In 2015, the global refrigerants market size was valued at $9,552 million and is expected to reach $18,509 million by 2022, registering a CAGR of 9.9 during the forecast period. Refrigerant is a chemical mixture of fluids, which function as cooling agents in heat pumps & refrigeration cycles. It works on the principle of phase transition, i.e., liquid to gas and vice versa at variable operating temperatures.