MarketsandMarkets has released 360 Quadrant for Top 15 Refrigerants Companies, Worldwide 2024 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually.
The global refrigerants market was valued at USD 6.64 billion in 2023 and is forecast to reach USD 9.05 billion by 2028, growing at a CAGR of 6.40% during the 2023-2028 period. Key factors driving refrigerant demand include rising consumption of refrigeration and air conditioning equipment in both commercial and residential settings as well as expansion of cold chain infrastructure for food transport and storage. Supporting drivers include growth in organized retail, a shift towards high-value horticultural crops requiring cold storage, and increasing demand for processed foods.
However, increasing regulations on conventional fluorocarbon refrigerants due to flammability and toxicity concerns may restrain market growth going forward. Despite this regulatory pressure, the transition away from fluorocarbon refrigerants represents a potential opportunity for alternative natural refrigerant technologies to capture increased market share.
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Unveiling the Market Leaders: Honoring Excellence in Refrigerants Markets
Ø Honeywell has established itself as a market leader through a combination of strategic initiatives, innovative products, and a global presence. It holds a prominent position globally as a leader in developing, manufacturing, and supplying refrigerants marketed under the renowned Solstice and Genetron brands. These refrigerants cater to a wide array of applications, spanning refrigeration as well as building and automotive air conditioning systems, with a presence across the globe. The company offers a comprehensive range of products, including Hydrofluoroolefins (HFOs), HFO blends, Hydrofluorocarbons (HFCs), and innovative alternatives like Solstice HFOs, all designed for diverse refrigeration and air conditioning applications. Honeywell provides a comprehensive range of refrigerants including Genetron Performax LT and Solstice HFO, catering to diverse air conditioning and refrigeration requirements. With a commitment to innovation, Honeywell has allocated significant resources towards research, development, and enhanced production capacities for Solstice HFO technology. This investment highlights the company's dedication to facilitating the transition towards a lower-carbon future while concurrently delivering exceptional business outcomes. Notably, in 2022, the company expanded its line of low-GWP Solstice solutions, exemplified by Solstice N71 (R-471A), marking a breakthrough as the first non-flammable and energy-efficient solution tailored for the supermarket sector, boasting a GWP of under 150. Solstice N71 complements Honeywell's existing portfolio of Solstice products, which includes the highly acclaimed Solstice N40, renowned as the predominant replacement refrigerant for R-404A within the supermarket domain.
Ø Chemours is a prominent player in the Refrigerants market and was recognized for its global presence and its innovative product portfolio spanning performance chemicals. The company has positioned itself as a global leader, catering to diverse sectors. The company's commitment to sustainability is evident through products like Freon and Opteon refrigerants, designed to address environmental concerns. The Opteon range of refrigerants with low global warming potential (GWP) was developed to minimize environmental impact while ensuring optimal performance across various applications, from automotive air conditioning to commercial refrigeration. Notable products include Opteon XP40 (R-449A), Opteon XL40 (R-454A), XL20 (R-454C), and other low GWP HFO variants. Additionally, the Freon brand offers an extensive selection of refrigerant solutions for both new and existing equipment, catering to industries such as food and beverage, transportation, medical, pharmaceutical, commercial, and residential buildings. Freon's HFC refrigerants are ozone-friendly, ensuring superior quality and performance across a myriad of air conditioning and refrigeration applications, ultimately enhancing comfort and quality of life.
Ø Linde has been a prominent supplier of refrigerants to the refrigeration and air conditioning market for over four decades. The company's global presence is reflected in its refrigerant packaging facilities, which are equipped with extensive bulk storage, bulk breaking, and blending capabilities. The comprehensive product range includes HCFCs, HFCs, HFOs, and natural refrigerants, offered in various package sizes ranging from cylinders and drums to bulk deliveries. In addition to product offerings, the company provides services such as refrigerant recovery, reclaim, waste management, as well as supplementary support such as technical advice and engineering installation management.
Ø Daikin has solidified its global prominence through strategic initiatives, cutting-edge technology, and a diverse product portfolio. At the forefront of the effort to offer environmentally-friendly refrigerants, Daikin stands out as the company globally committed to producing both air conditioning systems and refrigerants. Daikin has introduced Creard, an extensive series of low GWP HFC refrigerants designed for various applications, including domestic, commercial, and industrial refrigeration, as well as air conditioning. Additionally, the also company provides a range of HFC and HCFC refrigerants to cater to diverse industry needs.
Ø Air Liquide has ascended to market leadership in the industrial gases sector through a combination of global presence, industry diversification, innovation, customer-centricity, sustainability initiatives, and a comprehensive product portfolio. The company specializes in providing tailored refrigeration, liquefaction, and cryogenic fluid storage systems, including helium refrigeration around 2K for large-scale superconductor projects and customized 4.5K refrigerators for diverse cryogenic applications in scientific research. Its CO2 (R744) is a primary natural refrigerant for refrigeration plants, offering a sustainable solution for both commercial and industrial applications in refrigeration.
Categorization Of Refrigerants Companies On 360 Quadrants
Refrigerants companies’ evaluation was conducted for 70 companies, of which the top 15 were categorized and placed in a quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.
Positioned in the upper-right quadrant, Market Leaders exemplify a combination of an expansive product offering and a formidable market presence. These organizations not only deliver comprehensive solutions but also boast a well-established and influential position in the market. Market Leaders are recognized for their reliability, consistent innovation, and widespread acceptance among customers. Their dominance in both product capabilities and market influence solidifies their status as leaders in their respective industries. These companies include Honeywell, Chemours, Linde, Daikin, and Air Liquide.
Arkema, Sinochem, Dongyue Group, and AGC have been recognized as Contenders. Nestled in the upper-left quadrant, Contenders possesses a substantial market presence but may encounter challenges in terms of product innovation or differentiation. These companies have already secured a notable customer base and market recognition, positioning them as contenders. While their current offerings are competitive, Contenders have the potential to evolve and enhance their product capabilities to become more visionary and competitive in the future.
Situated in the lower-right quadrant, Innovators are distinguished by their exceptional product innovation and uniqueness. While they may not match the market presence of Market Leaders, Innovators challenge industry norms by introducing cutting-edge solutions. These companies push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. Orbia has been identified as the innovator in the quadrant.
Residing in the lower-left quadrant, Emerging Companies showcase a promising product footprint but are in the early stages of establishing their market presence. These companies may excel in specific niche areas or offer unique features that differentiate them, but their impact on the overall market is still evolving. Emerging Companies are considered niche players with significant growth potential as they expand their reach and recognition in the market. This segment of the quadrant has identified A-Gas, SRF, Tazzetti, Harp International, and Refrigerant Solutions as emerging companies.
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Evaluation Criteria
The vendor evaluation was conducted on over 70 companies of which the top 15 were categorized and recognized as the quadrant leaders. Factors such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Refrigerants’ quadrant. While the top criteria for product footprint evaluation included Type (HFC & Blends, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide), Application (Refrigeration System (Industrial, Commercial, Residential), Airconditioning system, Chillers, Mobile Airconditioning).
360 Quadrants Scoring Methodology
360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.
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