Next Generation Refrigerants Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Next Generation Refrigerants Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Global Next Generation Refrigerants Market is anticipated to witness robust growth in the forecast period, 2024-2028 due to the increased concerns about global warming around the world. In 2020, the earth's surface temperature was around 0.98 Celsius degrees warmer than the 20th-century average.

Hydrofluorocarbon (HFC) gases are used in residential, commercial, and industrial air conditioning and refrigeration systems, significantly contributing to environmental damage. Hydrofluorocarbons only account for 1% of total greenhouse gases; however, HFCs have hundreds to thousands of times more significant global warming impact per mass than CO2. The demand for Next Generation Refrigerants is increasing exponentially due to the rising demand from various end-user industries and the stringent regulations laid down by the government, due to which companies are forced to develop products that have minimal environmental impact.

Next-generation refrigerants with little to no global warming potential (GWP) and ozone depletion potential include ammonia and tetrafluoro propene. Due to the growing demand for environmentally friendly production processes, the need for next-generation refrigerants is growing rapidly. The two next-generation refrigerants with zero ozone depletion potential (ODP) and global warming potential are natural refrigerants and hydrofluoroolefins and Others. These factors are expected to boost market expansion.

Growing Uses of Next Generation Refrigerants in a Variety of End-Use Industries

The use of Next Generation Refrigerants in a wide range of end-user industries, for instance, food & beverage, pharmaceuticals, personal care, and industrial, is expected to increase the growth of the overall market at a substantial rate. Moreover, HFCs are frequently used as refrigerants because they are more effective at cooling and heating than other refrigerants. HFCs don't include chlorine; hence, they impact the ozone layer less. In addition, HFCs produce polymer foams as blowing agents, fire retardants, solvents in cleaning products, and plasma etching to manufacture semiconductors. All these factors are propelling the growth rate of the market.

Mergers & Acquisitions

• In 2021, Honeywell and Trane Technologies launched the eco-friendly next-generation refrigerant N41, an alternative to the highly flammable and toxic R-410A. N41 has the same efficiency level as R-410A, while it also reduces the global warming impact by 65 percent. N41 has widespread applications like commercial air conditioning in variable refrigerant flow, rooftops, and residential air conditioning in unitary ducted equipment.

Recent Developments

• A new technology called life-cycle climate performance (LCCP), developed by the University of Maryland College Park (UMCP) in collaboration with the Air Conditioning, Heating, and Refrigeration Technology Institute (AHRTI) can estimate the effectiveness and performance of a typical commercial refrigeration system with alternative refrigerants and minor system modifications to provide lower-GWP refrigerant solutions with improved LCCP in comparison to baseline systems.

New Product Launches

• Daikin introduced the first R-32 refrigerant-powered residential air conditioner. R-32 transfers heat at a much higher rate and can reduce energy consumption by up to 10% compared to R-22 and R-410A. Moreover, R-32 reduces global warming and the carbon footprint and has a significantly lower environmental impact. They have only 1/3 of the global warming potential (GWP) of R-410A and an ozone depletion of 0.
• Koura recently developed two refrigerants, Koura Klea 473A and Koura Klea 456A. Koura Klea 473A can reduce at an overwhelming rate of +85% global warming potential (GWP) and perform efficiently even in adverse conditions like low temperatures. In contrast, Koura Klea 456A is economical and a substitute for 134a, which can reduce global warming potential (GWP) by up to 50%.

Market Segmentation

Global Next Generation Refrigerants Market is segmented based on Type, Application and End-Use. Based on Type, the market is divided into Natural Refrigerants and Hydrofluoro Olefins. Based on Application, the market is fragmented into Air Conditioning, Refrigeration, Heat Pump & Others. Based on End-Use the market is divided into Residential, Industrial, Commercial & Transportation.

Market players

Honeywell International, Zhejiang Juhua, Arkema, Daikin, Chemours, SRF Limited, Tazzetti S.p.A, ASPEN Refrigerants, The Chemours Company, and The Linde Group are some of the key players operating in the market.

Report Scope:

In this report, Global Next Generation Refrigerants Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Next Generation Refrigerants Market, By Type:
• Natural Refrigerants
• Hydrofluoro Olefins
• Others
• Next Generation Refrigerants Market, By Application:
• Air Conditioning
• Refrigeration
• Heat Pump
• Others
• Next Generation Refrigerants Market, By End-Use:
• Residential
• Industrial
• Commercial
• Transportation
• Next Generation Refrigerants Market, By Region:
• Europe
• France
• Germany
• United Kingdom
• Russia
• Sweden
• Denmark
• Switzerland
• North America
• United States
• Canada
• Mexico
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• Middle East and Africa
• Saudi Arabia
• UAE
• Qatar
• South America
• Brazil
• Argentina
• Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Next Generation Refrigerants Market.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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