Manufacturing Components · Direct
Monitoring · monthlyProcurement Category Intelligence
Chillers
Overview
Market size
$18.2B
global, USD
CAGR
4.7%
base to forecast
Buyer power
-1.8
supplier-favoured
Suppliers
7
tracked players
Signals
12
1 high severity
Market outlook
2031$22.9B
What changed
Demand by region
Asia Pacific demand45%
North America demand25%
Europe demand18%
Middle East & Africa demand7%
Latin America demand5%
share of global demandtotal 100%
Cost drivers
- Copper and steel constitute the primary raw materials for chiller manufacturing, primarily utilized in shell-and-tube heat exchangers and structural frames. Upstream price volatility in these core metals acts as a direct driver of global chiller production costs.
- Fluorochemical feedstock—principally fluorspar and hydrofluoric acid—serves as the foundational material for synthetic refrigerants (HFCs and HFOs) utilized globally across vapor-compression chiller systems.
- The geographical concentration of synthetic refrigerant chemical production capacity is heavily anchored in China, followed by additional major cluster capacities located in the United States, Europe, and Japan.
- Proximity to key mineral feedstocks, such as fluorspar, alongside the availability of cost-competitive energy, functions as the primary determinant for the selection and positioning of global refrigerant production facilities.