Low GWP Refrigerants

Global Low GWP Refrigerants Market to Reach US$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. Inorganics, one of the segments analyzed in the report, is expected to record a 11.0% CAGR and reach US$30.1 Billion by the end of the analysis period. Growth in the Hydrocarbons segment is estimated at 12.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$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 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.0% and 9.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.9% CAGR.

Global Low GWP Refrigerants Market - Key Trends and Drivers Summarized

Why Are Low GWP Refrigerants Critical for Sustainable Cooling Solutions?

Low Global Warming Potential (GWP) refrigerants are increasingly being adopted as part of efforts to reduce the environmental impact of refrigeration and air conditioning systems. These refrigerants have a lower potential to contribute to global warming compared to traditional hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs), which are being phased out due to their harmful effects on the environment. Low GWP refrigerants are used in a wide range of applications, including commercial refrigeration, air conditioning, and industrial cooling systems. By reducing the greenhouse gas emissions associated with cooling systems, these refrigerants are playing a key role in the global transition to sustainable energy practices.

What Innovations Are Driving the Low GWP Refrigerants Market?

The development of new refrigerant blends and natural refrigerants is shaping the low GWP refrigerants market. Hydrofluoroolefins (HFOs) and natural refrigerants such as carbon dioxide (CO2), ammonia, and hydrocarbons are gaining popularity as they offer low GWP and zero ozone depletion potential. Additionally, advancements in refrigeration and air conditioning system design are improving the energy efficiency of systems using low GWP refrigerants, further reducing their environmental impact. Regulatory initiatives such as the Kigali Amendment to the Montreal Protocol are also driving innovation, as manufacturers develop new refrigerants that comply with international environmental standards.

How Do Market Segments Define the Growth of Low GWP Refrigerants?

Types include HFOs, hydrocarbons, ammonia, and CO2, with HFOs leading the market due to their widespread use in commercial refrigeration and air conditioning systems. Applications range from commercial refrigeration and air conditioning to industrial cooling and heat pumps, with commercial refrigeration representing the largest segment as retailers and food service providers seek to reduce their carbon footprint. End-use industries include retail, food and beverage, automotive, and industrial manufacturing, with the food and beverage industry driving significant demand for low GWP refrigerants to comply with environmental regulations.

What Factors Are Driving the Growth in the Low GWP Refrigerants Market?

The growth in the low GWP refrigerants market is driven by several factors, including the increasing regulatory pressure to phase out high GWP refrigerants, the growing focus on sustainability, and advancements in refrigerant technology. Governments around the world are implementing regulations to limit the use of high GWP refrigerants, encouraging the adoption of environmentally friendly alternatives. The push toward sustainability is also driving businesses to adopt low GWP refrigerants to reduce their environmental impact and meet corporate sustainability goals. Additionally, ongoing innovation in refrigerant technology is improving the performance and energy efficiency of systems using low GWP refrigerants, further supporting market growth.

Select Competitors (Total 43 Featured) -

• A.S. Trust & Holdings
• A-Gas
• Airgas Inc.
• Arkema
• Brothers Gas
• Chemours
• Daikin
• Deepfreeze Refrigerants
• Ecofreeze International
• Engas Australasia
• GTS
• Harp International
• Honeywell
• Hychill Australia
• Intergas
• Linde Group
• Mexichem
• MK Chemical
• Puyang Zhongwei Fine Chemical
• Shandong Yueon Chemical Industry
• Sinochem Group
• SOL Spa
• Tazzetti
• The Natural Refrigerants Company

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