Low GWP Refrigerants Market Size To Expand at a Notable CAGR Of 11.12% During 2021 - 2030

Market Overview

The low GWP refrigerants market size was valued at USD 25.31 Billion in 2021 and is projected to reach USD 73.7 Billion by 2030, growing at a CAGR of 11.12% from 2021 to 2030.

Global low (GWP) refrigerants are essential fluid for absorbing heat. An increase in extreme weather condition such as severe droughts and heat waves owing to global warming has propel market demand for low GWR refrigerants. According to the National Oceanic and Atmospheric Administration (NOAA), average earth surface temperatures increased around 1.71 degrees Fahrenheit in between 1880 and 2016. Burning of fossil fuels has resulted in such temperature change, negatively impacting the environment. Thus, environment friendly attributes of low GWP refrigerants is expected to boost the market.

Changing consumer living habits demanding comfortable lifestyle is increasing the need for refrigerants and air conditioners at home. For instance, Japan Refrigeration and Air Conditioning Industry Association (JRAIA) reported that world room air conditioners demand reached 96.05 million units in 2017 increased to 8.2% from previous year. Increase in number of air conditioners sale to household is a key factor driving the market.

Market Segmentation

The global low GWP refrigerants market has been segregated on the basis of types, applications, and region.

By types, the global low GWP refrigerants market is divided into inorganics, fluorocarbons and hydrocarbons. The hydrocarbons segment held a significant market share in 2017 and is expected to lead during the forecast period owing to its low environmental impact compared to fluorocarbons.

On the basis of application, the global low GWP refrigerants market has been divided into industrial refrigeration, domestic refrigeration, commercial refrigeration, mobile air-conditioning, stationary air-conditioning, and others. In 2017, the commercial refrigeration segment held the largest share of this market. Commercial refrigeration is mostly used in large capacity freezer to store food and beverage. Thus, rising in demand for oversized freezers in hotels and restaurants is projected to fuel the commercial refrigeration segment by 2023.

Regional Analysis:

Europe contributes the largest share in the global low GWP refrigeration market due to favorable government directive such as F-Gas Regulation 517/2014. Asia Pacific is significantly growing market for air conditioners and refrigerants owing to rise in cold chain market and demand for household refrigeration.

The regional market in Latin America and Middle East & Africa is projected to grow with healthy CAGR owing to demand for refrigerants from food & beverage industry couple with rise in temperature in Middle East.

Competitive Analysis

The leading players in the global low GWP refrigerants market are Daikin industries, Ltd. (Japan), Honeywell International Inc (U.S.),  The Linde Group (Ireland), The Chemours Company (U.S.), Arkema (France),  GTS SPA (Italy), SOL Spa (Italy), Mexichem S.A.B de C.V. (Mexico), ),  Harp International Ltd (UK), HyChill (Australia), Tazzetti S.p.A (Italy), Puyang Zhongwei Fine Chemical Co. Ltd (China), Airgas, Inc (U.S.), A-Gas International (UK), The natural refrigerants company Pty ltd (Australia), Brothers Gas (UAE), engas Australasia (Australia), Sinochem Lantian co., Ltd (China) and E.F. International (U.S.)

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