The Global R32 Refrigerant Market was valued at USD 1,341 Million in 2024 and is projected to contract to USD 1,018 Million by 2032, exhibiting a negative Compound Annual Growth Rate (CAGR) of -4.9% during the forecast period (2024–2032). This market evolution is shaped by the transition away from ozone-depleting substances and the complex interplay of environmental regulations, technological adoption, and the emergence of alternative refrigerants.

As the global HVAC&R industry accelerates its shift toward low-global warming potential (GWP) solutions, the role of key chemical manufacturers becomes increasingly critical. These companies are not only supplying the market but are also leading innovation in sustainable refrigerant technologies. In this blog, we profile the Top 10 Companies in the R32 Refrigerant Industry—a group of established chemical giants and specialized producers shaping the future of cooling systems worldwide.

Download FREE Sample Report:
R32 Market – View in Detailed Research Report

---

🔟 1. Daikin Industries, Ltd.

Headquarters: Osaka, Japan
Key Offering: Pure R32, R32-based HVAC systems

Daikin is a global leader in air conditioning and a pivotal figure in the R32 market, having been one of the earliest and most vocal proponents of the refrigerant. The company has aggressively transitioned its residential and commercial AC product lines to utilize R32, citing its superior environmental profile and energy efficiency compared to R410A.

Sustainability & Innovation Initiatives:

• Pioneered the development and commercialization of R32 for air conditioning applications

• Committed to making R32 the global standard for residential AC units

• Investing in production capacity expansions in key markets like Thailand to meet growing demand

---

9️⃣ 2. Zhejiang Juhua Co., Ltd.

Headquarters: Quzhou, Zhejiang, China
Key Offering: High-purity R32 refrigerant

As one of China’s largest fluorochemical producers, Zhejiang Juhua holds a dominant position in the global R32 supply chain. The company benefits from substantial production capacity and a strong domestic market, where R32 adoption in air conditioners is rapidly advancing due to national energy efficiency policies.

Sustainability & Innovation Initiatives:

• Major supplier to Chinese AC manufacturers, leveraging cost-effective production scales

• Focused on optimizing manufacturing processes to reduce environmental footprint

• Active in R&D for next-generation, lower-GWP refrigerant blends

---

8️⃣ 3. Honeywell International Inc.

Headquarters: Charlotte, North Carolina, USA
Key Offering: Solstice® branded R32, R32-based blends

Honeywell is a leading global technology and materials company with a strong portfolio of advanced refrigerants. While actively developing ultra-low GWP alternatives, Honeywell remains a key supplier of R32, particularly in markets where it serves as a transitional solution compliant with evolving regulations like the U.S. AIM Act and EU F-Gas regulation.

Sustainability & Innovation Initiatives:

• Promoting R32 as a lower-GWP solution within its comprehensive refrigerant portfolio

• Heavy investment in R&D for next-generation Solstice® products with even lower climate impact

• Focus on enabling safe handling of A2L refrigerants through equipment and training

Download FREE Sample Report:
R32 Market – View in Detailed Research Report

---

7️⃣ 4. Arkema S.A.

Headquarters: Colombes, France
Key Offering: Forane® branded R32

Arkema, a major player in specialty materials and chemicals, is a significant supplier of fluorochemicals, including R32. The company’s strategic focus in Europe positions it to navigate the complex regulatory landscape of the F-Gas phase-down, where R32 plays a role in the transition away from higher-GWP options.

Sustainability & Innovation Initiatives:

• Developing a balanced portfolio of refrigerants to meet diverse regional regulations

• Commitment to sustainable innovation through its BIO-CIRCULAR program

• Engaging with industry bodies to promote safe and responsible use of A2L refrigerants

---

6️⃣ 5. Dongyue Group Ltd.

Headquarters: Zibo, Shandong, China
Key Offering: R32 refrigerant, fluoropolymer raw materials

Dongyue Group is a comprehensive chemical company and a key manufacturer in the global fluorochemical industry. With extensive vertical integration, the company is a major producer of R32, supplying both the domestic Chinese market and international customers, competing on scale and cost efficiency.

Sustainability & Innovation Initiatives:

• Leveraging integrated production from raw materials to finished refrigerants

• Investing in capacity to support the HVAC industry’s transition in Asia-Pacific

• Exploring synthetic pathways for future low-GWP molecules

---

5️⃣ 6. The Chemours Company

Headquarters: Wilmington, Delaware, USA
Key Offering: Opteon™ branded refrigerants, including R32 formulations

Chemours, spun off from DuPont, is a leader in titanium technologies and fluoroproducts. The company’s Opteon™ portfolio includes solutions that address the need for lower-GWP options. Chemours supplies R32 where it is the preferred choice, while simultaneously driving the adoption of its newer, proprietary ultra-low GWP refrigerants.

Sustainability & Innovation Initiatives:

• Balancing existing refrigerant supply with aggressive development of next-gen low-GWP solutions like R454B

• Corporate commitment to reduce fluorinated organic compound emissions by at least 99% by 2030

• Active in industry education regarding the safe transition to mildly flammable (A2L) refrigerants

---

4️⃣ 7. SRF Limited

Headquarters: Gurugram, Haryana, India
Key Offering: R32 refrigerant, technical textiles

SRF Limited is a dominant chemical and packaging conglomerate in India with a growing international presence. Its chemicals business is a key manufacturer of refrigerants, including R32, serving the rapidly expanding South Asian market and exporting to other regions. SRF benefits from strong regional demand and manufacturing expertise.

Sustainability & Innovation Initiatives:

• Expanding production capacity to capitalize on regional market growth

• Focusing on energy efficiency and process improvements in manufacturing

• Aligning product development with India’s national cooling action plan and environmental goals

---

3️⃣ 8. Sanmei Chemical Co., Ltd.

Headquarters: Taizhou, Zhejiang, China
Key Offering: High-purity R32, mixed refrigerants

Sanmei Chemical is a specialized Chinese manufacturer focused on high-quality refrigerants and fluorochemicals. The company has established itself as a reliable supplier in the competitive R32 market, serving both domestic OEMs and international distributors with a focus on product purity and consistency.

Sustainability & Innovation Initiatives:

• Maintaining high standards of product quality to ensure system efficiency and longevity

• Adapting to the evolving certification and regulatory requirements of global markets

• Exploring niche applications for R32 blends beyond mainstream air conditioning

---

2️⃣ 9. Gujarat Fluorochemicals Limited (GFL)

Headquarters: Vadodara, Gujarat, India
Key Offering: R32, PTFE, fluorochemical specialties

Gujarat Fluorochemicals is a vertically integrated player in the Indian fluorochemical space. The company manufactures R32 and other refrigerants, supplying the growing Indian subcontinent market and building export relationships. GFL’s integration provides it with control over key raw materials.

Sustainability & Innovation Initiatives:

• Backward integration provides supply chain resilience and cost control

• Investing in debottlenecking and capacity enhancement projects

• Pursuing opportunities in the green hydrogen and electric vehicle sectors alongside refrigerants

---

1️⃣ 10. Orbia Advance Corporation (Koura)

Headquarters: Mexico City, Mexico
Key Offering: R32, fluorinated products and materials

Orbia’s Koura business is a global leader in fluoroproducts with a significant presence in the Americas and Europe. The company produces and markets R32, positioning it within a broader portfolio designed to meet regional regulatory demands and support customers through the industry’s environmental transition.

Sustainability & Innovation Initiatives:

• Managing a global product portfolio responsive to regional phase-down schedules

• Commitment to responsible stewardship and circular economy principles for fluorochemicals

• Focusing on applications where R32 offers the optimal balance of performance, safety, and environmental impact

Get Full Report Here:
R32 Market – View in Detailed Research Report

---

🌍 Outlook: The Future of R32 is Defined by Transition and Innovation

The R32 refrigerant market is at a pivotal juncture. While it has emerged as a dominant solution for phasing out ozone-depleting R22, its own long-term trajectory is being shaped by the relentless push for even lower climate impact. The market’s projected contraction reflects this dynamic transition towards next-generation alternatives.

📈 Key Trends Shaping the Market:

• Accelerating regulatory phase-down of high-GWP HFCs in Europe and North America, creating both opportunities and challenges for R32

• Rising competition from alternative refrigerants like R454B and R290, which offer ultra-low GWP profiles

• Continued strong demand growth in the Asia-Pacific region, particularly in China and India, driven by urbanization and rising living standards

• Increasing investment in safety technologies and technician training to facilitate the safe handling of A2L classified refrigerants like R32

Get Full Report Here:
R32 Market – View in Detailed Research Report

The companies listed above are not only supplying today’s cooling needs—they are actively navigating the complex pathway toward a more sustainable and efficient future for the global refrigeration and air conditioning industry.