Market Insights
Low global warming potential (GWP) refrigerants refer to the industry segment that focuses on the production, distribution, and use of refrigerants with significantly lower environmental impacts compared to traditional refrigerants. These low GWP refrigerants are designed to reduce greenhouse gas emissions and mitigate climate change by minimizing their contribution to global warming. The need for low GWP refrigerants arises from concerns over the high GWP of certain substances, such as hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs), which are commonly used as refrigerants in various applications, including air conditioning, refrigeration, and heat pump systems. These substances have been found to have a significant impact on the depletion of the ozone layer and contribute to global warming when released into the atmosphere.
The market for low GWP refrigerants is driven by various factors, including regulatory requirements, environmental awareness, energy efficiency considerations, and the need to comply with international standards. Industries such as automotive, commercial refrigeration, and residential cooling are transitioning towards low GWP refrigerants to meet sustainability goals and comply with regulations. Overall, the Low GWP Refrigerants market is likely to rebound at a promising CAGR of 11.7% in the long run to reach US$ 49.89 Billion in 2028.
Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Type Analysis
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Inorganics type, hydrocarbons type, and fluorocarbons type
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Hydrocarbon type is anticipated to remain the biggest demand generator in the years to come.
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Application Analysis
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Commercial refrigeration, Industrial refrigeration, Domestic refrigeration, Stationary Air-conditioning, Mobile Air-conditioning, and Others (Chillers and Water heat pumps)
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Commercial refrigeration is dominating application in low GWP Refrigerants market;
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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Europe is expected to remain the largest market over the next five years.
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Inorganic Trends
The low GWP refrigerants market is segmented into Ammonia, Carbon dioxide, and Others ( Air and Water). Carbon dioxide is expected to remain the largest in the market during the forecast period due to its unique properties. It has a GWP of 1, which is significantly lower than traditional refrigerants. CO2 is a natural refrigerant that is abundant, non-toxic, and non-flammable. It is commonly used in commercial refrigeration systems, supermarkets, and heat pump applications. CO2 systems operate at high pressures, requiring specialized equipment and components.
Hydrocarbon Trends
The market is segmented into Isobutane, Propane, and Others (Butane, Propylene, Ethylene, and Ethane). Isobutane is expected to remain the dominant as well as the faster-growing hydrocarbon type in the market during the forecast period owing to its commonly used in domestic refrigerators, freezers, and small-scale cooling equipment. Isobutane is highly efficient and provides excellent cooling performance. However, it is important to handle isobutane with care, as it is flammable.
Application Trends
The market is segmented into Commercial refrigeration, Industrial refrigeration, Domestic refrigeration, Stationary Air-conditioning, Mobile Air-conditioning, and Others(Chillers and Water heat pumps). Commercial refrigeration is one of the dominant applications for low GWP refrigerants. This includes refrigeration systems in supermarkets, convenience stores, restaurants, and other commercial establishments. The need for environmentally friendly refrigerants in these settings is driven by regulatory requirements, sustainability initiatives, and consumer demand for eco-friendly products.
Regional Analysis
Europe has been a global leader in the adoption of low GWP refrigerants due to its strong environmental regulations and commitment to reducing greenhouse gas emissions. The European Union (EU) has implemented stringent regulations, such as the F-Gas Regulation, which aims to phase down the use of high GWP refrigerants and promote the use of low GWP alternatives. European countries have made significant progress in transitioning to low GWP refrigerants in various sectors, including commercial and domestic refrigeration, stationary air-conditioning, and automotive air conditioning.
The low GWP refrigerants market is segmented into the following categories:
By Inorganics Type
- Ammonia (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Carbon dioxide (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others(Air and Water) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Hydrocarbons Type
- Isobutane (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Propane (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others( Butane, Propylene, Ethylene, and Ethane) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Fluorocarbons Type
- HFCs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- HFOs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Application Type
- Commercial Refrigeration (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Industrial Refrigeration (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Domestic Refrigeration (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Stationary Air-conditioning (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Mobile Air-conditioning (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Chillers and Water Heat Pumps) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Key Players
The market is highly populated, with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors, including price, product offerings, regional presence, etc. The following are the key players in the low GWP refrigerants market. Most of the major players are providing complete profile systems including profile seals.
- Linde Group
- Honeywell
- Sinochem Group
- Airgas Inc
- Engas Australasia
- A-Gas
- Puyang Zhongwei Fine Chemical
- Harp International
- Tazzetti
- Shandong
- Yueon Chemical Industry
- HyChill Australia
- GTS
- Chemours
- Mexichem
- Daikin
- Arkema
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Low GWP Refrigerants market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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