Global Low GWP Refrigerants
Market Report
2024
Delivery Includes:- Market Timeline 2019 till 2031, Market Size, Revenue/Volume Share, Forecast and CAGR, Competitor Analysis, Regional Analysis, Country Analysis, Segment Analysis, Market Trends, Drivers, Opportunities, Restraints, ESG Analysis, Porters Analysis, PESTEL Analysis, Market Attractiveness, Patent Analysis, Technological Trend, SWOT Analysis, COVID-19 Analysis, Consumer Behavior Analysis, etc.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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The low GWP Refrigerants market was valued at USD 25.56 billion in 2022 and is projected to reach USD 66.99 Billion by 2030, registering a CAGR of 12.8% for the forecast period 2023-2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Low GWP Refrigerants Market Sales Revenue 2022 | $ 25.56 Billion |
Global Low GWP Refrigerants Market Sales Revenue 2030 | $ 66.99 Billion |
Global Low GWP Refrigerants Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 12.8% |
Market Split by Refrigerant Type |
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Market Split by Application |
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Market Split by End-users |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Low GWP Refrigerants industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Low GWP Refrigerants Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
A low GWP refrigerant is a refrigerant with a global warming potential of less than 150. Low GWP refrigerants can be classified into two groups: natural and synthetic. Both groups can have applications across multiple technologies, making them an alternative for conventional refrigerants evincing high lifetime in the atmosphere. Commercial, industrial, domestic, and mobile air conditioning and power generation systems are examples of their potential applications. However, due to environmental issues associated with conventional refrigerants with high global warming potential (GWP), low GWP refrigerants have been gaining more attention which is significant to the growth of the market.
Increasing the awareness of environmentally friendly refrigerants is a big opportunity for growth in demand for the low GWP market. This is a type of refrigerant that has a very low impact on the environment. Green cooling technology is nowadays used in many sectors. Air conditioning is also one of the sectors which are used in many countries for many beneficial changes. Moreover, the government and many international organizations are implementing restrictions on the use of synthetic refrigerants due to their harmful effect on global warming and ozone depletion. This rising concern for the environment is a significant impact on the growth of the market.
Restraining Factor:
The higher initial cost requirement is hindering the growth of the low GWP market which affects the growth of the market. It makes it more expensive for many businesses to change the refrigerant because it has already operated on a tight margin. Moreover, businesses may be hesitant to invest in new equipment because the installation cost of the new equipment is high which is sometimes not affordable to consumers and businesses. The cost of refrigerant is high due to it is expensive to research and develop new refrigerants which are helping to fulfil the needs of consumers.
Impact of the COVID-19 Pandemic on Low GWP Refrigerants:
The outbreak of Covid-19 has witnessed a negative impact on the Natural refrigerant market growth. The governments of many regions across the globe have announced lockdowns to prevent the spread of the COVID-19 virus. These regulations stopped the import and export of raw materials and logistics. This has resulted in an interrupted supply chain of raw materials. Due to this situation manufacturing and production of many industries have stopped due to a lack of raw material. The companies started to explicit their stock and put it into cash balances. Many companies have stopped investing in innovations and research and development. This stopped the growth of the low GWP refrigerant market.
But nowadays people are becoming more aware of the environmental product so the demand for natural refrigerants is increasing. Because natural refrigerants have a low impact, zero global depletion, and also low ozone depletion. Consumers become more aware of the environment and they have shifted their behavior from HFC, HCFC, and CFC refrigerants to natural refrigerants. This is the beneficial impact on the low GWP refrigerant for future growth of the market.
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Johnson Controls announces industry-first use of low-GWP refrigerants in scroll and free-cooling screw chillers for the U.S. market.
Johnson Controls selected these refrigerants after years of researching, testing, and evaluating low-GWP refrigerant alternatives. By using low-GWP refrigerants, the new YLAA and the YVFA are demonstrating the art of the possible in high-sustainability, high-performance chillers and begin the progression for Johnson Controls to shift to low-GWP refrigerants across its product lines. This will help to increase the size of the market and bring the innovation industry significant to know the consumer importance of the low GWP market.
https://www.johnsoncontrols.com/media-center/news/press-releases/2023/03/10/johnson-controls-announces-industry-first-use-of-low-gwp-refrigerants
Linde to supply green hydrogen to Evonik in Singapore.
Linde declared that signed a long-term deal to supply green hydrogen to Evonik, a leading specialty chemical company. The plant will produce green hydrogen which is utilized to manufacture methionine. This company is helping to grow sustainability and helps to reduce the carbon footprint on the environment. This will affect the positively low GWP market to grow further.
https://in.investing.com/news/linde-to-supply-green-hydrogen-to-evonik-in-singapore-432SI-3607620
Top Companies Market Share in Low GWP Refrigerants Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
Europe gained the largest market share, in 2022.
Europe region has contributed to the largest market share in terms of revenue owned to rise in the automotive industry and commercial industry growth in various emerging regions of Europe. Moreover, the surge in demand for air conditioning and various refrigeration system manufacturers have boosted their production and started investing money in various research and development which will turn to fulfill the need of customers.
Asia Pacific contributed secondly in terms of market size followed by North America. The demand for air conditioning systems is increasing in the Asia Pacific region due to the hot climate. Demand for air conditioning systems is also increasing in the household due to low labor cost industries shifting their businesses to these regions.
North America is forecasted to increase the growth of natural refrigerants because the government has banned the use of HFC, HCFC, and CFC refrigerants. so, the consumer started to buy natural refrigerants for their use. This affects the increasing awareness in people about less environmental harm and reducing global warming and ozone layer depletion.
The current report Scope analyzes Low GWP Refrigerants Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
Global Low GWP Refrigerants Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Low GWP Refrigerants Industry growth. Low GWP Refrigerants market has been segmented with the help of its Refrigerant Type , Application End-users, and others. Low GWP Refrigerants market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
By type
Based on the type, the market is bifurcated inorganics, carbon dioxide, propene (propylene), isobutene, ammonia, hydrocarbons, propane, hydrofluorooolefins (HFOs), and others.
The hydrocarbon type segment is expected to grow at the highest CAGR during the forecast period in the low GWP refrigerant market.
Hydrocarbon is zero-ozone depleting, and non-toxic. These are commonly used in household refrigerators and heat pumps. The ammonia segment is expected to observe substantial growth during the forecast period. Ammonia is a colorless gas present at atmospheric pressure. It also has zero global warming and less environmental impact. Thus, it is also one the best environmentally free refrigerants for the consumer. It is utilized in the application of cold storage in the food industry.
Carbon dioxide is a non-flammable, eco-friendly, non-toxic element. It is also expected to account for high growth in future growth. This is mainly utilized in the retail and commercial sectors and it is also helpful in low carbon emissions. Therefore, low GWP refrigerants will have higher demand in the future.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Low GWP Refrigerants Industry. Request a Free Sample PDF!
Chemical and materials are one of the most important industries for other sectors including automotive, pharmaceutical, personal care, consumer goods and others. The demand for high quality and environment friendly products is increasing in various end-use sectors. Thus, key manufacturers are focusing on technological advancement in production of high-quality chemicals. The segment analysis will help to understand which is the most attractive application/end use sector. It also provides the year on year (Y-O-Y) growth rate for each segment. Moreover, this study includes the detailed analysis of each segment to understand the key positive and negative factors which are impacting the growth of the Low GWP Refrigerants Market.
Some of the key Application of Low GWP Refrigerants are:
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Low GWP Refrigerants market report 2024 Edition by contacting our team.
By End users
Based on the end users, the market is bifurcated into commercial refrigeration, automotive, food processing, domestic refrigeration, industrial refrigeration, HVAC, and others.
The commercial refrigeration end users segment is expected to grow at the highest CAGR during the forecast period in the low GWP refrigerant market.
In commercial refrigeration increasing demand for a low refrigerant due surge in the application of fisheries, meat, and food industries because that industry required a strong cold chain network which is a very essential factor in all those industries. Moreover, the pharmaceutical industry required strong cold chain preservation and commercial air conditioners which help with the proper maintenance of medicine. Additionally, hike in demand for frozen food products and many distributors and retailers required deep freezer warehouses for the proper maintenance of frozen food products which benefits the growth of the market to grow highly.
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Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Low GWP Refrigerants Market is witnessing significant growth in the near future.
In 2023, the Inorganics segment accounted for noticeable share of global Low GWP Refrigerants Market and is projected to experience significant growth in the near future.
The Refrigeration segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Chemours, Airedale International Air Conditioning and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Refrigerant Type | Inorganics, Carbon Dioxide, Propene (Propylene), Isobutene, Ammonia, Hydrocarbons, Propane, Hydrofluoroolefins (HFOs), Others. |
Application | Refrigeration, , Air Conditioning, Chillers |
End-users | Commercial Refrigeration, Automotive, Food Processing, Domestic Refrigeration, Industrial Refrigeration, HVAC, Others |
List of Competitors | Chemours, Mexichem, Airedale International Air Conditioning, Daikin, Arkema, Dongyue Group, Zhejiang Juhua, Meilan Chemical, Arkema(Changshu), Sanmei |
This chapter will help you gain GLOBAL Market Analysis of Low GWP Refrigerants. Further deep in this chapter, you will be able to review Global Low GWP Refrigerants Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Low GWP Refrigerants Market Trends North America Low GWP Refrigerants Technological Road Map North America Low GWP Refrigerants Market Drivers North America Low GWP Refrigerants Market Restraints North America Low GWP Refrigerants Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
You can purchase only the Executive Summary North America Market (2019 vs 2024 vs 2031)
Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
You can purchase only the Executive Summary Asia Pacific Market (2019 vs 2024 vs 2031)
Chapter 5 South America Market Analysis
You can purchase only the Executive Summary South America Market (2019 vs 2024 vs 2031)
Chapter 6 Middle East and Africa Market Analysis
You can purchase only the Executive Summary Middle East and Africa Market (2019 vs 2024 vs 2031)
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Refrigerant Type Analysis 2019 -2031, will provide market size split by Refrigerant Type . This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Refrigerant Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by End-users Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Low GWP Refrigerants market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Inorganics have a significant impact on Low GWP Refrigerants market? |
What are the key factors affecting the Inorganics and Carbon Dioxide of Low GWP Refrigerants Market? |
What is the CAGR/Growth Rate of Refrigeration during the forecast period? |
By type, which segment accounted for largest share of the global Low GWP Refrigerants Market? |
Which region is expected to dominate the global Low GWP Refrigerants Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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