Refrigerants are defined as chemicals that act as a heat transfer medium in cooling equipment. They function on the principle of transferring heat by absorbing heat at low temperature and pressure and releasing it at high temperature and pressure. The market for refrigerants is expected to exhibit steady growth throughout the forecast period. The market in the developed economies of Europe and North America is expected to witness slow growth due to changing trends regarding restriction in the use of fluorocarbons under regulations of the Montreal Protocol. Hydrocarbons (HC) refrigerants are expected to gain importance in North America due to the rapid shift from fluorocarbons to HC-based refrigerants. The market in several growing economies of Asia-Pacific and the Middle East & Africa is expected to witness high growth owing to increasing spending power, growth in infrastructure industry, and growth of manufacturing of consumer appliances.