Global Low GWP Refrigerants Market Overview
A refrigerant is a substance or mixture which is used in cooling mechanism like air conditioner or refrigerator. 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. Growing concern about the negative impact of refrigerants and global warming has triggered the adoption of low GWP refrigerants. It has also been observed that Low GWP refrigerants have also helped for refrigeration equipment in achieving high levels of energy efficiency. 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%.
Global Low GWP Refrigerants Market Drivers & Restraints
Increasing demand for refrigerants
The global low GWP refrigerants market is expected to witness a robust growth during the forecast period. 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.
Implementation of regulation, government incentives
Furthermore, 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. However, hydrocarbons are highly flammable in nature, this is a major safety concern associated with the use of hydrocarbon refrigerants, restraining the growth of the global market.
Global Low GWP Refrigerants Market Segmentations & Regional Insights
The global low GWP refrigerants market is segmented into types, application, and region.
On the basis of regions, the global market is sub-divided into inorganics, hydrocarbons, and fluorocarbons. Based on applications, the target market is bifurcated into commercial refrigeration, industrial refrigeration, and domestic refrigeration.
Regional Insights:
For detailed understanding of market dynamics, On the basis of 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. Manufacturers across Europe have adopted hydrogen technology and a new energy efficient appliance is based on hydrocarbons. North America low GWP refrigerants market is expected to witness moderate growth during the forecast period driven by environmental regulations and policies. Asia Pacific low GWP refrigerants market is expected to witness significant growth owing to strong growth of refrigeration and air conditioning industry. Hydrocarbon technology is expected to gain significant momentum in low GWP refrigerants market across the developing regions such as Asia, Africa and Latin America.
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Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Million & CAGR from 2020 – 2030 |
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Market Segmentation |
By Type: Inorganics, Hydrocarbons, and Fluorocarbons By Application: Commercial Refrigeration, Industrial Refrigeration, and Domestic Refrigeration |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Detailed Segmentation:
Global Low GWP Refrigerants Market, By Region, 2019 – 2029, (US$ Mn)
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- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Types, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Types, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Types, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Types, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Types, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
Global Low GWP Refrigerants Market Competitive Landscape & Key Players
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. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market.
Global Low GWP Refrigerants Market Company Profile
- Arkema Inc
- Dongyue Group Co. Ltd
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Zhejiang Sanmei Chemical Incorporated Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Zhejiang Quzhou Lianzhou Refrigerants Co., Ltd
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Shandong Yuean Chemical Industry Co. LTD.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Trust & Holdings, Inc
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- The Danfoss Group
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Honeywell International Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- The Chemours Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Daikin America Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Dongyue Group Co. Ltd
FAQs
Global Low GWP Refrigerants Market is segmented on the basis of type, application, and region.
The growth of the global low GWP refrigerants market is majorly driven by the increasing demand for refrigerants and air conditioners across the globe.
Europe is estimated to hold dominating position in the global low GWP refrigerants market during the forecast period.
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.