Global Low GWP Refrigerants Market Size Study by Type (Inorganics, Hydrocarbons, Fluorocarbons), by Application (Industrial Refrigeration, Commercial Refrigeration, Domestic Refrigeration, Mobile Air-Conditioning), and Regional Forecasts 2022-2032

Global Low GWP Refrigerants Market Size Study by Type (Inorganics, Hydrocarbons, Fluorocarbons), by Application (Industrial Refrigeration, Commercial Refrigeration, Domestic Refrigeration, Mobile Air-Conditioning), and Regional Forecasts 2022-2032

The Global Low GWP Refrigerants Market is valued at approximately USD 35.23 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 11.12% over the forecast period 2024-2032.The escalating demand for environmentally sustainable refrigeration solutions has placed low GWP (Global Warming Potential) refrigerants at the forefront of innovation in the materials and chemicals industry. Low GWP refrigerants are designed to minimize the environmental footprint of refrigeration and air-conditioning systems, addressing global concerns about climate change and regulatory pressures. Their adoption is driven by a mix of stringent environmental regulations, increasing consumer awareness, and advancements in refrigeration technology that promise efficiency without compromising on performance.

Global Low GWP Refrigerants Market trends reflect a pronounced shift towards adopting hydrocarbon-based and other natural refrigerants. These options, apart from being environmentally friendly, also promise compatibility with evolving systems in industrial, commercial, and domestic applications. The move towards natural refrigerants is further bolstered by industry initiatives to ensure safety and efficiency in handling and usage.

The growth of the Global Low GWP Refrigerants Market is underscored by various significant drivers. Key among them is the increasing adoption of low GWP alternatives in response to the phasing out of high GWP refrigerants under international frameworks such as the Kigali Amendment to the Montreal Protocol. Moreover, heightened investments in research and development (R&D) to enhance the compatibility and efficiency of low GWP refrigerants within existing systems have accelerated market penetration. The rising use of hydrocarbon refrigerants in mobile air-conditioning systems and energy-efficient domestic refrigeration further fuels this market expansion. However, high initial investment costs and technical challenges in retrofitting existing systems with low GWP refrigerants are anticipated to restrain growth during the forecast period.

The key regions considered for the Global Low GWP Refrigerants Market study include North America, Europe, Asia Pacific, Latin America, and Rest of the World. Europe held the largest market share in 2023, driven by robust environmental policies and the active involvement of major players in developing innovative solutions. This region is poised for sustained growth due to its strong regulatory frameworks and commitment to achieving carbon neutrality goals. On the other hand, Asia Pacific is expected to experience the fastest growth during the forecast period, primarily due to rapid industrialization, increasing adoption of energy-efficient technologies, and the rising awareness of environmental sustainability in major markets like China, India, and Japan.

Major market players included in this report are:
• Daikin Industries, Ltd.
• Honeywell International Inc.
• The Chemours Company
• Arkema S.A.
• Dongyue Group Co., Ltd.
• AGC Inc.
• SRF Limited
• Gujarat Fluorochemicals Limited
• Linde plc
• Tazzetti S.p.A.
• Airgas Refrigerants Inc.
• Asahi Glass Co., Ltd.
• Mexichem S.A.B. de C.V.
• A-Gas International
• Sinochem Group Co., Ltd.

The detailed segments and sub-segments of the market are explained below:

By Type
• Inorganics
• Hydrocarbons
• Fluorocarbons

By Application
• Industrial Refrigeration
• Commercial Refrigeration
• Domestic Refrigeration
• Mobile Air-Conditioning

By Region:
• North America

o U.S.

o Canada
• Europe

o UK

o Germany

o France

o Spain

o Italy

o Rest of Europe
• Asia Pacific

o China

o India

o Japan

o Australia

o South Korea

o Rest of Asia Pacific
• Latin America

o Brazil

o Mexico
• Middle East & Africa

o Saudi Arabia

o South Africa

o Rest of Middle East & Africa

Years considered for the study are as follows:
• Historical year – 2022
• Base year – 2023
• Forecast period – 2024 to 2032

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional-level analysis for each market segment.
• Detailed analysis of geographical landscape with country-level insights.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approaches.
• Comprehensive evaluation of competitive structures and market dynamics.
• Demand-side and supply-side analysis of the market.

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