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The market elements of low Global Warming Potential (GWP) refrigerants have gone through an extraordinary change lately, determined by a growing global familiarity with ecological worries and the need to relieve environmental change. Low GWP refrigerants, which reducedly affect the nursery impact contrasted with their high GWP partners, have turned into a point of convergence in the refrigeration and cooling industry. The interest for these harmless to the ecosystem choices has flooded as states overall sanction severe guidelines to deliberately get rid of high GWP refrigerants, lining up with global drives like the Kigali Alteration to the Montreal Convention.
One key driver affecting the low GWP refrigerants market is the rising accentuation on supportability and ecological obligation. Businesses and shoppers the same are perceiving the significance of embracing eco-accommodating refrigerants to limit the carbon impression related with cooling frameworks. This change in attitude has provoked makers to put vigorously in innovative work, expecting to figure out low GWP choices that consent to administrative norms as well as convey ideal execution.
Unofficial laws and strategies have arisen as powerful impetuses forming the low GWP refrigerants market scene. Nations and locales are carrying out severe rules to check the utilization of high GWP refrigerants, empowering the reception of low GWP choices. The European Association, for example, has been at the cutting edge of administrative drives with the F-Gas Guideline, which sets phasedown focuses for hydrofluorocarbon (HFC) refrigerants, pushing the business towards the reception of low GWP choices. Such administrative structures have constrained organizations to rethink their refrigerant options, cultivating a progress towards maintainable other options.
The monetary part of the low GWP refrigerants market can't be neglected. As the interest for these refrigerants keeps on rising, the economies of scale become possibly the most important factor, prompting cost decreases underway and dissemination. This cost-viability upgrades the engaging quality of low GWP refrigerants in the market, pursuing them a feasible and cutthroat decision for organizations hoping to line up with both natural and financial manageability objectives. The advancing market elements likewise animate advancement, empowering organizations to investigate new advancements and plans to remain ahead in the serious scene.
Mechanical progressions assume a vital part in forming the market elements of low GWP refrigerants. Scientists and specialists are continually endeavoring to foster refrigerants with unrivaled productivity, lower poisonousness, and negligible natural effect. Developments like regular refrigerants, hydrofluoroolefins (HFOs), and other low GWP choices are building up some momentum, offering a different scope of choices for different applications. The continuous quest for greener arrangements has prompted a powerful market climate, portrayed by a nonstop deluge of novel refrigerants intended to meet the developing requirements of various businesses.
Low GWP Refrigerants Market Highlights:
Low GWP Refrigerants Market Overview
Low GWP Refrigerants Market is projected to be worth USD 73.7 Billion by 2030, registering a CAGR of 11.12% during the forecast period (2024 - 2030). The main element raising the low GWP refrigerants market is the low environmental impact of low GWP refrigerants, phasing out of CFC, HCFC, and HFC refrigerants, and the growing demand for refrigerants and air conditioners across the world.
The hydrocarbon refrigerant has great thermodynamic properties and refrigerating and air-conditioning systems operating using these substances are highly energy-efficient, and hydrocarbon refrigerants are miscible with conventional refrigerating oils and have a relatively great critical temperature. These hydrocarbon refrigerants are flammable in nature and these also can be explosive. This is an important safety concern associated with the use of hydrocarbon refrigerants and hence, requires hermetically sealed systems with explosion protection for electric elements. The Montreal Protocol and Kyoto protocol have led to reducing the use of environmentally harmful refrigerants, especially in commercial refrigeration plants.
Global Low GWP Refrigerants Market Share, by Application, 2017 (%)
Source: MRFR analysis
Regional Analysis
Asia-Pacific, Europe, Latin America, North America and the Middle East & Africa are the five regions studied for the global low GWP refrigerant Market. In 2017, Europe is projected to lead the market owing to European government regulation such as F-Gas Regulation 517/2014 which controls the usage of fluorinated greenhouse gases and its impact on environment. This regulation is expected to boost the low GWP refrigerants market by restraining the growth of conventional refrigerants during the forecast period. Latin America is projected to witness healthy growth in term of CAGR owing to increasing usage of air conditioners in Brazil and Chile supported by high infrastructure and development activities in the region.
North America and Asia-Pacific have been witnessing significant growth in terms of CAGR during the review period owing to rise in temperature and global warming. In addition, the markets in the Middle East & Africa are projected to witness steady growth during the forecast timeframe. Countries such as UAE and Saudi Arabia are one of the growing markets for air conditioners, around 70% of their electricity is used for cooling purpose owing to warm weather in the region. Thus, rise in temperature across the globe is expected to fuel low GWP refrigerants market during the assessment period.
Market Segmentation
The global low GWP refrigerant market has been segmented on the basis of types, application and region.
Based on types, the global low GWP refrigerant market has been segregated into types and application.
Global GWP refrigerant market by type is categorized as inorganics, hydrocarbons and fluorocarbons. Based on application the market comprises of industrial refrigeration, commercial refrigeration, domestic refrigeration, mobile air-conditioning, stationary air-conditioning and others.
The global low GWP refrigerant market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Key Players
Some of the prominent players in the global low GWP refrigerant market are Honeywell International Inc (U.S.), Daikin industries, Ltd. (Japan), The Linde Group (Ireland), Arkema (France), The Chemours Company (U.S.), SOL Spa (Italy), GTS SPA (Italy), Harp International Ltd (UK), Mexichem S.A.B de C.V. (Mexico), HyChill (Australia), Puyang Zhongwei Fine Chemical Co. Ltd (China), Tazzetti S.p.A (Italy), Airgas, Inc (U.S.), The natural refrigerants company Pty ltd (Australia), A-Gas International (UK), Brothers Gas (UAE), E.F. International (U.S.), engas Australasia (Australia) and Sinochem Lantian co., Ltd (China).Recent Development
Plug-in equipment, like vending machines used in small stores and supermarkets that depend on hydrocarbons and CO2, have been there for a few years, and in large supermarkets, refrigeration (centralized system) CO2 cascade systems are an alternative to common HFC systems in moderate and cold climates. Hydrocarbon has also proven to be a highly efficient alternative in most uses under great ambient temperatures, except for large condensing units. The market for the low GWP refrigerants in Europe is projected to face a high increase in growth during the forecast period on account of the recent F-gas regulations phase-out plan that dictates the reduction of the use of HFC refrigerants by almost half by 2025. The areas also enjoy the greatest number of end-users who have already switched to refrigeration systems based on low GWP refrigerants. Recent Development
March 2023: The European Union (EU) announced a ban on the use of HFC refrigerants in new air conditioners and heat pumps from 2023. This is a major step towards phasing out HFCs, which are potent greenhouse gases.
April 2023: The United States Environmental Protection Agency (EPA) issued a rule requiring the use of low GWP refrigerants in new commercial refrigerators and freezers from 2024. This rule is expected to reduce greenhouse gas emissions by an estimated 1.3 billion metric tons over the next 30 years.
June 2023: The Chinese government announced a plan to phase out HFCs by 2030. This is a major commitment from China, which is the world's largest consumer of HFCs.
July 2023: The Kigali Amendment to the Montreal Protocol, which aims to phase down HFCs, came into force in India. This is a major milestone for the global effort to reduce greenhouse gas emissions.
Intended Audience
- Low GWP refrigerant manufacturers
- Traders and distributors of low GWP refrigerant
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratories
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