTION, 2013-2023 35
FIGURE 14 IMPACT OF AI/GEN AI ON REFRIGERANTS MARKET 36
FIGURE 15 REFRIGERANTS MARKET SHARE ANALYSIS, 2023 40
FIGURE 16 REFRIGERANTS MARKET: REVENUE ANALYSIS OF KEY COMPANIES 2019–2023 (USD MILLION) 42
FIGURE 17 REFRIGERANTS MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2023 43
FIGURE 18 REFRIGERANTS MARKET: COMPANY FOOTPRINT 44
FIGURE 19 REFRIGERANTS MARKET: COMPANY EVALUATION MATRIX
(STARTUPS/SMES), 2023 50
FIGURE 20 REFRIGERANTS MARKET: BRAND/PRODUCT COMPARISON 52
FIGURE 21 REFRIGERANTS MARKET: EV/EBITDA OF KEY MANUFACTURERS 53
FIGURE 22 REFRIGERANTS MARKET: ENTERPRISE VALUATION (EV) OF
KEY PLAYERS (USD BILLION) 53
FIGURE 23 ARKEMA: COMPANY SNAPSHOT 59
FIGURE 24 DONGYUE GROUP LIMITED: COMPANY SNAPSHOT 62
FIGURE 25 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT 65
FIGURE 26 THE CHEMOURS COMPANY: COMPANY SNAPSHOT 71
FIGURE 27 LINDE PLC: COMPANY SNAPSHOT 76
FIGURE 28 SINOCHEM HONG KONG (GROUP) COMPANY LIMITED: COMPANY SNAPSHOT 80
FIGURE 29 DAIKIN INDUSTRIES, LTD.: COMPANY SNAPSHOT 83
FIGURE 30 ORBIA ADVANCE CORPORATION, S.A.B. DE C.V.: COMPANY SNAPSHOT 87
FIGURE 31 AGC INC.: COMPANY SNAPSHOT 90
FIGURE 32 REFRIGERANTS MARKET: RESEARCH DESIGN 110

List of Tables

TABLE 1 REFRIGERANTS MARKET: DEFINITION AND INCLUSIONS, BY TYPE 11
TABLE 2 REFRIGERANTS MARKET: DEFINITION AND INCLUSIONS, BY APPLICATION 12
TABLE 3 SCHEDULE FOR HCFC ELIMINATION: NON-ARTICLE 5 PARTIES 18
TABLE 4 SCHEDULE FOR HCFC ELIMINATION: ARTICLE 5 PARTIES 18
TABLE 5 SCHEDULE FOR HFC ELIMINATION 18
TABLE 6 PROPERTIES OF MOST COMMONLY USED REFRIGERANTS 19
TABLE 7 FACTORS DEFINING GROWTH OF NATURAL REFRIGERANTS MARKET 20
TABLE 8 REFRIGERANTS WITH LOW GWP AND ZERO ODP 20
TABLE 9 REFRIGERANTS MARKET: PORTER’S FIVE FORCES ANALYSIS 23
TABLE 10 REFRIGERANTS MARKET: ROLES OF COMPANIES IN ECOSYSTEM 27
TABLE 11 OBJECTIVES OF NOT-IN-KIND COOLING TECHNOLOGY 28
TABLE 12 REFRIGERANTS MARKET: KEY CONFERENCES AND EVENTS, 2025 29
TABLE 13 REFRIGERANTS MARKET: PATENT COUNT, 2013–2023 30
TABLE 14 REFRIGERANTS MARKET: LIST OF MAJOR PATENTS, 2013–2023 32
TABLE 15 PATENTS BY DAIKIN INDUSTRIES, LTD. 34
TABLE 16 PATENTS BY THE CHEMOURS COMPANY 34
TABLE 17 REFRIGERANTS MARKET: OVERVIEW OF KEY STRATEGIES ADOPTED BY MAJOR MARKET PLAYERS, 2020–2024 37
TABLE 18 REFRIGERANTS MARKET: DEGREE OF COMPETITION, 2023 39
TABLE 19 REFRIGERANTS MARKET: TYPE FOOTPRINT 45
TABLE 20 REFRIGERANTS MARKET: APPLICATION FOOTPRINT 46
TABLE 21 REFRIGERANTS MARKET: REGION FOOTPRINT 47
TABLE 22 REFRIGERANTS MARKET: DETAILED LIST OF KEY STARTUPS/SMES 51
TABLE 23 REFRIGERANTS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 51
TABLE 24 REFRIGERANTS MARKET: PRODUCT LAUNCHES JANUARY 2020–SEPTEMBER 2024 54
TABLE 25 REFRIGERANTS MARKET: DEALS, JANUARY 2020–SEPTEMBER 2024 54
TABLE 26 REFRIGERANTS MARKET: EXPANSIONS, JANUARY 2020–SEPTEMBER 2024 56
TABLE 27 REFRIGERANTS MARKET: OTHERS, JANUARY 2020–SEPTEMBER 2024 57
TABLE 28 ARKEMA: COMPANY OVERVIEW 58
TABLE 29 ARKEMA: PRODUCTS/SOLUTIONS/SERVICES OFFERED 59
TABLE 30 ARKEMA: DEALS 60
TABLE 31 DONGYUE GROUP LIMITED: COMPANY OVERVIEW 61
TABLE 32 DONGYUE GROUP LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED 62
TABLE 33 HONEYWELL INTERNATIONAL INC.: COMPANY OVERVIEW 64
TABLE 34 HONEYWELL INTERNATIONAL INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 65
TABLE 35 HONEYWELL INTERNATIONAL INC.: PRODUCT LAUNCHES 66
TABLE 36 HONEYWELL INTERNATIONAL INC.: DEALS 67
TABLE 37 HONEYWELL INTERNATIONAL INC.: EXPANSIONS 68
TABLE 38 HONEYWELL INTERNATIONAL INC.: OTHERS 68
TABLE 39 THE CHEMOURS COMPANY: COMPANY OVERVIEW 70
TABLE 40 THE CHEMOURS COMPANY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 71
TABLE 41 THE CHEMOURS COMPANY: DEALS 72
TABLE 42 THE CHEMOURS COMPANY: EXPANSIONS 73
TABLE 43 THE CHEMOURS COMPANY: OTHERS 73
TABLE 44 LINDE PLC: COMPANY OVERVIEW 75
TABLE 45 LINDE PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 76
TABLE 46 LINDE PLC: EXPANSIONS 77
TABLE 47 LINDE PLC: OTHERS 77
TABLE 48 SINOCHEM HONG KONG (GROUP) COMPANY LIMITED: COMPANY OVERVIEW 79
TABLE 49 SINOCHEM HONG KONG (GROUP) COMPANY LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED 80
TABLE 50 SINOCHEM HONG KONG (GROUP) COMPANY LIMITED: DEALS 81
TABLE 51 DAIKIN INDUSTRIES, LTD.: COMPANY OVERVIEW 82
TABLE 52 DAIKIN INDUSTRIES, LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 84
TABLE 53 DAIKIN INDUSTRIES, LTD.: DEALS 84
TABLE 54 DAIKIN INDUSTRIES, LTD.: EXPANSIONS 85
TABLE 55 ORBIA ADVANCE CORPORATION, S.A.B. DE C.V.: COMPANY OVERVIEW 86
TABLE 56 ORBIA ADVANCE CORPORATION, S.A.B. DE C.V.:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 87
TABLE 57 ORBIA ADVANCE CORPORATION, S.A.B. DE C.V.: PRODUCT LAUNCHES 88
TABLE 58 ORBIA ADVANCE CORPORATION, S.A.B. DE C.V.: DEALS 88
TABLE 59 AGC INC.: COMPANY OVERVIEW 89
TABLE 60 AGC INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 90
TABLE 61 AGC INC.: PRODUCT LAUNCHES 91
TABLE 62 AGC INC.: DEALS 91
TABLE 63 AGC INC.: EXPANSIONS 91
TABLE 64 A-GAS INTERNATIONAL LIMITED: COMPANY OVERVIEW 92
TABLE 65 A-GAS INTERNATIONAL LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED 92
TABLE 66 A-GAS INTERNATIONAL LIMITED: DEALS 94
TABLE 67 A-GAS INTERNATIONAL LIMITED: EXPANSIONS 94
TABLE 68 SRF LIMITED: COMPANY OVERVIEW 97
TABLE 69 GUJARAT FLUOROCHEMICALS LIMITED: COMPANY OVERVIEW 98
TABLE 70 NAVIN FLUORINE INTERNATIONAL LIMITED: COMPANY OVERVIEW 98
TABLE 71 PUYANG ZHONGWEI FINE CHEMICAL CO., LTD.: COMPANY OVERVIEW 99
TABLE 72 SHANDONG YUEAN CHEMICAL INDUSTRY CO., LTD.: COMPANY OVERVIEW 100
TABLE 73 HARP INTERNATIONAL LTD: COMPANY OVERVIEW 101
TABLE 74 QUIMOB?SICOS, S.A. DE C.V.: COMPANY OVERVIEW 102
TABLE 75 TAZZETTI S.P.A.: COMPANY OVERVIEW 103
TABLE 76 GAS SERVEI: COMPANY OVERVIEW 104
TABLE 77 ZHEJIANG FOTECH INTERNATIONAL CO.: COMPANY OVERVIEW 105
TABLE 78 REFRIGERANT SERVICES INC.: COMPANY OVERVIEW 106
TABLE 79 BROTHERS GAS: COMPANY OVERVIEW 107
TABLE 80 ECO-FREEZE INTERNATIONAL: COMPANY OVERVIEW 107
TABLE 81 ENGAS AUSTRALASIA: COMPANY OVERVIEW 108
TABLE 82 NATIONAL REFRIGERANTS LTD: COMPANY OVERVIEW 109