Introduction

• The Southeast Asia refrigerant market is witnessing robust expansion, driven by rising demand for air conditioning, refrigeration, and cold chain solutions across both residential and industrial sectors. With rapid urbanization and climate change intensifying cooling needs, the market is becoming a critical component of the region’s sustainable infrastructure development.
• Valued at approximately USD 1.12 billion in 2024, the market is expected to reach nearly USD 1.81 billion by 2032, reflecting a steady CAGR of around 5.8%. This growth trajectory is fueled by increasing industrialization, expanding HVAC applications, and the shift toward eco-friendly refrigerants in compliance with evolving environmental regulations.
• As Southeast Asia advances toward greener technologies, energy-efficient and low-GWP (Global Warming Potential) refrigerants are gaining significant traction. Governments and manufacturers are investing in innovation and policy reforms to balance cooling demand with sustainability goals, positioning the region as a key hub for next-generation refrigerant solutions.

Gap Analysis - Southeast Asia refrigerant market

1. Technological Transition Gap: While global markets are rapidly adopting low-GWP and natural refrigerants, several Southeast Asian countries still rely heavily on high-GWP HFCs due to cost barriers and limited access to advanced technologies.
2. Regulatory Implementation Gap: Despite the region’s commitment to the Kigali Amendment, inconsistent enforcement of refrigerant regulations and lack of standardized policies across countries are slowing down the transition toward sustainable refrigerant use.
3. Infrastructure and Supply Chain Gap: The region faces challenges in establishing efficient cold chain infrastructure and distribution networks, particularly in developing economies, leading to uneven refrigerant availability and quality standards.
4. Skill and Training Gap: There is a shortage of skilled technicians trained in handling next-generation refrigerants, leak management, and safe disposal practices, which hampers the effective adoption of eco-friendly alternatives.
5. Awareness and Adoption Gap: Limited awareness among end-users and small-scale industries about the environmental and cost benefits of sustainable refrigerants continues to delay market transformation.
6. Research and Innovation Gap: The Southeast Asia refrigerant market lags in local R&D capabilities, relying heavily on imported solutions rather than developing region-specific, climate-resilient refrigerant technologies.

Segment and Key Players

1. By Type:

1.1 Hydrochlorofluorocarbons (HCFCs)

1.2 Hydrofluorocarbons (HFCs)

1.3 Hydrofluoroolefins (HFOs)

1.4 Natural Refrigerants (Ammonia, Carbon Dioxide, Hydrocarbons)

1.5 Blends and Others

2. By Application:

2.1 Air Conditioning (Residential, Commercial, and Automotive)

2.2 Refrigeration (Commercial, Industrial, and Transport)

2.3 Heat Pumps

2.4 Chillers

2.5 Others

3. By End Use Industry:

3.1 Residential

3.2 Commercial

3.3 Industrial

3.4 Automotive

3.5 Food and Beverage

3.6 Pharmaceuticals and Healthcare

4. By Country:

4.1 Indonesia

4.2 Thailand

4.3 Vietnam

4.4 Malaysia

4.5 Philippines

4.6 Singapore

4.7 Rest of Southeast Asia

5. Key Players:

5.1 Daikin Industries, Ltd.

5.2 The Chemours Company

5.3 Honeywell International Inc.

5.4 Arkema S.A.

5.5 Mexichem (Orbia Advance Corporation)

5.6 Asahi Glass Co., Ltd. (AGC Inc.)

5.7 Linde plc

5.8 SRF Limited

5.9 Sinochem Holdings Corporation Ltd.

5.10 Zhejiang Yonghe Refrigerant Co., Ltd.

5.11 A-Gas International Ltd.

5.12 Shandong Dongyue Chemical Co., Ltd.

5.13 Zhejiang Quzhou Lianzhou Refrigerants Co., Ltd.

5.14 Tazzetti S.p.A.

5.15 Jiangsu Meilan Chemical Co., Ltd.