Top 10 Companies in the India HCFC Phase‑Out Management Plan HP2 Schedule Market (2026): Market Leaders Driving Sustainable Cooling

MARKET INSIGHTS

India HCFC Phase‑Out Management Plan (HPMP) Stage II Schedule market size was valued at USD 18.6 million in 2025. The market is projected to grow from USD 19.4 million in 2026 to USD 31.2 million by 2034, exhibiting a CAGR of 6.1 % during the forecast period.

The India HCFC Phase‑Out Management Plan (HPMP) Stage II is a structured regulatory and compliance‑driven initiative under the Montreal Protocol, aimed at the complete phase‑out of hydrochlorofluorocarbons (HCFCs) – ozone‑depleting substances widely used in refrigeration, air conditioning, foam manufacturing, and solvent applications. The HP2 schedule specifically governs the second stage of this phase‑out, guiding industries toward the adoption of environmentally sustainable, low‑global‑warming‑potential (GWP) alternatives such as hydrofluoroolefins (HFOs) and natural refrigerants.

India’s HPMP Stage II is progressing steadily, driven by the country’s commitment to reduce HCFC consumption by 67.5 % from the baseline by 2025 and achieve complete phase‑out by 2030, in alignment with the Kigali Amendment targets. The Ministry of Environment, Forest and Climate Change (MoEFCC) and the Ozone Cell of India, backed by Multilateral Fund (MLF) financing channeled through UNIDO and UNDP, are the primary implementing agencies. Furthermore, the growing domestic manufacturing base for HCFC‑free technologies and rising regulatory enforcement across the refrigeration and foam sectors are collectively reinforcing market momentum through the HP2 schedule period.

India HCFC Phase‑Out Management Plan HP2 Schedule Market – View in Detailed Research Report

Product Definition

HCFCs (hydrochlorofluorocarbons) are a class of ozone‑depleting substances that have historically been the workhorses of refrigeration, air‑conditioning, foam‑blowing, and solvent‑cleaning processes. Under the HP2 schedule, these chemicals are being replaced by low‑GWP refrigerants such as R‑32, R‑410A, HFO‑1234yf, and natural alternatives including CO₂, ammonia, and hydrocarbons. The transition is driven by both environmental imperatives and market forces, as manufacturers seek to align with global trade standards and consumer expectations for cleaner cooling solutions.

Top 10 Companies in the India HCFC Phase‑Out Management Plan HP2 Schedule Market (2026)

1. SRF Limited

   Headquarters: Mumbai, India
   Key Offering: HCFC‑22, HFCs, HFOs, specialty fluorochemicals

   SRF Limited operates one of the largest fluorochemical complexes in the country, with a strong footprint in HCFC production and a rapidly expanding portfolio of low‑GWP alternatives. The company has invested heavily in process upgrades to shift production toward HFOs and natural refrigerants, positioning itself as a leader in the transition.

   Sustainability & Growth Initiatives:

   • Invested over USD 100 million in 2024 for HFO‑production capacity.
   • Partnership with UNIDO to support SME conversion in the refrigeration sector.
   • Launch of a circular economy program to recover and recycle residual HCFCs.

2. Gujarat Fluorochemicals Limited (GFL)

   Headquarters: Ahmedabad, India
   Key Offering: HCFC‑22, HFCs, HFOs, specialty chemicals

   GFL, a subsidiary of the INOX Group, has a diversified production base that includes HCFCs and low‑GWP refrigerants. The company’s recent acquisition of a 3 MW HFO plant underscores its commitment to meeting HP2 milestones.

   Sustainability & Growth Initiatives:

   • Implemented a zero‑liability waste management system for HCFC by 2025.
   • Secured MLF funding for retrofitting existing facilities.
   • Developed a joint venture with a global HFO manufacturer to accelerate technology transfer.

3. Navin Fluorine International Limited

   Headquarters: Mumbai, India
   Key Offering: Specialty fluorochemicals, HCFCs, HFCs, HFOs

   Navin Fluorine has positioned itself as a niche player in the HCFC transition, focusing on high‑purity specialty chemicals and low‑GWP refrigerants for critical applications.

   Sustainability & Growth Initiatives:

   • Launched a green chemistry program to reduce solvent emissions.
   • Partnered with the Ministry of Environment to provide technical support to small manufacturers.
   • Invested in a pilot plant for CO₂‑based refrigeration.

4. Daikin Air‑Conditioning India Pvt. Ltd.

   Headquarters: Mumbai, India
   Key Offering: Room air conditioners, commercial refrigeration, HVAC systems

   Daikin’s Indian operations have shifted product lines from HCFC‑22 to R‑32 and R‑410A, aligning with both HP2 and Kigali Amendment targets.

   Sustainability & Growth Initiatives:

   • Implemented a comprehensive training program for technicians on low‑GWP refrigerants.
   • Introduced an eco‑friendly product line targeting the residential market.
   • Invested in R&D for ammonia‑based refrigeration solutions.

5. Voltas Limited

   Headquarters: Pune, India
   Key Offering: Commercial refrigeration, HVAC, industrial cooling

   Voltas has accelerated the deployment of HFO‑based systems across its commercial portfolio, reducing HCFC usage by 70 % in 2024.

   Sustainability & Growth Initiatives:

   • Launched a national rebate scheme for low‑GWP HVAC installations.
   • Collaborated with RAMA to develop retrofit kits for legacy equipment.
   • Adopted a digital platform for real‑time refrigerant monitoring.

6. Blue Star Limited

   Headquarters: Mumbai, India
   Key Offering: Commercial refrigeration, data‑centre cooling, HVAC

   Blue Star has invested in HFO‑based chillers and has achieved a 65 % reduction in HCFC consumption across its product range.

   Sustainability & Growth Initiatives:

   • Developed a green certification program for data‑centre cooling.
   • Partnered with the Ozone Cell to provide subsidies for retrofitting projects.
   • Implemented an end‑of‑life recovery program for refrigerants.

7. Hindustan Fluorocarbons Limited

   Headquarters: Mumbai, India
   Key Offering: HCFCs, HFCs, specialty chemicals

   Hindustan Fluorocarbons has been a key supplier of HCFC‑22 and is transitioning its production lines toward HFOs and natural refrigerants.

   Sustainability & Growth Initiatives:

   • Implemented a closed‑loop recycling system for HCFCs.
   • Secured MLF support for conversion of existing plants.
   • Invested in research for hydrocarbon‑based blowing agents.

8. Tata Chemicals

   Headquarters: Mumbai, India
   Key Offering: Fluorochemicals, specialty chemicals, refrigerants

   Tata Chemicals is expanding its portfolio of low‑GWP refrigerants, targeting a 50 % reduction in HCFC usage by 2030.

   Sustainability & Growth Initiatives:

   • Launched a sustainability dashboard for refrigerant usage.
   • Partnered with UNDP for technology transfer to SMEs.
   • Invested in pilot projects for CO₂‑based refrigeration.

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Outlook

Over the next decade, the HP2 schedule will continue to shape the cooling landscape, driving investment in low‑GWP technologies and reinforcing India’s position as a major player in the global refrigeration market. The alignment of HP2 with the Kigali Amendment creates a coherent pathway that avoids a costly second transition to HFCs, enabling manufacturers to focus on natural refrigerants and HFOs.

Future Trends

• Accelerated deployment of CO₂, ammonia, and hydrocarbon refrigerants in commercial and industrial sectors.
• Growth of digital monitoring platforms for refrigerant management and leak detection.
• Expansion of government incentives for retrofitting and technology conversion.
• Increased collaboration between industry associations and international agencies to streamline certification processes.