R123 Refrigerant Charting Growth Trajectories: Analysis and Forecasts 2025-2033

Key Insights

The global R123 refrigerant market is anticipated to grow at a steady CAGR of XX% during the forecast period of 2025-2033. The market is valued at XXX million in 2025 and is projected to reach XXX million by 2033. The increasing demand for R123 as a cooling agent in various industries, particularly in the air conditioning and refrigeration sectors, is a major driving factor for market growth.

Key trends shaping the R123 refrigerant market include the increasing adoption of energy-efficient technologies, the growing adoption of natural refrigerants, and the stringent environmental regulations on the use of synthetic refrigerants. The increasing demand for R123 in the foam blowing industry is another key growth factor. However, the high price of R123 and the availability of substitutes may restrain market growth. The market is segmented by Type, Packing, Application, and Region. The major players in the global R123 refrigerant market include Chemours, Daikin, DuPont, Air Liquide Company, Arkema, Actrol Pty Ltd, Honeywell International Inc, among others.

R123 Refrigerant Trends

The R123 refrigerant market is anticipated to reach US$ 500 million by 2028, registering a CAGR of 5.2% during the forecast period (2022-2028), owing to the rising demand for R123 refrigerant in various end-use industries. R123 is a hydrochlorofluorocarbon (HCFC) refrigerant that is used in a variety of applications, including refrigeration, air conditioning, and foam blowing. The growing demand for R123 refrigerant is primarily driven by the increasing use of refrigeration and air conditioning systems in developing countries.

Key market insights:

• The global R123 refrigerant market is expected to grow steadily over the forecast period, driven by the increasing demand for refrigeration and air conditioning systems in developing countries.
• The rising demand for foam blowing agents in the construction industry is also expected to contribute to the growth of the R123 refrigerant market.
• The growing awareness of the environmental impact of HFCs is expected to lead to a gradual decline in the use of R123 refrigerant in the long term.

Driving Forces: What's Propelling the R123 Refrigerant

The key factors driving the growth of the R123 refrigerant market include:

• Increasing demand for refrigeration and air conditioning systems in developing countries
• Rising demand for foam blowing agents in the construction industry
• Growing awareness of the environmental impact of HFCs

The increasing demand for refrigeration and air conditioning systems in developing countries is a major factor driving the growth of the R123 refrigerant market. The rising population and economic growth in these countries is leading to a growing demand for cooling appliances, such as refrigerators, air conditioners, and freezers. This is, in turn, driving the demand for R123 refrigerant, which is used as a refrigerant in these appliances.

The rising demand for foam blowing agents in the construction industry is another factor driving the growth of the R123 refrigerant market. R123 is used as a blowing agent in the production of polyurethane foam, which is used in a variety of applications, such as insulation, packaging, and automotive parts. The growing demand for polyurethane foam in the construction industry is, therefore, driving the demand for R123 refrigerant.

Challenges and Restraints in R123 Refrigerant

The key challenges and restraints facing the R123 refrigerant market include:

• Stringent environmental regulations
• High cost of R123 refrigerant
• Availability of alternative refrigerants

Stringent environmental regulations are a major challenge facing the R123 refrigerant market. The use of R123 refrigerant is being phased out in many countries due to its high global warming potential (GWP). This is leading to a decline in the demand for R123 refrigerant, as manufacturers switch to alternative refrigerants with lower GWPs.

The high cost of R123 refrigerant is another challenge facing the market. R123 refrigerant is more expensive than other refrigerants, such as R134a and R410A. This is a deterrent for some manufacturers, who may switch to cheaper alternatives.

The availability of alternative refrigerants is also a challenge facing the R123 refrigerant market. There are a number of alternative refrigerants available that have lower GWPs than R123. This is making it easier for manufacturers to switch to alternative refrigerants, which is leading to a decline in the demand for R123 refrigerant.

Key Region or Country & Segment to Dominate the Market

The key regions and countries that are expected to dominate the R123 refrigerant market include:

• Asia-Pacific: The Asia-Pacific region is expected to dominate the R123 refrigerant market over the forecast period. The growing demand for refrigeration and air conditioning systems in developing countries in the region is expected to drive the growth of the market.
• China: China is expected to be the largest market for R123 refrigerant in the Asia-Pacific region. The country is a major producer and consumer of R123 refrigerant. The growing demand for refrigeration and air conditioning systems in China is expected to drive the growth of the R123 refrigerant market in the country.
• Type: Cooling agent: The cooling agent segment is expected to account for the largest share of the R123 refrigerant market over the forecast period. R123 is used as a refrigerant in a variety of applications, including refrigeration and air conditioning systems. The growing demand for refrigeration and air conditioning systems is expected to drive the growth of the cooling agent segment.

Growth Catalysts in R123 Refrigerant Industry

The key growth catalysts in the R123 refrigerant industry include:

• Development of new, more efficient R123 refrigerants
• Increasing adoption of R123 refrigerant in developing countries
• Growing demand for foam blowing agents in the construction industry

The development of new, more efficient R123 refrigerants is a key growth catalyst in the industry. New refrigerants with lower GWPs are being developed, which will meet the demands of environmental regulations. This will help to drive the growth of the R123 refrigerant market in the long term.

The increasing adoption of R123 refrigerant in developing countries is another key growth catalyst in the industry. The growing demand for refrigeration and air conditioning systems in developing countries is driving the demand for R123 refrigerant. This is expected to continue in the long term, as the population and economic growth in these countries continues to increase.

The growing demand for foam blowing agents in the construction industry is also a key growth catalyst in the industry. R123 is used as a blowing agent in the production of polyurethane foam, which is used in a variety of applications, such as insulation, packaging, and automotive parts. The growing demand for polyurethane foam in the construction industry is, therefore, driving the demand for R123 refrigerant.

Leading Players in the R123 Refrigerant

The leading players in the R123 refrigerant market include:

• Chemours
• Daikin
• DuPont
• Air Liquide Company
• Arkema
• Actrol Pty Ltd
• Honeywell International Inc

Significant Developments in R123 Refrigerant Sector

Some of the significant developments in the R123 refrigerant sector include:

• The development of new, more efficient R123 refrigerants with lower GWPs
• The increasing adoption of R123 refrigerant in developing countries
• The growing demand for foam blowing agents in the construction industry

These developments are expected to drive the growth of the R123 refrigerant market in the long term.

Comprehensive Coverage R123 Refrigerant Report

This report provides a comprehensive overview of the R123 refrigerant market, including market trends, drivers, challenges, key regions and countries, growth catalysts, leading players, and significant developments. The report is based on extensive research and analysis, and provides valuable insights into the R123 refrigerant market.

R123 Refrigerant Segmentation

• 1. Type
  • 1.1. Overview: Global R123 Refrigerant Consumption Value
  • 1.2. Packing: Disposable Steel Cylinders
  • 1.3. Packing: Refillsble Steel Cylinders
• 2. Application
  • 2.1. Overview: Global R123 Refrigerant Consumption Value
  • 2.2. Cooling Agent
  • 2.3. Foam Blowing Agent
  • 2.4. Cleaning Agent
  • 2.5. Other

R123 Refrigerant Segmentation By Geography

• 1. North America
  • 1.1. United States
  • 1.2. Canada
  • 1.3. Mexico
• 2. South America
  • 2.1. Brazil
  • 2.2. Argentina
  • 2.3. Rest of South America
• 3. Europe
  • 3.1. United Kingdom
  • 3.2. Germany
  • 3.3. France
  • 3.4. Italy
  • 3.5. Spain
  • 3.6. Russia
  • 3.7. Benelux
  • 3.8. Nordics
  • 3.9. Rest of Europe
• 4. Middle East & Africa
  • 4.1. Turkey
  • 4.2. Israel
  • 4.3. GCC
  • 4.4. North Africa
  • 4.5. South Africa
  • 4.6. Rest of Middle East & Africa
• 5. Asia Pacific
  • 5.1. China
  • 5.2. India
  • 5.3. Japan
  • 5.4. South Korea
  • 5.5. ASEAN
  • 5.6. Oceania
  • 5.7. Rest of Asia Pacific