North America Refrigerants Market (2024-2030) | Forecast, Analysis, Companies, Growth, Industry, Size, Share, Outlook, Revenue, Value & Trends

Topics Covered in North America Refrigerants Market Report

North America Refrigerants Market report thoroughly covers the market by countries, type and application. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

North America Refrigerants Market Synopsis

North America Refrigerants Market is experiencing significant growth and projected to attain more growth in the coming years due to advancements in refrigeration technology and increasing demand for cooling systems. Refrigerants are crucial in various applications, including air conditioning, refrigeration, and heat pumps. This market is influenced by regulatory changes, environmental concerns, and the push for more energy-efficient and sustainable refrigerant solutions.

According to 6Wresearch, North America Refrigerants Market size is expected to grow at a CAGR of 5.5% during 2024-2030. Several factors are driving the growth of North America Refrigerants Market such as continuous advancements in refrigeration and air conditioning technologies are facilitating the adoption of new, more efficient refrigerants. Innovations such as low-GWP refrigerants and natural refrigerants like carbon dioxide (CO₂) and ammonia (NH₃) are becoming increasingly popular due to their lower environmental impact. Additionally, burgeoning demand for air conditioning and refrigeration in residential, commercial, and industrial sectors is driving market growth. Factors such as urbanization, rising living standards, and climate change are contributing to the increased need for cooling solutions. Furthermore, growing emphasis on energy-efficient refrigerants and cooling systems, driven by both regulatory requirements and consumer preferences.

However, North America Refrigerants Market faces few restraints such as development and adoption of low-GWP and natural refrigerants come with significant costs. These include research and development expenses, retrofitting of existing equipment, and higher initial purchase prices. Small and medium-sized enterprises (SMEs) may find it particularly challenging to bear these costs, which can slow down market adoption. Additionally, transition to alternative refrigerants such as CO₂ and ammonia involves overcoming various technical barriers. These refrigerants often require specialized equipment and handling procedures due to their distinct thermodynamic properties and potential safety hazards.

North America Refrigerants Market: Leading Players

The key players include Honeywell International, Chemours Company, Daikin Industries, Arkema, Linde, Air Liquide. These companies are not only pivotal in supplying the market with advanced refrigerants but also play a significant role in research and development, regulatory compliance, and driving the overall growth of the North America refrigerants market.

North America Refrigerants Market: Government Regulations

North America Refrigerants Market is growing and government’s regulation and policies are helping in extension of the market. Governments offer financial incentives such as tax credits, grants, and rebates to encourage businesses and consumers to switch to eco-friendly refrigerants. These financial mechanisms help offset the high initial costs associated with adopting new technologies, making them more accessible to a broader range of stakeholders. Additionally, Public sector investment in research and development is vital to advancing refrigerant technologies. Government-funded programs support academic and industrial research aimed at discovering innovative solutions that meet both environmental and performance criteria.

Future Insights of the Market

The future of North America Refrigerants Market looks promising due to various factors such as technological advancements, stricter environmental regulations, and evolving consumer preferences. One of the primary areas of innovation is the development of next-generation refrigerants with ultra-low GWP and zero ozone depletion potential. These refrigerants not only meet regulatory requirements but also cater to the rising demand for eco-friendly cooling solutions. Additionally, the integration of Internet of Things (IoT) technology within HVAC systems is expected to revolutionize the industry. IoT-enabled systems can offer real-time monitoring, predictive maintenance, and enhanced energy efficiency, further reducing the carbon footprint of refrigeration and air conditioning units.

Market Segmentation by Countries

According to Ravi Bhandari, Research Head, 6Wresearch, United States is projected to witness substantial growth in coming years attributed to stringent environmental regulations, technological advancements, and strong consumer awareness regarding climate change. The EPA's regulatory frameworks, coupled with state-led initiatives such as those from California's CARB.

Market Segmentation by Type

Hydrocarbon refrigerants are poised for substantial growth in coming years attributed to their low GWP and high energy efficiency. These natural refrigerants are gaining traction in domestic and light commercial applications

Market Segmentation by Application

Air conditioning (AC) market is anticipated to witness substantial growth in the future due to rising global temperatures and increasing urbanization. The growing middle class in emerging economies is fuelling the demand for residential air conditioning units.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• North America Refrigerants Market Outlook
• Market Size of North America Refrigerants Market, 2020
• Forecast of North America Refrigerants Market, 2030
• Historical Data and Forecast of North America Refrigerants Revenues & Volume for the Period 2020 - 2030
• North America Refrigerants Market Trend Evolution
• North America Refrigerants Market Drivers and Challenges
• North America Refrigerants Price Trends
• North America Refrigerants Porter's Five Forces
• North America Refrigerants Industry Life Cycle
• Historical Data and Forecast of North America Refrigerants Market Revenues & Volume By Type for the Period 2020 - 2030
• Historical Data and Forecast of North America Refrigerants Market Revenues & Volume By Halocarbons for the Period 2020 - 2030
• Historical Data and Forecast of North America Refrigerants Market Revenues & Volume By Azeotropic for the Period 2020 - 2030
• Historical Data and Forecast of North America Refrigerants Market Revenues & Volume By Zeotropic for the Period 2020 - 2030
• Historical Data and Forecast of North America Refrigerants Market Revenues & Volume By Carbon Dioxide for the Period 2020 - 2030
• Historical Data and Forecast of North America Refrigerants Market Revenues & Volume By Hydrocarbon for the Period 2020 - 2030
• Historical Data and Forecast of North America Refrigerants Market Revenues & Volume By Inorganic for the Period 2020 - 2030
• Historical Data and Forecast of United States Refrigerants Market Revenues & Volume By Type for the Period 2020 - 2030
• Historical Data and Forecast of United States Refrigerants Market Revenues & Volume By Halocarbons for the Period 2020 - 2030
• Historical Data and Forecast of United States Refrigerants Market Revenues & Volume By Azeotropic for the Period 2020 - 2030
• Historical Data and Forecast of United States Refrigerants Market Revenues & Volume By Zeotropic for the Period 2020 - 2030
• Historical Data and Forecast of United States Refrigerants Market Revenues & Volume By Carbon Dioxide for the Period 2020 - 2030
• Historical Data and Forecast of United States Refrigerants Market Revenues & Volume By Hydrocarbon for the Period 2020 - 2030
• Historical Data and Forecast of United States Refrigerants Market Revenues & Volume By Inorganic for the Period 2020 - 2030
• Historical Data and Forecast of Canada Refrigerants Market Revenues & Volume By Type for the Period 2020 - 2030
• Historical Data and Forecast of Canada Refrigerants Market Revenues & Volume By Halocarbons for the Period 2020 - 2030
• Historical Data and Forecast of Canada Refrigerants Market Revenues & Volume By Azeotropic for the Period 2020 - 2030
• Historical Data and Forecast of Canada Refrigerants Market Revenues & Volume By Zeotropic for the Period 2020 - 2030
• Historical Data and Forecast of Canada Refrigerants Market Revenues & Volume By Carbon Dioxide for the Period 2020 - 2030
• Historical Data and Forecast of Canada Refrigerants Market Revenues & Volume By Hydrocarbon for the Period 2020 - 2030
• Historical Data and Forecast of Canada Refrigerants Market Revenues & Volume By Inorganic for the Period 2020 - 2030
• Historical Data and Forecast of North America Refrigerants Market Revenues & Volume By Application for the Period 2020 - 2030
• Historical Data and Forecast of North America Refrigerants Market Revenues & Volume By AC for the Period 2020 - 2030
• Historical Data and Forecast of North America Refrigerants Market Revenues & Volume By Refrigeration for the Period 2020 - 2030
• Historical Data and Forecast of United States Refrigerants Market Revenues & Volume By Application for the Period 2020 - 2030
• Historical Data and Forecast of United States Refrigerants Market Revenues & Volume By AC for the Period 2020 - 2030
• Historical Data and Forecast of United States Refrigerants Market Revenues & Volume By Refrigeration for the Period 2020 - 2030
• Historical Data and Forecast of Canada Refrigerants Market Revenues & Volume By Application for the Period 2020 - 2030
• Historical Data and Forecast of Canada Refrigerants Market Revenues & Volume By AC for the Period 2020 - 2030
• Historical Data and Forecast of Canada Refrigerants Market Revenues & Volume By Refrigeration for the Period 2020 - 2030
• North America Refrigerants Market - Key Performance Indicators
• North America Refrigerants Market - Import Export Trade Statistics
• North America Refrigerants Market - Opportunity Assessment By Countries
• North America Refrigerants Market - Opportunity Assessment By Type
• North America Refrigerants Market - Opportunity Assessment By Application
• North America Refrigerants Market - Top Companies Market Share
• North America Refrigerants Market - Top Companies Profiles
• North America Refrigerants Market - Comparison of Players in Technical and Operating Parameters
• North America Refrigerants Market - Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Countries

• United States
• Canada

By Type

• Halocarbons
• Azeotropic
• Zeotropic
• Carbon Dioxide
• Hydrocarbon
• Inorganic

By Application

• AC
• Refrigeration