The Global R-124 Refrigerant Market was valued at USD 178.3 Million in 2024 and is projected to reach USD 215.6 Million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period (2024–2030). This steady growth is being driven by the continued demand for servicing existing R-12 and R-114 based refrigeration and air-conditioning systems, particularly in regions with slower transitions to next-generation refrigerants.

As the global industry navigates the phasedown of hydrochlorofluorocarbons (HCFCs) under the Montreal Protocol, the focus remains on the specialized chemical manufacturers ensuring the supply and safety of established refrigerants. In this blog, we profile the Top 10 Companies in the R-124 Refrigerant Industry—a group of chemical giants and regional leaders supplying essential cooling agents for industrial and commercial applications.

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🔟 1. The Chemours Company

Headquarters: Wilmington, Delaware, USA
Key Offering: Freon™ 124 (R-124)

Chemours is a global leader in fluoroproducts and a key supplier of R-124. The company manages its Opteon™ portfolio of low-global-warming-potential (GWP) refrigerants while maintaining a responsible supply of legacy products like R-124 for essential applications where alternatives are not yet viable.

Sustainability & Innovation Initiatives:

• Investment in next-generation, sustainable refrigerant technologies

• Adherence to global regulatory compliance for HCFC phasedown

• Commitment to responsible product stewardship and lifecycle management

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R-124 Refrigerant Market – View in Detailed Research Report

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9️⃣ 2. Daikin Industries, Ltd.

Headquarters: Osaka, Japan
Key Offering: R-124, extensive range of fluorochemicals

Daikin is a world-leading innovator in air conditioning and fluorochemicals. Its chemical division produces R-124, supporting the maintenance of existing systems while heavily investing in the development and commercialization of safer, more environmentally friendly refrigerants.

Sustainability & Innovation Initiatives:

• Pioneering research into low-GWP alternatives like R-1234yf and R-32

• Global leadership in advocating for sustainable cooling solutions

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8️⃣ 3. Arkema S.A.

Headquarters: Colombes, France
Key Offering: Forane® 124 (R-124)

Arkema is a major European producer of specialty chemicals, including its Forane® range of refrigerants. The company supplies R-124 for specific industrial applications and is actively transitioning its portfolio towards products with a lower environmental impact.

Sustainability & Innovation Initiatives:

• Development of the R-1233zd and R-1234ze families of low-GWP refrigerants

• Focus on circular economy principles for refrigerant management

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7️⃣ 4. Dongyue Group Co., Ltd.

Headquarters: Zibo, Shandong, China
Key Offering: R-124, R-22, and other fluorochemicals

Dongyue Group is one of China’s largest and most comprehensive fluorochemical producers. The company is a significant supplier of R-124, particularly within the Asian market, and is expanding its capabilities in high-value, eco-friendly fluorinated products.

Sustainability & Innovation Initiatives:

• Large-scale production infrastructure supporting global supply chains

• Strategic R&D investments in green refrigeration technologies

Download FREE Sample Report:
R-124 Refrigerant Market – View in Detailed Research Report

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6️⃣ 5. Zhejiang Juhua Co., Ltd.

Headquarters: Quzhou, Zhejiang, China
Key Offering: Juhua-brand R-124 and other refrigerants

Zhejiang Juhua is a key player in China’s chemical industry with a strong focus on fluorine chemicals. The company manufactures a wide array of refrigerants, including R-124, and serves both domestic and international markets with reliable supply.

Sustainability & Innovation Initiatives:

• Integration across the fluorine chemical industry chain

• Commitment to meeting international quality and environmental standards

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5️⃣ 6. Mexichem (Now Orbia)

Headquarters: Tlalnepantla, Mexico
Key Offering: R-124 under various brand names

Orbia’s Fluorinated Solutions business (formerly Mexichem) is a leading global producer of fluorochemicals. The company has a strong presence in the Americas and supplies R-124 for industrial and commercial refrigeration maintenance.

Sustainability & Innovation Initiatives:

• Active participation in industry alliances for sustainable refrigerant management

• Portfolio diversification into water and infrastructure solutions

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4️⃣ 7. Meilan Chemical Co., Ltd.

Headquarters: Taizhou, Zhejiang, China
Key Offering: R-124, R-134a, and blends

Meilan Chemical specializes in the research, production, and sale of fluorochemicals and fine chemicals. It is a notable manufacturer of R-124, catering to the replacement market for older refrigeration systems, especially in emerging economies.

Sustainability & Innovation Initiatives:

• Focus on technological innovation and process optimization

• Expansion of production capacity for high-demand fluorochemicals

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3️⃣ 8. Sanmei Chemical Co., Ltd.

Headquarters: Taizhou, Zhejiang, China
Key Offering: R-124 refrigerant gas

Sanmei Chemical is a specialized producer of various refrigerant gases, including R-124. The company plays a crucial role in the aftermarket supply chain, ensuring the availability of gases needed for servicing existing equipment.

Sustainability & Innovation Initiatives:

• Development of refrigerant blends and specialty gases

• Commitment to product quality and customer-specific solutions

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2️⃣ 9. Sinochem Group

Headquarters: Beijing, China
Key Offering: R-124, among a vast portfolio of chemicals

As one of China’s largest state-owned conglomerates, Sinochem has significant operations in the chemical sector. Its subsidiaries are involved in the production and distribution of R-124, leveraging the group’s extensive logistical and market reach.

Sustainability & Innovation Initiatives:

• Strategic focus on life sciences and material science innovations

• Investment in sustainable and eco-friendly agricultural and chemical products

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1️⃣ 10. Linde plc

Headquarters: Guildford, United Kingdom
Key Offering: R-124 distribution and specialty gases

Linde is a global leader in the production and distribution of industrial gases. While primarily a distributor for many refrigerants, Linde ensures a reliable, high-purity supply of R-124 to various industries, supported by its world-class safety and handling standards.

Sustainability & Innovation Initiatives:

• Leadership in hydrogen and clean energy technologies

• Comprehensive gas solutions with a focus on efficiency and emission reduction

Get Full Report Here:
R-124 Refrigerant Market – View in Detailed Research Report

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🌍 Outlook: Navigating the R-124 Market in an Era of Transition

The R-124 refrigerant market is characterized by its role as a transitional product. While global regulations are phasing down HCFCs, demand persists for maintaining existing infrastructure. The market’s future is intrinsically linked to the pace of adoption of next-generation, low-GWP alternatives.

📈 Key Trends Shaping the Market:

• Steady demand from developing regions with older installed base of R-12 and R-114 systems

• Increasing stringency of international and national regulations governing HCFC production and consumption

• Growing emphasis on refrigerant reclamation and recycling to extend the lifecycle of existing stocks

• Accelerated R&D and commercialization of non-ozone depleting, low-GWP alternatives

Get Full Report Here:
R-124 Refrigerant Market – View in Detailed Research Report

The companies listed above are critical to maintaining global cooling infrastructure while simultaneously driving the innovation necessary for a more sustainable future in refrigeration.