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Low GWP Refrigerants Market Research Report Information by Type (Inorganics, Hydrocarbons, Fluorocarbons), Application (Industrial Refrigeration, Commercial Refrigeration, Domestic Refrigeration, Mobile Air-Conditioning), Region ‚ÄĒ Global Forecast till 2030


ID: MRFR/CnM/6002-HCR | 140 Pages | Author: Anshula Mandaokar| June 2024

Low GWP Refrigerants Market Overview


Low GWP Refrigerants Market is projected to be worth USD 73.7 Billion by 2030, registering a CAGR of 11.12% during the forecast period (2024 - 2030). The main element raising the low GWP refrigerants market is the low environmental impact of low GWP refrigerants, phasing out of CFC, HCFC, and HFC refrigerants, and the growing demand for refrigerants and air conditioners across the world.


The hydrocarbon refrigerant has great thermodynamic properties and refrigerating and air-conditioning systems operating using these substances are highly energy-efficient, and hydrocarbon refrigerants are miscible with conventional refrigerating oils and have a relatively great critical temperature. These hydrocarbon refrigerants are flammable in nature and these also can be explosive. This is an important safety concern associated with the use of hydrocarbon refrigerants and hence, requires hermetically sealed systems with explosion protection for electric elements. The Montreal Protocol and Kyoto protocol have led to reducing the use of environmentally harmful refrigerants, especially in commercial refrigeration plants.


Global Low GWP Refrigerants Market Share, by Application, 2017 (%)


Low GWP Refrigerants Market


Source: MRFR analysis


Regional Analysis


Asia-Pacific, Europe, Latin America, North America and the Middle East & Africa are the five regions studied for the global low GWP refrigerant Market. In 2017, Europe is projected to lead the market owing to European government regulation such as F-Gas Regulation 517/2014 which controls the usage of fluorinated greenhouse gases and its impact on environment. This regulation is expected to boost the low GWP refrigerants market by restraining the growth of conventional refrigerants during the forecast period. Latin America is projected to witness healthy growth in term of CAGR owing to increasing usage of air conditioners in Brazil and Chile supported by high infrastructure and development activities in the region.


North America and Asia-Pacific have been witnessing significant growth in terms of CAGR during the review period owing to rise in temperature and global warming. In addition, the markets in the Middle East & Africa are projected to witness steady growth during the forecast timeframe. Countries such as UAE and Saudi Arabia are one of the growing markets for air conditioners, around 70% of their electricity is used for cooling purpose owing to warm weather in the region. Thus, rise in temperature across the globe is expected to fuel low GWP refrigerants market during the assessment period.


Market Segmentation


The global low GWP refrigerant market has been segmented on the basis of types, application and region.


Based on types, the global low GWP refrigerant market has been segregated into types and application.


Global GWP refrigerant market by type is categorized as inorganics, hydrocarbons and fluorocarbons. Based on application the market comprises of industrial refrigeration, commercial refrigeration, domestic refrigeration, mobile air-conditioning, stationary air-conditioning and others.


The global low GWP refrigerant market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.


Key Players


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


Plug-in equipment, like vending machines used in small stores and supermarkets that depend on hydrocarbons and CO2, have been there for a few years, and in large supermarkets, refrigeration (centralized system) CO2 cascade systems are an alternative to common HFC systems in moderate and cold climates. Hydrocarbon has also proven to be a highly efficient alternative in most uses under great ambient temperatures, except for large condensing units. The market for the low GWP refrigerants in Europe is projected to face a high increase in growth during the forecast period on account of the recent F-gas regulations phase-out plan that dictates the reduction of the use of HFC refrigerants by almost half by 2025. The areas also enjoy the greatest number of end-users who have already switched to refrigeration systems based on low GWP refrigerants. Recent Development


March 2023: The European Union (EU) announced a ban on the use of HFC refrigerants in new air conditioners and heat pumps from 2023. This is a major step towards phasing out HFCs, which are potent greenhouse gases.

April 2023: The United States Environmental Protection Agency (EPA) issued a rule requiring the use of low GWP refrigerants in new commercial refrigerators and freezers from 2024. This rule is expected to reduce greenhouse gas emissions by an estimated 1.3 billion metric tons over the next 30 years.

June 2023: The Chinese government announced a plan to phase out HFCs by 2030. This is a major commitment from China, which is the world's largest consumer of HFCs.

July 2023: The Kigali Amendment to the Montreal Protocol, which aims to phase down HFCs, came into force in India. This is a major milestone for the global effort to reduce greenhouse gas emissions.

Intended Audience



  • Low GWP refrigerant manufacturers

  • Traders and distributors of low GWP refrigerant

  • Research and development institutes

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratories

Report Attribute/Metric Details
  Market Size   2030 : USD 73.7 Billion
  CAGR   2030: 11.12% CAGR
  Base Year   2023
  Forecast Period   2024 to 2032
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Basis of types, application and region.
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Honeywell International Inc (U.S.), Daikin industries, Ltd. (Japan), The Linde Group (Ireland), Arkema (France), The Chemours Company (U.S.), SOL Spa (Italy), GTS SPA (Italy), Harp International Ltd (UK), Mexichem S.A.B de C.V. (Mexico), HyChill (Australia), Puyang Zhongwei Fine Chemical Co. Ltd (China), Tazzetti S.p.A (Italy), Airgas, Inc (U.S.), The natural refrigerants company Pty ltd (Australia), A-Gas International (UK), Brothers Gas (UAE), E.F. International (U.S.), engas Australasia (Australia) and Sinochem Lantian co., Ltd (China).
  Key Market Opportunities   Rising air conditioner demand across the globe is expected to boost low GWP refrigerant market
  Key Market Drivers   Growing demand for air conditioners and limited environmental impact is boosting market growth.


Frequently Asked Questions (FAQ) :

The low GWP refrigerants market is projected to grow at a 11.12% CAGR between 2024 to 2032

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

Europe is predicted to command the largest share in the low GWP refrigerants market.

Growing demand for air conditioners and limited environmental impact is boosting market growth.

Some of the major applications of low GWP refrigerants include stationary air-conditioning, mobile air-conditioning, commercial refrigeration, domestic refrigeration, and industrial refrigeration.

Low GWP Refrigerants Market

Low GWP Refrigerants Market is projected to be worth USD 73.7 Billion by 2030, registering a CAGR of 11.12% during the forecast period (2021 - 2030).

Segmentation
By Type Inorganics Hydrocarbons Fluorocarbons
By Application Industrial Refrigeration Commercial Refrigeration Domestic Refrigeration Mobile Air-Conditioning
Key Players
Companies Profiled   Honeywell International Inc (U.S.)    Daikin industries Ltd. (Japan)    The Linde Group (Ireland)    Arkema (France)    The Chemours Company (U.S.)    SOL Spa (Italy)    GTS SPA (Italy)    Harp International Ltd (UK)    Mexichem S.A.B de C.V. (Mexico)    HyChill (Australia)    Puyang Zhongwei Fine Chemical Co. Ltd (China)    Tazzetti S.p.A (Italy)    Airgas Inc (U.S.)    The natural refrigerants company Pty ltd (Australia)    A-Gas International (UK)    Brothers Gas (UAE)    E.F. International (U.S.)    engas Australasia (Australia)   Sinochem Lantian co Ltd (China)
Drivers
Market Driving Forces   Growing demand for air conditioners and limited environmental impact is boosting market growth.
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