Low GWP Refrigerants Market accounted for US$ 20.18 billion in 2020 and is estimated to be US$ 60.03 billion by 2030 and is anticipated to register a CAGR of 11.50%. A refrigerant used in the refrigeration cycle is a working fluid of air conditioning systems and heat pumps where in most cases they undergo a repeated phase transition from a liquid to a gas and back again. Refrigerants are heavily regulated due to their toxicity, flammability and the contribution of CFC and HCFC refrigerants to ozone depletion and that of HFC refrigerants to climate change. They act as a heat carrier which changes gas to liquid and back to gas in refrigeration cycle. One of the most common commercial refrigerants is chlorofluorocarbons or CFCs because they have high ozone damaging potential. Ammonia, Sulphur dioxide and non-halogenated hydrocarbons are other refrigerants which are used in other applications. Refrigerants have favourable thermodynamics properties are free from toxicity and flammability. Some of the most common low GWP refrigerants include carbon dioxide, ammonia, hydrofluoroolefins, and hydrocarbons.
The report " Global Low GWP Refrigerants Market, By Type (Inorganics, Hydrocarbons, and Fluorocarbons), By Application (Commercial Refrigeration, Industrial Refrigeration, and Domestic Refrigeration), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”
Key Highlights:
· In 2021, Koura, a global leader in the development, manufacture, and supply of fluoroproducts, has launched the first of its next generation low GWP refrigerants, Klea 473A, following proposed classification as an A1 refrigerant by the ASHRAE SSPC34 committee.
· In November 2018, The Linde Group, along with NLMK Group, signed an agreement for the long-term supply of industrial gases to the Novolipetsk Steel site in Russia which includes embark upon a strategic partnership between Linde and NLMK and has opportunity for Linde to expand business in Russia.
Analyst View:
Implementation of regulation, government incentives and policies has supported the research & development projects to ensure quick and effective development of alternative refrigeration technologies like low GWP refrigerants, fuelling the target market growth. The most common low GWP refrigerants include ammonia and hydrocarbons. The growth of the global low GWP refrigerants market is majorly driven by the increasing demand for refrigerants and air conditioners across the globe. In addition, increasing awareness about global warming, environmental concern, and mandated regulations to reduce the carbon footprint has led to increase in adoption of low GWP refrigerants in the global air conditioning and refrigeration industry, therefore boosting the growth of the target market.
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Key Market Insights from the report:
The Global Low GWP Refrigerants Market accounted for US$ 20.18 billion in 2020 and is estimated to be US$ 60.03 billion by 2030 and is anticipated to register a CAGR of 11.50%.The global low GWP refrigerants market is segmented into types, application, and region.
· On the basis of type, the Global Low GWP Refrigerants Market is segmented into inorganics, hydrocarbons, and fluorocarbons.
· On the basis of application, the target market is segmented into commercial refrigeration, industrial refrigeration, and domestic refrigeration.
· Based on region the Global Low GWP Refrigerants Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is estimated to hold dominating position in the global low GWP refrigerants market during the forecast period.
Competitive Landscape:
The Key players in the global low GWP refrigerants market are Arkema Inc., Daikin America Inc., The Chemours Company, Honeywell International Inc., The Danfoss Group, Trust & Holdings, Inc., Shandong Yuean Chemical Industry Co. LTD., Zhejiang Quzhou Lianzhou Refrigerants Co., Ltd., Zhejiang Sanmei Chemical Incorporated Company, and Dongyue Group Co. Ltd.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
