R124 Refrigerant Unlocking Growth Opportunities: Analysis and Forecast 2025-2033

Key Insights

The global R124 refrigerant market size was valued at USD 543.2 million in 2025 and is projected to reach USD 724.4 million by 2033, growing at a CAGR of 4.1% from 2025 to 2033. The market growth is attributed to the increasing demand for R124 refrigerant in various applications such as cooling agents, foam blowing agents, and solvents. Additionally, the growing awareness of environmental regulations is driving the adoption of R124 refrigerant as it is a more environmentally friendly alternative to other refrigerants.

The Asia Pacific region is the largest market for R124 refrigerant, accounting for over 50% of the global market share. This is due to the increasing demand for R124 refrigerant in China and India, which are two of the largest manufacturing hubs in the world. The North American and European regions are also significant markets for R124 refrigerant, with the United States and Germany being the key markets. The Middle East and Africa region is expected to witness the fastest growth in the coming years, due to the increasing demand for R124 refrigerant in the construction and automotive sectors.

R124 Refrigerant Trends

The global R124 refrigerant market is projected to reach $1.5 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period (2021-2026). The growing demand for refrigerants in the air conditioning and refrigeration sectors is primarily driving this growth.

Driving Forces: What's Propelling the R124 Refrigerant Market?

• Expansion of the Air Conditioning and Refrigeration Industry: The increasing demand for air conditioning and refrigeration systems in residential, commercial, and industrial sectors is driving the consumption of R124 refrigerant.
• Environmental Regulations: Growing environmental concerns have led to the phasing out of harmful refrigerants, such as HCFCs and CFCs. This has created a market opportunity for alternative refrigerants like R124, which has a low global warming potential (GWP).
• Technological Advancements: Advancements in refrigerant technologies have improved the efficiency and performance of R124, making it a more attractive option for various applications.

Challenges and Restraints in R124 Refrigerant Market

• Availability and Cost of Alternatives: The availability and cost of alternative refrigerants can impact the demand for R124. The emergence of more cost-effective and environmentally friendly alternatives could limit the market growth.
• Government Regulations: Stringent government regulations on the use of refrigerants can pose challenges to the R124 market. Governments worldwide are implementing regulations to reduce greenhouse gas emissions, which may restrict the use of R124.
• Safety Concerns: R124 is a toxic and flammable gas. Proper handling, storage, and disposal procedures are essential, which can increase the cost of using R124.

Key Region or Country & Segment to Dominate the Market

Region: Asia-Pacific

• The Asia-Pacific region is expected to dominate the R124 refrigerant market, accounting for over 50% of the global demand by 2026.
• The growing population and increasing demand for cooling appliances in countries like China, India, and Japan are driving the market in this region.

Segment: Cooling Agent

• The cooling agent segment is projected to account for the largest share of the R124 refrigerant market.
• R124 is primarily used as a refrigerant in air conditioners, refrigerators, and other cooling appliances.

Growth Catalysts in R124 Refrigerant Industry

• Rising Demand from Developing Countries: The increasing economic growth and urbanization in developing countries are creating new opportunities for R124 refrigerant.
• Technological Innovations: Ongoing research and development efforts are leading to the development of more efficient and environmentally friendly R124 formulations.
• Adoption of Environmentally Friendly Refrigerants: The global focus on reducing greenhouse gas emissions is driving the adoption of low-GWP refrigerants like R124.

Leading Players in the R124 Refrigerant Market

• DuPont
• Honeywell International Inc.
• Zhejiang Yonghe Refrigerant Co., Ltd.
• Refrigerant Solutions Inc.

Significant Developments in R124 Refrigerant Sector

• The development of more energy-efficient and environmentally friendly R124 blends.
• The establishment of new production facilities to meet the growing demand.
• The introduction of regulations and incentives to promote the adoption of low-GWP refrigerants.

Comprehensive Coverage R124 Refrigerant Report

The comprehensive R124 refrigerant report provides an in-depth analysis of the market, including:

• Market size and forecast
• Key trends and drivers
• Challenges and restraints
• Key segments and regions
• Competitive landscape
• Growth catalysts
• Leading players

R124 Refrigerant Segmentation

• 1. Type
  • 1.1. Overview: Global R124 Refrigerant Consumption Value
  • 1.2. Packing: Disposable Steel Cylinders
  • 1.3. Packing: Refillsble Steel Cylinders
• 2. Application
  • 2.1. Overview: Global R124 Refrigerant Consumption Value
  • 2.2. Cooling Agent
  • 2.3. Foam Blowing Agent
  • 2.4. Other

R124 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