The Global HVAC Refrigerant Market was valued at USD 19.85 Billion in 2024 and is projected to reach USD 27.41 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period (2024–2030). This growth is primarily fueled by the global phase-down of hydrofluorocarbon (HFC) refrigerants under the Kigali Amendment, rising demand for energy-efficient cooling systems, and the accelerating adoption of low-GWP (Global Warming Potential) and natural refrigerant solutions across commercial, industrial, and residential sectors.

As the industry accelerates its transition toward environmentally sustainable cooling, the focus sharpens on the key chemical manufacturers and gas suppliers driving innovation, regulatory compliance, and next-generation refrigerant technologies. In this blog, we profile the Top 10 Companies in the HVAC Refrigerant Industry—a blend of chemical giants, specialty gas producers, and sustainability pioneers shaping the future of thermal management.

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🔟 1. The Chemours Company

Headquarters: Wilmington, Delaware, USA
Key Offering: Opteon™ (HFOs), Freon™ (HCFCs/HFCs), Refrigerant Reclaim Services

Chemours is a global leader in fluoroproducts and a dominant force in the refrigerant market. Its Opteon™ portfolio of HFOs (Hydrofluoroolefins) represents the next generation of low-GWP refrigerants, designed to replace high-GWP HFCs in air conditioning, refrigeration, and heat pump applications worldwide.

Sustainability Initiatives:

• Pioneering HFO technology with near-zero ODP and significantly lower GWP

• Investing over $100 million to expand Opteon™ production capacity

• Committed to achieving a 60% absolute reduction in fluorinated organic compound emissions by 2030

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9️⃣ 2. Honeywell International Inc.

Headquarters: Charlotte, North Carolina, USA
Key Offering: Solstice® (HFOs), Genetron® (HFCs/HCFCs)

Honeywell is a major innovator in sustainable refrigerant technology, with its Solstice® line offering low-GWP alternatives for a wide range of applications. The company has invested more than $1 billion in research, development, and new capacity for its HFO products.

Sustainability Initiatives:

• Solstice® products can reduce carbon footprint by over 99% compared to HFCs

• Global partnerships with OEMs to design systems compatible with new refrigerants

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8️⃣ 3. Arkema S.A.

Headquarters: Colombes, France
Key Offering: Forane® (HFOs, HFCs), R-32, R-1234ze, R-1234yf

Arkema is a leading European producer of fluorochemicals with a strong focus on sustainable solutions. Its Forane® range includes innovative HFOs, and the company is a key supplier of R-32, a lower-GWP HFC widely used as a component in refrigerant blends.

Sustainability Initiatives:

• Committed to having 95% of R&D projects dedicated to sustainable development

• Expanding HFO production capacity in the United States and Asia

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7️⃣ 4. Linde plc

Headquarters: Guildford, United Kingdom
Key Offering: Natural Refrigerants (CO₂, Ammonia, Hydrocarbons), HFOs, HFCs

Linde is a global industrial gases leader with a comprehensive portfolio of synthetic and natural refrigerants. The company is at the forefront of promoting natural refrigerants like carbon dioxide (R-744) and ammonia (R-717) for commercial and industrial cooling, which have ultra-low or zero GWP.

Sustainability Initiatives:

• Leading the adoption of CO₂ transcritical systems in supermarkets

• Developing energy-efficient and safe solutions for ammonia-based refrigeration

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6️⃣ 5. Daikin Industries, Ltd.

Headquarters: Osaka, Japan
Key Offering: R-32, HFO Blends, Air Conditioning Systems

Daikin is not only a top HVAC equipment manufacturer but also a significant refrigerant producer, notably for R-32. As a single-component, lower-GWP HFC, R-32 has become a popular replacement for R-410A in air conditioners, and Daikin has been instrumental in its global adoption.

Sustainability Initiatives:

• Promoting R-32 as a medium-term solution to reduce climate impact

• Investing in R&D for next-generation refrigerants with even lower GWP

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5️⃣ 6. Orbia Advance Corporation S.A.B. de C.V. (formerly Mexichem)

Headquarters: Mexico City, Mexico
Key Offering: Fluorocarbon Refrigerants, R-134a, R-410A, R-404A

Orbia, through its Fluorinated Solutions business (formerly Mexichem), is a key global supplier of fluorocarbon products, including a wide range of HFC refrigerants. The company is actively developing and commercializing low-GWP alternatives to meet evolving regulatory demands.

Sustainability Initiatives:

• Developing a pipeline of low-GWP molecules and blends

• Focusing on refrigerant management and circular economy principles

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4️⃣ 7. Dongyue Group Limited

Headquarters: Zibo, Shandong, China
Key Offering: HFCs (R-32, R-125, R-134a), HFO-1234yf, PTFE

Dongyue Group is one of China’s largest fluorochemical producers and a major global supplier of refrigerant raw materials and blends. The company has been expanding its production capacity for HFO-1234yf, a key low-GWP refrigerant for mobile air conditioning.

Sustainability Initiatives:

• Significant investment in HFO production technology

• Aligning product portfolio with China’s national phase-down schedule for HFCs

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3️⃣ 8. Navin Fluorine International Limited

Headquarters: Mumbai, Maharashtra, India
Key Offering: Refrigerant Gases, Specialty Fluorochemicals, Contract Research

Navin Fluorine is a leading Indian player in the fluorochemical space with a strong focus on the refrigerant market. The company manufactures a range of HFCs and is developing capabilities in high-value, low-GWP specialty refrigerants for diverse applications.

Sustainability Initiatives:

• Building capabilities for complex, environmentally friendly fluoromolecules

• Partnering with global companies for contract manufacturing of new refrigerants

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2️⃣ 9. Gujarat Fluorochemicals Limited (GFL)

Headquarters: Mumbai, Maharashtra, India
Key Offering: HFCs, R-125, R-32, Refrigerant Blends

GFL is a significant integrated fluorochemical company in India, producing key refrigerant gases and blend components. It supplies both the domestic market and exports, playing a crucial role in the regional refrigerant supply chain.

Sustainability Initiatives:

• Focusing on energy efficiency and reducing the carbon footprint of manufacturing

• Exploring opportunities in the circular economy for refrigerant gases

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1️⃣ 10. Airgas, an Air Liquide Company

Headquarters: Radnor, Pennsylvania, USA
Key Offering: Refrigerant Distribution & Reclamation, REFRON® Brand, Cylinder Services

Airgas, part of the global Air Liquide group, is a leading U.S. distributor of industrial, medical, and specialty gases, including a vast portfolio of refrigerants. The company provides critical supply chain and reclamation services, ensuring compliance and responsible refrigerant management for thousands of contractors and end-users.

Sustainability Initiatives:

• Promoting refrigerant reclamation to reduce virgin gas production demand

• Providing certified, purity-guaranteed reclaimed refrigerants

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🌍 Outlook: The Future of HVAC Refrigerants Is Natural and Next-Generation

The HVAC refrigerant market is undergoing a fundamental transformation. While HFCs still represent a large volume of the current market, the industry’s capital and research efforts are overwhelmingly directed toward low-GWP alternatives, including HFOs, HFO blends, and a resurgence of natural refrigerants.

📈 Key Trends Shaping the Market:

• Accelerated HFC phase-down driven by the Kigali Amendment and regional regulations (F-Gas Regulation in Europe, AIM Act in the U.S.)

• Rising adoption of A2L (mildly flammable) refrigerants, requiring updated safety standards and training

• Growing demand for natural refrigerants (CO₂, ammonia, hydrocarbons) in commercial and industrial applications

• Increased focus on refrigerant lifecycle management, reclamation, and circular economy principles

Get Full Report Here: HVAC Refrigerant Market – View in Detailed Research Report

The companies listed above are not only supplying the cooling needs of a warming world—they’re engineering the sustainable thermal management solutions for the 21st century.