The Automotive Refrigerant Market is being driven by Higher time spent inside vehicles drives demand for cabin comfort features
The Automotive Refrigerant Market is expected to grow at a CAGR of 9.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1809 million. In the global automotive refrigerant market, R-134a has traditionally held a dominant position. However, regulatory shifts in developed regions, such as the EU, are driving a transition towards the adoption of R-1234yf refrigerant. The EU's ban on refrigerants with a Global Warming Potential (GWP) exceeding 150 has accelerated the adoption of R-1234yf. In the US, approximately half of new vehicles now utilize R-1234yf, with this trend primarily driven by the US Environmental Protection Agency's (EPA) Greenhouse Gas Emissions and Corporate Average Fuel Economy Standards program for light-duty vehicles (US EPA, 2012).
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
241 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.6% |
Market growth 2025-2029 |
USD 1809 million |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
8.6 |
Key countries |
China, US, Germany, UK, India, Canada, Japan, Australia, France, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Automotive Refrigerant Market caters to various sectors including thermal comfort in Passenger Car Vehicles, Air Conditioning in Private Vehicles and Public Transport, and Ambient Comfort in Light Commercial Vehicles and Heavy Commercial Vehicles. Eco-friendly refrigerants are gaining popularity due to increasing environmental concerns. Automatic Climate Control systems use Primary and Secondary refrigerants for cooling equipment and refrigeration systems in vehicles. Vehicle Sales and Rental Industry are significant end-users. Low and High temperature refrigerants are used based on the specific application requirements.
The Automotive Refrigerant Market is a significant segment of the global specialty chemicals industry, encompassing businesses that manufacture and supply high-value chemicals for thermal comfort systems in vehicles. These chemicals include eco-friendly refrigerants, utilized in automotive air conditioning systems, and components for automatic climate control. Market expansion is anticipated due to the increasing demand for ambient comfort in vehicles, resulting in a surge for specialized refrigerants and related technologies. Technavio's market analysis indicates that the global specialty chemicals market size will grow substantially, driven by the rising preference for specialty adhesives and sealants in the automotive sector during the forecast period.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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