The Global R32 Refrigerant Market was valued at USD 1,341 Million in 2024 and is projected to reach USD 1,018 Million by 2032, declining at a negative Compound Annual Growth Rate (CAGR) of -4.9% during the forecast period (2024–2032). This market contraction is primarily driven by the transition towards next-generation refrigerants with lower global warming potential (GWP), alongside evolving environmental regulations such as the Kigali Amendment to the Montreal Protocol.

As the HVAC industry accelerates its shift from ozone-depleting substances to sustainable alternatives, the focus intensifies on the key chemical manufacturers and suppliers who are pioneering innovation, production efficiency, and environmentally responsible solutions. In this blog, we profile the Top 10 Companies in the R32 Refrigerant Industry—a dynamic mix of established chemical giants and specialized producers shaping the future of global cooling systems.

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🔟 1. Zhejiang Juhua Co., Ltd.

Headquarters: Quzhou, Zhejiang, China
Key Offering: Pure R32, R32 Blends, Fluorochemical Products

Zhejiang Juhua is a dominant force in the global R32 market, leveraging its extensive fluorochemical production capabilities. As one of China’s largest producers, the company supplies high-purity R32 to both domestic and international HVAC manufacturers, playing a critical role in Asia-Pacific’s 76% market share. Their integrated production chain ensures cost competitiveness and consistent supply for the rapidly growing air conditioning sector.

Sustainability Initiatives:

• Investment in advanced purification technologies to reduce manufacturing emissions

• Development of next-generation low-GWP refrigerant formulations

• Commitment to circular economy principles through refrigerant recovery and recycling programs

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R32 Market – View in Detailed Research Report

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9️⃣ 2. Daikin Industries, Ltd.

Headquarters: Osaka, Japan
Key Offering: R32 for HVAC Systems, Proprietary Refrigerant Blends

Daikin is not only a leading air conditioner manufacturer but also a significant innovator in refrigerant technology. The company was instrumental in popularizing R32 for residential and commercial air conditioning systems, championing its superior energy efficiency and lower environmental impact compared to R410A. Daikin’s vertical integration allows for optimized system designs that maximize R32’s performance.

Sustainability Initiatives:

• Pioneering R32-based air conditioning systems with 10-15% higher efficiency

• Global advocacy for refrigerant transition through industry partnerships and standards development

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8️⃣ 3. Honeywell International Inc.

Headquarters: Charlotte, North Carolina, USA
Key Offering: Solstice® Refrigerants, R32 Formulations, Low-GWP Solutions

Honeywell is a global leader in advanced materials and refrigerant technologies, offering a comprehensive portfolio that includes R32-based solutions. The company’s strong R&D focus has positioned it at the forefront of developing next-generation refrigerants that balance performance, safety, and environmental considerations for global markets.

Sustainability Initiatives:

• Multi-billion dollar investment in low-GWP refrigerant research and production

• Development of Solstice® ze (R-32) for stationary air conditioning applications

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7️⃣ 4. Arkema S.A.

Headquarters: Colombes, France
Key Offering: Forane® R32, Fluorochemicals, Specialty Polymers

Arkema is a major European producer of fluorochemicals with significant presence in the R32 market. The company’s Forane® brand includes high-purity R32 that meets stringent international standards. Arkema’s strategic focus on sustainable chemistry drives its innovation in refrigerant technologies that address evolving regulatory requirements.

Sustainability Initiatives:

• Commitment to developing solutions with improved environmental profiles

• Active participation in European F-Gas Regulation implementation and industry working groups

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R32 Market – View in Detailed Research Report

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6️⃣ 5. Dongyue Group Ltd.

Headquarters: Zibo, Shandong, China
Key Offering: R32 Refrigerant, Fluoropolymers, Silicone Materials

Dongyue Group is one of China’s leading fluorochemical producers with substantial R32 manufacturing capacity. The company benefits from vertical integration in fluorine-based chemical production, enabling competitive positioning in both domestic and export markets. Dongyue’s extensive distribution network supports its growing presence in the global HVAC refrigerant supply chain.

Sustainability Initiatives:

• Implementation of cleaner production technologies to minimize environmental impact

• Research into fluorine recycling and waste reduction processes

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5️⃣ 6. Chemours Company

Headquarters: Wilmington, Delaware, USA
Key Offering: Opteon™ Refrigerants, R32 Solutions, Thermal Management Products

Chemours is a global chemistry leader with a strong focus on thermally efficient and environmentally sustainable refrigerant solutions. The company’s Opteon™ portfolio includes advanced formulations that build upon R32’s favorable properties while addressing its flammability classification challenges through innovative blending technologies.

Sustainability Initiatives:

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

• Development of lower-GWP alternatives while supporting responsible R32 transition

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4️⃣ 7. SRF Limited

Headquarters: Gurugram, Haryana, India
Key Offering: R32 Refrigerant, Technical Textiles, Specialty Chemicals

SRF Limited is a diversified Indian multinational with a significant presence in the refrigerant gases business. The company manufactures and markets R32 under its chemical business segment, catering to the growing demand from India’s rapidly expanding air conditioning market and export opportunities in neighboring regions.

Sustainability Initiatives:

• Investment in R&D for environmentally friendly refrigerant technologies

• Focus on energy efficiency improvements across manufacturing operations

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3️⃣ 8. Gujarat Fluorochemicals Limited

Headquarters: Hyderabad, Telangana, India
Key Offering: R32, Fluoropolymers, Fluorochemical Specialties

Gujarat Fluorochemicals Limited (GFL) is a vertically integrated fluorochemical company with growing capabilities in R32 production. The company leverages its fluorine chemistry expertise to serve both domestic Indian markets and international customers, with strategic focus on quality and regulatory compliance.

Sustainability Initiatives:

• Development of sustainable manufacturing processes for fluorochemicals

• Commitment to responsible product stewardship throughout the refrigerant lifecycle

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2️⃣ 9. Sanmei Chemical Co., Ltd.

Headquarters: Hangzhou, Zhejiang, China
Key Offering: High-Purity R32, Refrigerant Blends, Chemical Intermediates

Sanmei Chemical specializes in the production of high-purity refrigerants, including R32, serving the HVAC industry across Asia and beyond. The company’s focus on quality control and technical support has established its reputation as a reliable supplier in competitive markets, particularly for air conditioning manufacturers requiring consistent refrigerant specifications.

Sustainability Initiatives:

• Implementation of advanced purification technologies to ensure product quality

• Participation in industry initiatives for responsible refrigerant management

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1️⃣ 10. Orbia Advance Corporation (Koura)

Headquarters: Mexico City, Mexico
Key Offering: Fluoroproducts, R32, Fluorinated Compounds

Orbia’s Koura global business is a significant player in the fluoroproducts market, including R32 refrigerant. With manufacturing facilities across North America, Europe, and Asia, the company provides global supply chain resilience and technical expertise to HVAC manufacturers and refrigerant distributors worldwide.

Sustainability Initiatives:

• Focus on developing next-generation low-GWP fluoroproducts

• Commitment to sustainable operations and circular economy principles

Read Full Report:
R32 Market – View in Detailed Research Report

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🌍 Outlook: The Future of R32 Refrigerant in a Transitioning Market

The R32 refrigerant market is undergoing a significant transformation characterized by regulatory pressure, technological innovation, and shifting customer preferences. While R32 currently serves as a transitional solution between high-GWP refrigerants and future alternatives, the market faces challenges from competing technologies and evolving environmental standards.

📈 Key Trends Shaping the Market:

• Increasing regulatory pressure for lower-GWP alternatives in developed markets

• Continued strong demand growth in Asia-Pacific residential air conditioning sector

• Technological innovations addressing R32’s mild flammability concerns

• Growing emphasis on refrigerant lifecycle management and circular economy principles

Read Full Report:
R32 Market – View in Detailed Research Report

The companies listed above are not only supplying essential cooling solutions—they’re navigating complex regulatory landscapes while pioneering the next generation of sustainable refrigeration technologies.