Refrigerant R32 Market Size, Share, and Growth Analysis, By Type (Pure R32, Mixed R32), By Application (Residential Air Conditioning, Commercial Air Conditioning), By End User, By Distribution Channel, By Region - Industry Forecast 2025-2032
Refrigerant R32 Market size was valued at USD 6.98 billion in 2023 and is poised to grow from USD 7.43 billion in 2024 to USD 12.3 billion by 2032, growing at a CAGR of 6.5% during the forecast period (2025-2032).
The market is experiencing growth due to rising investments in research and development, the emergence of new entrants, innovative product launches, and intensified competition among existing players. Supportive government policies, such as India's verification tests for R32 air conditioners, further facilitate this growth by encouraging local manufacturers to adopt advanced refrigerants. Daikin's engagement with governments in Thailand and Malaysia highlights this trend. The adoption of R32 refrigerants, which offer approximately 10% reduced electricity consumption and one-third lower global warming potential than R-22 and R-410A, is being driven by increasing consumer awareness. Additionally, rising disposable incomes and a demand for premium products are expected to fuel further market development and open new opportunities for industry stakeholders.
Top-down and bottom-up approaches were used to estimate and validate the size of the Refrigerant R32 market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Refrigerant R32 Market Segments Analysis
Global Refrigerant R32 Market is segmented by Type, Application, End User, Distribution Channel and region. Based on Type, the market is segmented into Pure R32 and Mixed R32. Based on Application, the market is segmented into Residential Air Conditioning, Commercial Air Conditioning, Industrial Refrigeration, Automotive Air Conditioning and Others. Based on End User, the market is segmented into HVAC, Automotive, Industrial and Others. Based on Distribution Channel, the market is segmented into Direct Sales, Distributors, Online Sales and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Refrigerant R32 Market
The demand for refrigerant R32 is being significantly driven by the pharmaceutical industry's need for low temperatures essential for the transportation and storage of drugs. This uptick in R32 utilization is closely linked to the increasing preference for biologics, alongside a rising need for specialty pharmaceuticals, insulin products, and vaccines. As the pharmaceutical sector continues to expand, particularly in emerging markets like India and China, it is expected to bolster the growth of the refrigerant R32 market. Consequently, the burgeoning pharmaceutical industry is anticipated to be a key catalyst for the R32 market during the forecast period.
Restraints in the Refrigerant R32 Market
The Refrigerant R32 market faces certain constraints, primarily stemming from the challenges associated with the storage and transportation of refrigerants, including hydrochlorofluorocarbons and hydrocarbons. Their gaseous state and high volatility complicate these processes, which can hinder market growth. Additionally, stringent government regulations aimed at promoting environmental conservation contribute to the challenges faced by the R32 market. These regulatory measures are designed to minimize the environmental impact of refrigerants, further complicating the dynamics of the industry and potentially limiting the adoption and distribution of R32 as a viable refrigerant option.
Market Trends of the Refrigerant R32 Market
The Refrigerant R32 market is experiencing a notable shift driven by the increasing preference for low-global warming potential (GWP) refrigerants in response to stringent environmental regulations. As industries seek alternatives to R410A, which has a high GWP of approximately 2,090, R32 has emerged as a viable substitute due to its significantly lower GWP of 675. This trend is particularly pronounced in the air conditioning sector, where R32's efficiency and reduced environmental impact are sought after. However, the mildly flammable nature of R32 introduces safety concerns, especially in large-scale settings like supermarkets, further fueling demand as retailers adapt their refrigerant choices for compliance and sustainability.
Table of Contents
Introduction
Objectives of the Study
Scope of the Report
Definitions
Research Methodology
Information Procurement
Secondary & Primary Data Methods
Market Size Estimation
Market Assumptions & Limitations
Executive Summary
Global Market Outlook
Supply & Demand Trend Analysis
Segmental Opportunity Analysis
Market Dynamics & Outlook
Market Overview
Market Size
Market Dynamics
Drivers & Opportunities
Restraints & Challenges
Porters Analysis
Competitive rivalry
Threat of substitute
Bargaining power of buyers
Threat of new entrants
Bargaining power of suppliers
Key Market Insights
Key Success Factors
Degree of Competition
Top Investment Pockets
Market Ecosystem
Market Attractiveness Index, 2024
PESTEL Analysis
Macro-Economic Indicators
Value Chain Analysis
Pricing Analysis
Case Studies
Regulatory Landscape
Global Refrigerant R32 Market Size by Type & CAGR (2025-2032)
Market Overview
Pure R32
Mixed R32
Global Refrigerant R32 Market Size by Application & CAGR (2025-2032)
Market Overview
Residential Air Conditioning
Commercial Air Conditioning
Industrial Refrigeration
Automotive Air Conditioning
Others
Global Refrigerant R32 Market Size by End User & CAGR (2025-2032)
Market Overview
HVAC
Automotive
Industrial
Others
Global Refrigerant R32 Market Size by Distribution Channel & CAGR (2025-2032)
Market Overview
Direct Sales
Distributors
Online Sales
Others
Global Refrigerant R32 Market Size & CAGR (2025-2032)
North America (Type, Application, End User, Distribution Channel)
US
Canada
Europe (Type, Application, End User, Distribution Channel)
Germany
Spain
France
UK
Italy
Rest of Europe
Asia Pacific (Type, Application, End User, Distribution Channel)
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America (Type, Application, End User, Distribution Channel)
Brazil
Rest of Latin America
Middle East & Africa (Type, Application, End User, Distribution Channel)
GCC Countries
South Africa
Rest of Middle East & Africa
Competitive Intelligence
Top 5 Player Comparison
Market Positioning of Key Players, 2024
Strategies Adopted by Key Market Players
Recent Developments in the Market
Company Market Share Analysis, 2024
Company Profiles of All Key Players
Company Details
Product Portfolio Analysis
Company's Segmental Share Analysis
Revenue Y-O-Y Comparison (2022-2024)
Key Company Profiles
Daikin Industries Ltd. (Japan)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Arkema S.A. (France)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Honeywell International Inc. (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
The Chemours Company (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Mexichem S.A.B. de C.V. (Mexico)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
SRF Limited (India)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Linde plc (Ireland)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
National Refrigerants, Inc. (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Harp International Ltd. (UK)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Asahi Glass Co., Ltd. (Japan)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Tazzetti S.p.A. (Italy)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Brothers Gas Bottling & Distribution Co. LLC (UAE)