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

The HP2 schedule focuses on phasing out HCFC‑22 (R‑22), HCFC‑141b, HCFC‑142b, and HCFC blends used in refrigeration, air conditioning, foam blowing, and solvent cleaning. The transition involves adopting low‑GWP refrigerants such as R‑32, R‑410A, HFO‑1234yf, and natural refrigerants (CO₂, ammonia, hydrocarbons) while ensuring compliance with the Montreal Protocol and Kigali Amendment.

🔟 1. SRF Limited

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

SRF Limited is India’s largest fluorochemicals complex, historically producing HCFC‑22. It has invested heavily in converting its production lines to lower‑GWP alternatives, including HFCs and HFOs, to meet HPMP Stage II milestones.

Sustainability & Growth Initiatives:

• Transitioning 70% of HCFC‑22 production to HFCs by 2028
• Investing in HFO‑1234yf production capacity
• Collaborating with MoEFCC under the Multilateral Fund for technology transfer

9️⃣ 2. Gujarat Fluorochemicals Limited (GFL)

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

Part of the INOX Group, GFL operates a large fluorochemicals plant and is actively shifting production to HFCs and HFOs to comply with HPMP Stage II.

Sustainability & Growth Initiatives:

• Redesigning reactors for HFO production
• Securing MLF funding for plant retrofits
• Engaging with RAMA and FICCI for industry best practices

8️⃣ 3. Navin Fluorine International Limited

Headquarters: Kolkata, India
Key Offering: Specialty fluorochemicals, HCFC‑22, HFCs

Navin Fluorine has diversified into low‑GWP refrigerants and supports OEMs with compliant solutions across refrigeration and HVAC sectors.

Sustainability & Growth Initiatives:

• Launching HFO‑1234yf production line
• Partnering with UNIDO for technical training
• Implementing energy‑efficient processes to reduce GWP

7️⃣ 4. Daikin India (Manufacturing Operations)

Headquarters: Mumbai, India
Key Offering: Room air conditioners, commercial refrigeration, HFCs, natural refrigerants

Daikin India has begun producing R‑32 and R‑410A units, aligning with HP2 and Kigali mandates, and has adopted HFO‑based technologies for new product lines.

Sustainability & Growth Initiatives:

• Deploying R‑32 as a primary refrigerant in 2027
• Investing in R‑290 and R‑600a for residential units
• Training technicians on low‑GWP refrigerants through OEM programs

6️⃣ 5. Voltas Limited (Tata Group)

Headquarters: Pune, India
Key Offering: Commercial refrigeration, HVAC, HFCs, HFOs

Voltas has re‑engineered its commercial refrigeration portfolio to incorporate HFCs and HFOs, reducing HCFC usage across its product range.

Sustainability & Growth Initiatives:

• Retrofitting existing plants with HFO‑1234yf systems
• Securing MLF grants for equipment upgrades
• Partnering with Ozone Cell for compliance certification

5️⃣ 6. Blue Star Limited

Headquarters: Mumbai, India
Key Offering: Commercial refrigeration, HVAC, HFCs, natural refrigerants

Blue Star has accelerated its transition to low‑GWP refrigerants, including R‑32 and R‑410A, across its commercial and residential product lines.

Sustainability & Growth Initiatives:

• Launching R‑32 based room ACs by 2028
• Implementing energy‑efficient compressor technology
• Collaborating with industry bodies for training programs

4️⃣ 7. Hindustan Fluorocarbons Limited

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

Hindustan Fluorocarbons has committed to phase‑out HCFC‑22 and expand its HFC/HFO portfolio to support OEMs in the HVAC sector.

Sustainability & Growth Initiatives:

• Reducing HCFC‑22 output by 60% by 2027
• Investing in HFO‑1234yf production
• Engaging with UNDP for funding and technical assistance

3️⃣ 8. Tata Chemicals Ltd.

Headquarters: Mumbai, India
Key Offering: Specialty chemicals, HCFC‑22, HFCs, HFOs

Tata Chemicals is expanding its low‑GWP portfolio, focusing on HFOs and natural refrigerants for the HVAC and refrigeration markets.

Sustainability & Growth Initiatives:

• Launching HFO‑1234yf production line in 2029
• Collaborating with MoEFCC for compliance monitoring
• Investing in R‑32 based HVAC solutions

2️⃣ 9. Adani Green Energy

Headquarters: Ahmedabad, India
Key Offering: Renewable energy solutions, HVAC integration, HFCs, HFOs

Adani Green Energy is integrating low‑GWP refrigerants into its renewable HVAC projects, aligning with HP2 and Kigali targets.

Sustainability & Growth Initiatives:

• Deploying R‑32 and R‑410A in solar‑powered HVAC systems
• Partnering with UNIDO for technology transfer
• Investing in energy‑efficient compressor technologies

1️⃣ 10. Indian Oil Corporation Ltd. (IOCL)

Headquarters: New Delhi, India
Key Offering: Distribution of refrigerants, HCFC‑22, HFCs, HFOs

IOCL is a major distributor of refrigerants and has begun sourcing HFCs and HFOs to meet HP2 requirements for its downstream customers.

Sustainability & Growth Initiatives:

• Expanding HFO distribution network by 2028
• Providing training to retailers on low‑GWP refrigerants
• Collaborating with MoEFCC for compliance reporting

Download FREE Sample Report

Get Full Report

📈 Outlook: Future Growth of the HP2 Market

With a projected CAGR of 6.1% from 2026 to 2034, the HP2 market is poised for robust growth driven by regulatory compliance, technological innovation, and expanding domestic manufacturing of low‑GWP refrigerants. The integration of the Kigali Amendment’s HFC phase‑down schedule further accelerates demand for natural refrigerants and HFOs, positioning Indian manufacturers to capture significant market share.

🔮 Future Trends: Emerging Technologies and Market Dynamics

• Rapid adoption of HFO‑1234yf and HFO‑1234ze as primary refrigerants in new HVAC and refrigeration units.
• Growth of natural refrigerants (CO₂, ammonia, hydrocarbons) in commercial and industrial applications.
• Expansion of refrigerant reclamation and recycling infrastructure to reduce virgin HCFC consumption.
• Increased collaboration between government agencies, industry bodies, and multilateral funds to provide financial and technical support for SMEs.
• Emergence of digital platforms for refrigerant management, traceability, and compliance monitoring.