Low GWP Refrigerants Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2025

Report Code: ZMR-4095 | Report Format : | Status : Upcoming |

Abstract

Global Low GWP Refrigerants Industry: Overview

Refrigerants are used in various kinds of heating, air conditioning, ventilation, and refrigeration (HVAC&R) devices. The current generation of refrigerants has zero ozone depletion potential. However, when released in the environment, they have significant Global Warming Potential (GWP). The rising emphasis on global warming mitigation has propelled the interest in a new generation of low-GWP refrigerants, thereby steering the low GWP refrigerants market expansion.

Global Low GWP Refrigerants Industry: Growth Factors

The key aspects of driving the market size are the reduced ecological effect of the products and the burgeoning popularity of air conditioners & refrigerants worldwide. Large-scale application of low GWP refrigerants in commercial refrigeration, domestic refrigeration, and industrial refrigeration will further impel the low GWP refrigerants market progression in the years to come. Furthermore, refrigerants that have a low GWP can be sufficient for bringing down emissions and this will contribute remarkably towards the expansion of low GWP refrigerants market earnings in the coming decade.

From a global perspective and as a part of corporate social responsibility & accountability, there is a massive industry inclination towards natural refrigerant solutions as they are both technically secured and economically viable. Today, there is a growing preference for new-low GWP refrigerants to minimize the ecological damage and this will boost the low GWP refrigerants market trends across the globe. These products help in achieving long term sustainability that will safeguard long-term investments in the market, thereby enhancing the scope of the business.

Global Low GWP Refrigerants Industry: Segmentation

The overall low GWP refrigerants market can be classified into type and application. Based on the type, the low GWP refrigerants market can be sectored into inorganics, hydrocarbons, and fluorocarbons. Application wise, the market is classified into commercial refrigeration, domestic refrigeration, and industrial refrigeration.

Global Low GWP Refrigerants Industry: Regional Analysis

The European low GWP refrigerants market is slated to register humungous expansion over the assessment timeline, subject to the recent HFC phase out a plan that will help in the minimization HFC refrigerants applications by nearly fifty percent by end of 2025. The region has the large presence of end users who have already swapped to low GWP refrigerants from synthetic refrigerants. The U.S. government, as well as the industry participants in the country, is trying to reduce GHG emissions as a result of growing concerns over global warming. This, in turn, has resulted in escalating demand for the product across the region, thereby driving the low GWP refrigerants market trends in North America. Reportedly, the Building Technologies Office (BTO) in carrying out its activities under the auspices of the U.S. Department of Energy (DOE) Office is promoting energy efficiency and green energy and succors the development, appraisal, and widespread enforcement of low-GWP refrigerants.

Part of BTO strategy is to develop and implement technology blueprints and plans that help in market transformations and develop innovations in key technology areas such as working fluids. The organization is trying to develop next-generation low-GWP refrigerants in order to maintain or improve the energy efficiency performance of HVAC&R equipment. This will further drive the low-GWP refrigerants market evolution in the U.S.

Asia Pacific, Latin America, and the Middle East and Africa are likely to register a lucrative market surge in the years to come.

Global Low GWP Refrigerants Industry: Competitive Players

Some of key players in low GWP refrigerants market are Puyang Zhongwei Fine Chemical (China), GTS (Italy), Shandong Yueon Chemical Industry (China),Linde Group (Germany), Daikin (Japan), Honeywell (U.S.), Harp International (UK), Chemours (U.S.), Airgas Inc. (U.S.), Mexichem (Mexico), Engas Australasia (Australia),Sinochem Group (China), A-Gas (UK), Tazzetti (Italy), HyChill Australia (Australia), and Arkema (France).

Global Low GWP Refrigerants Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • The UK
    • France
    • Germany
  • The Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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