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The market for low GWP refrigerants has changed significantly in recent years, reflecting a greater awareness and responsibility to the environment. As environmental concerns grow, companies are seeking alternatives to high GWP refrigerants, which support ozone-depleting chemical releases. This transition is driven by administrative measures like the Kigali Correction to the Montreal Convention, which aims to reduce the production and use of high-GWP hydrofluorocarbons.
The low GWP refrigerants market has seen increased use of standard refrigerants. Normal refrigerants including alkali, CO2, and hydrocarbons have gained popularity due to their low climate impact. Due of its excellent thermodynamic qualities, smelling salts are used in modern refrigeration systems. CO2 is utilized in corporate refrigeration as an eco friendly, low GWP solution. These selections aim to balance execution, energy efficiency, and natural duty. Companies are investing in innovative work to provide details that meet administrative norms and cooling system requirements.
Low GWP refrigerant markets prioritize energy productivity. As companies reduce their carbon footprint and comply with strict energy productivity criteria, demand for low-GWP refrigerants that improve energy efficiency is rising. Retrofit and new establishments are favoring low-GWP refrigerants that improve framework efficiency and performance.
Unofficial rules and peaceful accords shape the low GWP refrigerant business. Countries are adapting to global environmental change efforts, creating an optimal setting for low-GWP solutions. The market is moving forward due to regulations promoting the use of eco-friendly refrigerants, with companies adapting to retain their sustainability.
Despite administrative drivers, customer preferences and business manageability goals affect market variables. Buyers are increasingly aware of products' environmental impact and favor eco-friendly companies. This change in buyer sentiment is prompting companies to use low-GWP refrigerants in their products and services, growing the market.The market for low GWP refrigerants has changed significantly in recent years, reflecting a greater awareness and responsibility to the environment. As environmental concerns grow, companies are seeking alternatives to high GWP refrigerants, which support ozone-depleting chemical releases. This transition is driven by administrative measures like the Kigali Correction to the Montreal Convention, which aims to reduce the production and use of high-GWP hydrofluorocarbons.
The low GWP refrigerants market has seen increased use of standard refrigerants. Normal refrigerants including alkali, CO2, and hydrocarbons have gained popularity due to their low climate impact. Due of its excellent thermodynamic qualities, smelling salts are used in modern refrigeration systems. CO2 is utilized in corporate refrigeration as an eco friendly, low GWP solution. These selections aim to balance execution, energy efficiency, and natural duty. Companies are investing in innovative work to provide details that meet administrative norms and cooling system requirements.
Low GWP refrigerant markets prioritize energy productivity. As companies reduce their carbon footprint and comply with strict energy productivity criteria, demand for low-GWP refrigerants that improve energy efficiency is rising. Retrofit and new establishments are favoring low-GWP refrigerants that improve framework efficiency and performance.
Unofficial rules and peaceful accords shape the low GWP refrigerant business. Countries are adapting to global environmental change efforts, creating an optimal setting for low-GWP solutions. The market is moving forward due to regulations promoting the use of eco-friendly refrigerants, with companies adapting to retain their sustainability.
Despite administrative drivers, customer preferences and business manageability goals affect market variables. Buyers are increasingly aware of products' environmental impact and favor eco-friendly companies. This change in buyer sentiment is prompting companies to use low-GWP refrigerants in their products and services, growing the market.
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
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.
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.
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
Intended Audience
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