Global Low GWP Refrigerants Market to Reach $74.4 Billion by 2030
The global market for Low GWP Refrigerants estimated at US$34.7 Billion in the year 2023, is expected to reach US$74.4 Billion by 2030, growing at a CAGR of 11.5% over the analysis period 2023-2030. Inorganic Refrigerants, one of the segments analyzed in the report, is expected to record a 11% CAGR and reach US$30.1 Billion by the end of the analysis period. Growth in the Hydrocarbon Refrigerants segment is estimated at 12% CAGR for the next 7-year period.
The U.S. Market is Estimated at $9.1 Billion, While China is Forecast to Grow at 14.9% CAGR
The Low GWP Refrigerants market in the U.S. is estimated at US$9.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$17.2 Billion by the year 2030 trailing a CAGR of 14.9% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.9% and 9.6% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 9% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$11.6 Billion by the year 2030.
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