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The Low Global Warming Potential (GWP) Refrigerants Market is affected by many factors. Global awareness of environmental change is pushing for appropriate alternatives. This ecological awareness is supported by low-GWP refrigerants that reduce nursery impact. Since state-run administrations ban high-GWP refrigerants, low-GWP ones are favored. Low-GWP refrigerants are expected to reach USD 73.7 billion by 2030, rising 11.12% annually.
The Low GWP Refrigerants Market is also driven by hydrofluorocarbons' phaseout. Global agreements like the Kigali Correction to the Montreal Convention restrict high-GWP substance production and use. This legislation to ban earth-harming refrigerants creates a huge market for low-GWP solutions. Organizations should make these decisions to comply with necessities and fight environmental change.
Mechanical improvements influence Low GWP Refrigerants. New low-GWP refrigerants with improved performance are the focus of innovative research. Manufacturers want to provide eco-friendly cooling, refrigeration, and intensity siphons. Research and development of energy-efficient refrigerants drives market growth.
Market factors include increased demand for energy-efficient devices and systems. Low GWP refrigerants improve cooling and heating efficiency. As energy costs rise and environmental awareness grows, consumers and businesses seek ways to reduce ozone-depleting chemical emissions and save money. Many places use low GWP refrigerants because they want energy-efficient alternatives.
Global financial and market factors fuel Low GWP Refrigerants Market growth. Private, business, and modern refrigeration and cooling need rises with economies. Due to new structure, cold chain, and machine development, refrigerants are popular. In increasing markets, low-GWP, maintainable, and consistent decisions are popular.
Rivalry and industry collaboration shape the Low GWP Refrigerants Market. Key alliances, consolidations, and acquisitions help marketing companies expand globally and increase product runs. Controllers and industry groups develop and implement low-GWP refrigerant concepts. Coordinated effort boosts market growth and refrigerant acceptance that is eco-friendly.
Low GWP Refrigerants Market Highlights:
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 (2021 - 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 (%)
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:Â 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:Â 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:Â 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:Â 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
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