Data Center Refrigerant Market Size & Share 2026-2035

Data Center Refrigerant Market Size

The global data center refrigerant market was valued at USD 633 million in 2025 and is projected to reach USD 1.62 billion by 2035, expanding at a CAGR of approximately 9.6% during 2026–2035. Growth is tied to a larger installed base of data center cooling equipment, the replacement of legacy refrigerants, and rising use of cooling architectures designed for high-density computing.

Data center electricity demand reached about 415 TWh in 2024, or roughly 1.5% of global electricity demand, and the International Energy Agency expects consumption to approach 945 TWh by 2030 ^{[1]International Energy Agency, iea.org}. Cooling is a material part of that load increase. As AI-oriented server deployments raise rack densities, operators are expanding direct liquid cooling, immersion cooling, and hybrid thermal-management systems alongside conventional precision air conditioning. This changes both refrigerant chemistry requirements and the timing of refrigerant demand, creating first-fill requirements in new facilities and recharge, retrofit, and replacement requirements in the installed base.

The construction pipeline reinforces this demand. Global data center capacity under construction reached 31.7 GW in 2025, more than twice the prior-year level, with 25.3 GW located in the Americas ^{[2]Data Center Dynamics, datacenterdynamics.com}. JLL expects colocation and build-to-suit facilities to add 62 GW between 2026 and 2030, while hyperscalers could add a further 41 GW of owner-occupied capacity ^{[3]JLL, jll.com}. These projects favor cooling systems capable of handling more concentrated thermal loads, particularly where AI infrastructure limits the viability of air-only cooling.

Regulation is accelerating the chemistry transition. The EU F-Gas Regulation progressively restricts HFC availability and use, while the U.S. AIM Act establishes an 85% reduction in HFC production and consumption by 2036, ^{[4]U.S. Environmental Protection Agency, epa.gov}. Comparable phase-down programs in Canada, Japan, India, and Australia are reshaping equipment specifications and refrigerant procurement practices ^{[5]Government of Canada, canada.ca},,,. HFOs therefore lead the market, accounting for USD 428.4 million, or 67.7%, of 2025 revenue, while HFCs remain relevant to legacy-system servicing and replacement demand.

AI infrastructure is making this transition more consequential. Accelerated servers are expected to account for nearly half of the projected increase in data center electricity consumption through 2030. Where high-density clusters require liquid or two-phase cooling, refrigerants and heat-transfer fluids become a design choice rather than a maintenance input. Suppliers with established low-GWP portfolios, application engineering capability, and distribution reach are consequently better positioned than suppliers dependent primarily on legacy HFC volumes.

Key Drivers

Hyperscale and Cloud Capacity Expansion

Hyperscale and cloud projects create sustained refrigerant demand because each new campus requires cooling capacity from commissioning onward. The 31.7 GW global construction pipeline reported for 2025 signals a large volume of future chiller, precision cooling, and liquid-cooling installations . Hyperscale facilities account for USD 253.3 million, or 40.02%, of market revenue in 2025 and are expected to grow at 10.4% through 2035.

The commercial effect extends beyond first-fill demand. AI-enabled facilities require more frequent cooling-system upgrades as rack density increases, creating demand for refrigerant-compatible equipment retrofits and replacement charge media. JLL's projected expansion of colocation, build-to-suit, and owner-occupied capacity indicates that this demand will be distributed across both leased and self-operated infrastructure models .

AI, Machine Learning, and High-Performance Computing Workloads

AI servers are increasing thermal density faster than conventional computing infrastructure. The IEA projects that electricity use from accelerated servers will grow at about 30% annually, compared with 9% for conventional servers . Higher density makes liquid cooling, direct-to-chip systems, and hybrid cooling configurations more relevant, particularly in training clusters and high-performance inference environments.

Liquid cooling is projected to grow at a 10.90% CAGR in the refrigerant market, compared with 8.69% for air cooling. The higher growth rate reflects the need to remove heat closer to the processor, where conventional room-level air systems face physical and efficiency constraints. Dell'Oro Group expects the broader data center liquid-cooling market to approach USD 7 billion by 2029 as AI deployments accelerate ^{[6]Dell’Oro Group, delloro.com}.

Energy-Efficient and Lower-GWP Cooling Requirements

Cooling-system efficiency has become a direct operating-cost issue as data center electricity demand rises. Cooling contributes approximately 20% of the projected net increase in global data center electricity use through 2030 . Operators are therefore evaluating refrigerants not only on compliance and safety characteristics, but also on their role in chiller efficiency, direct liquid cooling performance, and the ability to support lower power-usage effectiveness.

Low-GWP refrigerants are increasingly incorporated into cooling-system specifications. Solstice markets R-1234ze for applications including chillers and data center cooling systems, while Chemours is testing Opteon 2P50 in two-phase immersion applications,. The shift creates a premium for suppliers that can provide technically qualified products for specific equipment architectures rather than generic refrigerant supply alone.

Regulatory Phase-Down of High-GWP HFCs

The EU F-Gas Regulation establishes a declining HFC quota trajectory and expands requirements related to leak prevention, recovery, and servicing. In the United States, the AIM Act directs an 85% phase-down in HFC production and consumption by 2036, while the EPA technology-transition framework applies restrictions to relevant refrigeration and air-conditioning applications , ^{[7]U.S. Environmental Protection Agency, epa.gov}.

These rules are altering the economics of equipment selection. High-GWP HFCs may remain necessary for servicing installed systems, but their availability and compliance burden become less favorable over time. The result is a gradual migration toward HFOs, blends, and other lower-GWP options in newly installed equipment, particularly where operators are making long-lived capital investments.

Colocation and Distributed Data Center Growth

Colocation facilities represented USD 160.8 million, or 25.4%, of 2025 market demand and are forecast to grow at 9.8%. These facilities must accommodate changing tenant loads, which makes adaptable cooling infrastructure commercially important. AI workloads are pushing colocation providers toward higher power-density designs and liquid-cooling capability, according to CBRE's 2026 global data center assessment ^{[8]CBRE, cbre.com}.

Distributed deployments also widen the geographic footprint of refrigerant demand. Edge, telecom, and regional colocation infrastructure place cooling equipment in markets where service availability, regulatory compliance, and access to lower-GWP refrigerants can matter as much as the original equipment specification.

Key Restraints

Capital Cost of Advanced Cooling Systems

The transition to HFO-compatible and liquid-cooling systems can require significant capital investment. Costs include new chillers, compatible seals and lubricants, safety controls, heat-exchanger designs, and, in two-phase immersion systems, specialized tanks and server configurations. These requirements can delay adoption among enterprise and smaller colocation operators whose existing systems still provide acceptable performance.

The constraint is most pronounced where cooling assets have long operating lives. A facility may defer replacement until a major equipment refresh, a regulatory deadline, or a capacity upgrade creates a clearer business case. This sustains demand for legacy refrigerant servicing even as HFOs gain share in new installations.

Integration Constraints in Operating Facilities

Refrigerant conversion is not a simple fluid substitution in every system. Compatibility with compressors, lubricants, pressure ratings, safety systems, and local codes must be evaluated for each equipment configuration. In continuously operating data centers, retrofit work must also preserve cooling redundancy and avoid disruption to critical workloads.

These integration constraints affect the pace of transition rather than its direction. Operators with large legacy HFC inventories may choose staged conversion programs, replacing equipment at planned renewal points. The market consequently retains an HFC service component while new capacity increasingly adopts lower-GWP alternatives.

Liquid cooling illustrates the distinction. It is the fastest-growing cooling category, but its adoption depends on server design, facility topology, and capital availability. Suppliers that pair refrigerant chemistry with application support, safety documentation, and qualified distribution will be better placed to capture the transition than suppliers competing only on commodity supply.

Data Center Refrigerant Market Segment Analysis

By Refrigerant

HFCs: HFCs generated USD 134 million in 2025, representing 21.2% of market revenue, and are forecast to expand at a 7.8% CAGR. Their continuing role is driven largely by installed precision air-conditioning units, legacy chillers, and service requirements. New-install demand is increasingly constrained by regulatory and procurement pressure, but the installed base creates recurring replacement and recharge demand.

R-134A: R-134A remains associated with legacy medium-pressure chiller and precision-cooling applications. Its high GWP makes it less suitable for new long-life equipment under tightening regulatory frameworks. Replacement decisions are therefore shifting toward lower-GWP options where equipment compatibility, safety classification, and local requirements permit.

R-404A: R-404A faces particularly strong pressure in Europe because the EU restricts the servicing of refrigeration equipment using fluorinated greenhouse gases with a GWP of 2,500 or more. The restriction raises the cost and compliance risk of maintaining systems dependent on very-high-GWP blends, increasing the incentive for replacement or redesign.

HFOs: HFOs accounted for USD 428.4 million, or 67.7%, of 2025 revenue and are forecast to grow at 10.3%. Their leading position reflects adoption in new chillers, precision cooling systems, and advanced liquid-cooling applications. Solstice offers R-1234ze for low-GWP cooling applications, while Arkema and Chemours have developed products for data center thermal-management use cases.

Others: Other refrigerants generated USD 70.6 million in 2025 and are forecast to grow at 8.67%. This category includes natural and alternative refrigerants used where their efficiency, direct-GWP profile, or operating characteristics fit site-specific cooling requirements. Adoption is limited in some applications by safety design, ambient conditions, and system complexity.

By Data Center

Enterprise: Enterprise facilities generated USD 93.9 million in 2025 and are forecast to grow at 7.7%. Their cooling fleets are often heterogeneous and include older HFC-based systems. Migration of workloads to cloud and colocation infrastructure limits new construction, but compliance-driven replacement and maintenance sustain demand.

Colocation: Colocation generated USD 160.8 million in 2025 and is forecast to grow at 9.8%. These providers must support multiple customer power-density profiles, making flexible cooling configurations commercially important. Higher-density tenant deployments are increasing the relevance of liquid cooling and lower-GWP refrigerants.

Cloud: Cloud facilities accounted for USD 124.9 million in 2025 and are forecast to grow at 8.8%. Cloud operators are expanding infrastructure for enterprise workloads and AI services, while incorporating lower-GWP requirements into cooling-system procurement and sustainability programs.

Hyperscale: Hyperscale is the largest data-center segment, at USD 253.3 million in 2025, and is forecast to grow at 10.41%. The segment is exposed most directly to AI-related thermal-density requirements and large construction pipelines. Its scale makes it a primary market for HFO-based chillers, direct liquid cooling, and advanced heat-transfer fluids.

By Cooling

Air Cooling: Air cooling accounted for USD 344.9 million, or 54.5%, of 2025 revenue and is forecast to grow at 8.7%. Precision air conditioning, CRAC, CRAH, and in-row systems remain widely used across enterprise, cloud, and general-purpose colocation environments. New equipment increasingly incorporates lower-GWP refrigerant options as regulatory conditions change.

Liquid Cooling: Liquid cooling generated USD 199.9 million in 2025 and is forecast to grow at 10.9%, the highest rate among cooling segments. AI processors concentrate heat at the rack and chip level, creating demand for direct-to-chip and immersion systems. Chemours began a field trial of its Opteon 2P50 two-phase immersion fluid with NTT DATA and Hibiya Engineering in 2025, illustrating the move from product development toward operating validation.

Free Cooling: Free cooling accounted for USD 88.2 million in 2025 and is forecast to grow at 9.8%. It reduces mechanical cooling requirements when ambient conditions allow, although refrigerant-based systems remain necessary during warmer operating periods or as backup capacity. It is particularly relevant in locations with favorable climates and well-developed data center infrastructure.

By Application

IT Cooling System: IT cooling systems generated USD 428.4 million in 2025 and are forecast to grow at 10.2%. The segment includes cooling solutions positioned near servers and racks, such as cold plates, immersion systems, rear-door heat exchangers, and in-row equipment. Growth reflects AI-related demand for higher thermal performance.

Facility Cooling System: Facility cooling systems accounted for USD 204.7 million in 2025 and are forecast to grow at 8.2%. These systems include central chillers, CRAC/CRAH equipment, and broader room-level cooling infrastructure. Their demand profile is more closely tied to replacement cycles and site-wide capacity additions.

By End-Use

BFSI: BFSI accounted for USD 96.8 million in 2025 and is forecast to grow at 9.5%. Financial institutions operate high-availability infrastructure and face growing requirements for energy management, resilience, and emissions reporting.

IT and Telecom: IT and Telecom is the largest end-use segment at USD 205.4 million and records the highest CAGR at 11.3%. The segment includes cloud, telecom, content-delivery, and digital-infrastructure operators that are expanding capacity for AI, 5G, and enterprise cloud workloads.

Government and Defense: Government and Defense generated USD 66.7 million in 2025 and is forecast to grow at 8.7%. Demand is supported by public-sector digitalization, security-sensitive data infrastructure, and compliance with applicable refrigerant-management requirements.

Healthcare: Healthcare accounted for USD 53.2 million in 2025 and is forecast to grow at 8.4%. Cooling demand is linked to electronic health records, imaging systems, clinical applications, and health-data processing, where uptime and controlled operating conditions are essential.

Energy: Energy generated USD 46.5 million in 2025 and is forecast to grow at 7.6%. The segment supports grid operations, energy trading, industrial analytics, and digital operational technology.

Manufacturing: Manufacturing accounted for USD 57.2 million in 2025 and is forecast to grow at 6.70%. Demand is spread across smaller facilities supporting industrial automation, ERP, manufacturing-execution systems, and connected operations.

Retail: Retail generated USD 35.9 million in 2025 and is forecast to grow at 6.23%. Cloud migration moderates owned-facility expansion, although e-commerce, inventory systems, and data analytics continue to require cooling capacity.

Others: Other end uses generated USD 71.2 million in 2025 and are forecast to grow at 10.54%. The category includes sectors such as education, transportation, media, and public digital-infrastructure initiatives.

HFOs are positioned to benefit from both sides of this transition. Their 67.68% 2025 share reflects adoption in new systems, while regulation and maintenance constraints increase the likelihood that installed HFC-based systems will be replaced with lower-GWP alternatives over time. IT and Telecom, hyperscale, and liquid-cooling applications are the most important demand pools because they combine fast infrastructure expansion with the most demanding thermal-management requirements.

Data Center Refrigerant Market Regional Analysis

North America

North America generated USD 223.2 million in 2025, representing 35.26% of the global market, and is forecast to grow at 9.9%. The region benefits from the largest concentration of hyperscale construction, deep cloud infrastructure investment, and regulatory pressure to transition from high-GWP HFCs. The United States accounted for USD 176.3 million in 2025 and is forecast to grow at 9.50%.

The AIM Act and related EPA technology-transition rules are shaping equipment choices, while U.S. data center electricity demand could account for 11.8% of national electricity consumption by 2030 , ^{[9]Lawrence Berkeley National Laboratory, lbl.gov}. The scale of AI and cloud construction makes the country a major market for lower-GWP refrigerants and liquid-cooling systems. Canada generated USD 46.9 million in 2025 and records the highest country-level CAGR at 11.5%. Its climate and power mix can support economizer and free-cooling strategies, while the federal HFC phase-down framework provides a regulatory basis for lower-GWP adoption .

Europe

Europe accounted for USD 154.58 million in 2025, or 24.42% of global revenue, and is forecast to grow at 8.31%. The EU F-Gas Regulation is the central market influence because it combines quota reductions, servicing restrictions, recovery requirements, and a long-term HFC phase-down.Germany generated USD 47.04 million in 2025 and is forecast to grow at 7.16%. Frankfurt's role as a major connectivity and colocation center supports refrigerant demand, while the EU regulatory framework increases the cost of retaining very-high-GWP refrigerants in service.

United Kingdom, France, Italy, Spain, Russia, Netherlands, and Belgium, these markets contribute to the Rest of Europe segment, valued at USD 107.53 million in 2025 and forecast to grow at 8.78%. Grid access, permitting, power prices, data-sovereignty requirements, and refrigeration regulation influence the distribution of data center projects across the region. Mature markets face increasing pressure to modernize refrigerant systems, while secondary locations may capture new capacity where power availability is more favorable.

Asia Pacific

Asia Pacific generated USD 198.66 million in 2025, representing 31.39% of global revenue, and is forecast to grow at 10.71%, the fastest regional rate. Growth is supported by China's data infrastructure expansion, India's rising data center investment, established demand in Japan and South Korea, and new capacity in Southeast Asia. China accounted for USD 88.55 million in 2025 and is forecast to grow at 10.13%. The country combines substantial domestic data center construction with a large fluorochemical manufacturing base. China's HFC quota allocation framework is important to the supply side because it establishes producer-level constraints during the Kigali phase-down period. India is included in the Rest of Asia Pacific segment, which generated USD 110.12 million in 2025 and is forecast to grow at 11.15%. India phased out HCFC use in manufacturing of new equipment from January 2025 and will begin its HFC phase-down in 2032. Domestic fluorochemical investment is therefore occurring alongside data center construction, creating a potentially important regional supply base.

Japan's regulatory program establishes phased GWP-related requirements for cooling equipment. The country also has a developed electronics, cooling-equipment, and data-center ecosystem. Chemours' 2025 two-phase immersion trial with NTT DATA demonstrates the relevance of Japan as a market for advanced thermal-management validation.

Australia, South Korea, Philippines, and Indonesia, these markets contribute to regional demand through cloud growth, telecom expansion, and capacity development in major urban centers. Australia's HFC quota system is progressively reducing permitted bulk imports, while Southeast Asian markets are attracting new colocation and hyperscale investment.

Latin America

Latin America generated USD 29.37 million in 2025 and is forecast to grow at 6.32%. The regional market is led by Brazil, which accounted for USD 10.71 million and is forecast to grow at 5.70%, while the Rest of Latin America generated USD 21.59 million and is forecast to grow at 6.62%. Brazil, Mexico, and Argentina are benefiting from cloud-region expansion, enterprise digitization, and proximity to North American supply chains. CBRE reported strong inventory growth in Latin American data center markets, with hyperscale demand supporting new construction . Refrigerant demand remains smaller than in North America, Europe, and Asia Pacific, but new installations increasingly require lower-GWP cooling specifications.

Middle East and Africa

Middle East and Africa generated USD 27.19 million in 2025 and is forecast to grow at 7.80%. The market is supported by data center construction in the UAE, Saudi Arabia, and South Africa. High ambient temperatures raise the importance of reliable mechanical cooling and limit the role of free cooling in many locations. South Africa, Saudi Arabia, and UAE are supported by digital-government programs, cloud and colocation investment, and sovereign computing initiatives. Their cooling systems must operate under challenging climate conditions, making equipment reliability, refrigerant availability, and service capability important commercial considerations.

India is strategically important because the country is simultaneously expanding data center infrastructure and preparing for its HFC phase-down. China remains significant because its production-quota system affects global HFC supply dynamics. In contrast, Middle Eastern markets may remain more dependent on mechanical refrigerant-based cooling because local climate conditions reduce the practical contribution of free cooling.

Data Center Refrigerant Market Share & Competitive Landscape

The market is concentrated among producers with established fluorochemical technology, low-GWP refrigerant portfolios, manufacturing capacity, and global distribution networks. The top seven suppliers account for approximately 78.2% of 2025 market revenue. Solstice Advanced Materials leads with a 22.3% share, followed by Chemours at 19.3%, Daikin at 11.2%, Arkema at 9.2%, Dongyue at 7.1%, Sinochem at 5.1%, and AGC at 4.1%.

Global Companies

AGC: AGC is an authorized global participant with operations relevant to fluorochemical and specialty-material markets. The available source package does not provide sufficient direct evidence to substantiate detailed product, capacity, or market-position claims for data center refrigerants.

Arkema: Arkema held an estimated 9.2% market share, equivalent to USD 58 million in 2025. Its Forane portfolio includes materials positioned for data center cooling, and the company started a 15,000-tonne Forane 1233zd production unit in Calvert City, Kentucky, in August 2025,.

Chemours: Chemours held an estimated 19.3% market share, or USD 122 million in 2025. Its Opteon portfolio is relevant to low-GWP refrigerant applications, including two-phase immersion cooling. Chemours began a full-scale Opteon 2P50 trial with NTT DATA and Hibiya Engineering in March 2025.

Daikin Industries: Daikin held an estimated 11.2% market share, or USD 71 million in 2025. Its data center cooling portfolio includes air-cooled chiller solutions, and its Alliance Air subsidiary began construction of a data-center HVAC manufacturing facility in Tijuana, Mexico, in 2024,.

Dongyue Group: Dongyue held an estimated 7.1% market share, or USD 45 million in 2025. The company's refrigerant business is developing fluorochemical products including next-generation refrigerant categories.

Linde plc: Linde supplies refrigerant gases across HFC, HFO, and natural-refrigerant categories and provides cylinder, drum, and bulk delivery formats. Its distribution, recovery, and supply-management capabilities are relevant where refrigerant access and compliance requirements become more complex.

Orbia Fluor & Energy Materials: Orbia Fluor & Energy Materials is an authorized global participant. The supplied source package does not provide sufficient direct evidence for detailed data center refrigerant product or facility claims.

Sinochem Group: Sinochem Group is an authorized global participant with an estimated 5.1% share and USD 32 million in 2025. No additional company-specific operational claims are retained without direct support in the source package.

Solstice Advanced Materials: Solstice Advanced Materials, created from Honeywell's Advanced Materials business, held an estimated 22.3% share, or USD 141 million, in 2025. Its Solstice portfolio includes R-1234ze for data center cooling applications.

Zhejiang Juhua: Zhejiang Juhua is an authorized global participant. The supplied source package does not provide sufficient direct evidence to support detailed refrigerant portfolio, quota, capacity, or market-access claims.

Regional Companies

Central Glass: Central Glass is an authorized regional participant based in Japan. Its market environment is influenced by Japan's phased fluorocarbon-management requirements.

Changshu 3F Zhonghao: Changshu 3F Zhonghao is an authorized regional and emerging participant in the Chinese refrigerant market. No further company-specific claims are retained without direct source support.

Gujarat Fluorochemicals: Gujarat Fluorochemicals is an Indian fluorochemical producer with reported R-32 utilization and HFO-related capacity activity. Its presence is relevant to India's expanding domestic refrigerant supply base.

Halocarbon Products: Halocarbon Products is an authorized regional participant in specialty fluorochemical markets. The available evidence package does not support further data-center-specific operational claims.

Kanto Denka Kogyo: Kanto Denka Kogyo is an authorized regional participant in Japan. The available source package does not support detailed claims regarding data center refrigerant products or market activity.

Navin Fluorine International: Navin Fluorine is an Indian fluorochemical company associated with HFO-1234yf production under a Honeywell license arrangement. This establishes a link to India's developing low-GWP refrigerant supply chain.

Sanmei Chemical: Sanmei Chemical is an authorized regional and emerging participant in China's refrigerant industry. The supplied source package does not provide sufficient direct company-specific evidence for further claims.

Shandong Huaan New Material: Shandong Huaan New Material is an authorized regional and emerging participant in China. No detailed product, capacity, or quota claims are retained without direct source evidence.

SRF Limited: SRF markets fluorochemical products under the FLORON brand and has announced an approximately INR 2,300-crore investment in a 30,000-tonne-per-annum HFO facility in Odisha,. The investment aligns with India's transition toward lower-GWP refrigerant production.

Zhejiang Yonghe Refrigerant: Zhejiang Yonghe Refrigerant is an authorized regional and emerging participant in China's refrigerant market. The supplied evidence does not support detailed company-specific claims.

Emerging Companies

Sanmei Chemical: Sanmei Chemical is included in the authorized emerging-company scope. Its relevant characterization is as a Chinese refrigerant-market participant; further claims are not substantiated by the supplied evidence package.

Shandong Huaan New Material: Shandong Huaan New Material is included in the authorized emerging-company scope. The available evidence supports only its inclusion as a Chinese refrigerant-market participant.

Tazzetti: Tazzetti is an authorized emerging participant associated with the European refrigerant market. The source package does not provide sufficient direct evidence for detailed data center refrigerant claims.

Zhejiang Yonghe Refrigerant: Zhejiang Yonghe Refrigerant is included in the authorized emerging-company scope. No additional claims are retained without direct source support.

Changshu 3F Zhonghao: Changshu 3F Zhonghao is included in the authorized emerging-company scope. Its profile remains limited to its participation in the Chinese refrigerant market due to evidence constraints.

Recent Industry Developments

Solstice Advanced Materials Spin-Off (2025): Honeywell separated its Advanced Materials business, including the Solstice refrigerant portfolio, into Solstice Advanced Materials in 2025.

Chemours–NTT DATA Opteon 2P50 Trial (March 2025): Chemours launched a full-scale trial of Opteon 2P50 with NTT DATA and Hibiya Engineering for two-phase immersion cooling applications.

Arkema Forane 1233zd Start-Up (August 2025): Arkema started a 15,000-tonne production unit for Forane 1233zd at Calvert City, Kentucky.

Arkema–Honeywell Commercial Arrangement (May 2025): Arkema announced a commercial arrangement with Honeywell covering certain lower-GWP refrigerant blends marketed under the Forane brand.

Daikin Alliance Air Expansion (June 2024): Daikin's Alliance Air subsidiary began construction of a USD 121 million manufacturing facility in Tijuana, Mexico, for HVAC solutions, including data center cooling applications.

SRF HFO Investment (2025): SRF announced an approximately INR 2,300-crore investment in a 30,000-tonne-per-annum HFO manufacturing facility in Odisha, India.

EU F-Gas Regulation Implementation: Regulation (EU) 2024/573 entered into force in March 2024 and established a more stringent HFC phase-down framework across the European Union.