Low Gwp Refrigerants Market
PUBLISHED: 2023 ID: SMRC22987
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Low Global Warming Potential (GWP) Refrigerants Market Forecasts to 2028 - Global Analysis By Type (Hydrocarbons, Inorganics and Other Types), GWP Indices (Less than 150 GWP, 150 to 700 GWP and More than 700 GWP), Application (Refrigeration, Air Conditioning and Other Applications), End User (Domestic Refrigeration, Commercial Refrigeration and Other End Users), and By Geography

4.6 (97 reviews)
4.6 (97 reviews)
Published: 2023 ID: SMRC22987

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $27.57 BN

Projected Year Value (2028)

US $59.57 BN

CAGR (2022 - 2028)

13.7%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

South America

Highest Growing Market

Europe


According to Stratistics MRC, the Global Low GWP Refrigerants Market is accounted for $27.57 billion in 2022 and is expected to reach $59.57 billion by 2028 growing at a CAGR of 13.7% during the forecast period. A refrigerant is a fluid that conducts heat when it is exposed to higher temperatures and pressures while absorbing heat at lower temperatures and pressures. The most prevalent categories are inorganic, fluorocarbons, and hydrocarbons. A greenhouse gas with a high potential for causing global warming is hydrocarbon. It accurately determines how much heat is trapped by a mass of gas in relation to how much heat is absorbed by a mass of carbon dioxide of a similar size. Refrigeration, air conditioning, heating, HVAC&R devices, and other processes all use GWP refrigerants to cut emissions.

According to The Japan Refrigeration and Air Conditioning Industry Association (JRAIA) June 2019 statistics, the 2018 commercial air conditioners demand has reached 14.90 million units, an increase of 2% from the previous year.



Market Dynamics:

Driver:

Increasing demand for low GWP refrigerants for commercial refrigeration

The ongoing expansion of retail food chains in developing countries is expected to enhance demand for low GWP refrigerants throughout the course of the projection period. The rise in international trade brought on by trade liberalisation is expected to boost the requirement for cold chain operations in this area. The local market is anticipated to gain from a competitive industry with low profit margins. The rapid preference change among food processors, retailers, and distributors towards high bay deep-freeze warehouses over manually operated outmoded facilities is another factor that is projected to increase demand for commercial refrigeration and push the market.

Restraint:

Issues associated with low global warming potential (GWP) refrigerants

Despite the fact that numerous governmental and commercial groups are educating various businesses about the harmful environmental effects of high CWG refrigerants, the majority of people view this shift as a difficult process. There are just a handful of low CWG refrigerants that are appropriate for numerous applications. High-performance solutions have few possibilities for fluids with strong COP and minimal toxicity. These factors might make it more complicated to sell low CWG refrigerants in the upcoming years.

Opportunity:

Technological advancements for rising awareness

Recent technology advancements have increased awareness about how the environment reacts to industrial carbon footprints across several industrial sectors. End-users have shifted their focus to reducing their carbon footprint and the production of greenhouse gases by switching to low GWP refrigerants. Customers are becoming increasingly aware of the substantial environmental harm that high GWP commercial refrigerants, notably in the refrigeration industry, inflict. Over the upcoming years, it is anticipated that demand for low GWP refrigerants will rise as environmental impact and CWP continue to be important factors for industry players.

Threat:

Limited options of low GWP refrigerants

Despite growing knowledge of the negative environmental effects of high CWG refrigerants, end-users still find the transition to low GWP refrigerants to be a very difficult one. Even though the majority of market participants for low GWP refrigerants frequently introduce novel options, there are still only a few low CWG refrigerants that are suitable for a variety of applications. There are few high-performances, low-GWP fluid options for fluids with low toxicity, good COP, and mild flammability, which have an impact on the market growth for low GWP refrigerants.

Covid-19 Impact

The COVID-19 epidemic has a significant negative influence on the market for low GWP refrigerants. The market faced obstacles such as a limited supply chain and idle factories, which hindered the sector's expansion. The market participants implemented a number of strategies to handle the exceptional situation brought on by the pandemic. As food processing and drug formulation increased towards the end of 2020, the market showed a respectable increase in growth. Due to the growth of commercial refrigeration systems, a sizable need for low GWP refrigerants is anticipated in the future.

The hydrocarbons segment is expected to be the largest during the forecast period

The hydrocarbons segment is estimated to have a lucrative growth. This kind of low GWP refrigerant has strong thermodynamic features that enable the efficient operation of cooling and refrigeration systems. Due to these exceptional qualities, market participants and research institutions are concentrating on expanding the use of hydrocarbons. Hydrocarbons' demand in the market is anticipated to rise during the projected period as a result of this growing utilisation.

The commercial refrigeration segment is expected to have the highest CAGR during the forecast period

The commercial refrigeration segment is anticipated to witness the highest CAGR growth during the forecast period. Commercial refrigeration systems use a variety of low GWP refrigerants in significant quantities, including hydrocarbons and fluorocarbons. The commercial refrigeration system has a variety of uses, including cold chain networks for commercial air conditioners, pharmaceutical medications, and cold preservation and safety systems for food items.

Region with highest share:

South America is projected to hold the largest market share during the forecast period, due to the high demand for low GWP refrigerants in Chile and Brazil. These areas are seeing rapid economic and infrastructure development, which is boosting demand for low GWP refrigerants worldwide. The need for low GWP refrigerants from several end users in the industrial, infrastructural, automotive, and oil & gas sectors is also boosting market expansion.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. The F-gas restrictions and HFC phase out plan are to blame for the increasing demand for low GWP refrigerants. The vast bulk of emissions of fluorinated greenhouse gases come from hydro-fluorocarbons (HFCs). The demand for low GWP refrigerants is anticipated to rise during the forecast period as a result of these laws regarding fluorinated gas's contribution to greenhouse gas emissions in the area.



Key players in the market

Some of the key players profiled in the Low GWP Refrigerants Market include GTS, Chemours, Arkema, Linde Group, Intergas, A.S. Trust & Holdings, Tazzetti, Airgas Inc., Ecofreeze International, MK Chemical, Harp International, The Natural Refrigerants Company, Shandong Yueon Chemical Industry, SOL Spa, Hychill Australia, Deepfreeze Refrigerants, Sinochem Group and Honeywell.

Key Developments:

In December 2021, Honeywell International Inc. announced the acquisition of U.S. Digital Designs, Inc. This acquisition is expected to improve life safety, increase the public safety communications line of solutions and build better situational awareness.

In November 2018, The Linde Group, along with NLMK Group, signed an agreement for the long-term supply of industrial gases to the Novolipetsk Steel site in Russia. This contract is expected to embark upon a strategic partnership between Linde and NLMK and is an opportunity for Linde to expand business in Russia.

In June 2018, A-Gas launched a new total solutions packet which includes fire extinguishing agents and expert consulting services in the Australian market. The impact of launching agile services is expected to strengthen the company’s position in the Australian market.

Types Covered:
• Hydrocarbons
• Inorganics
• Fluorocarbons
• Other Types

GWP Indices Covered:
• Less than 150 GWP
• 150 to 700 GWP
• More than 700 GWP

Applications Covered:
• Refrigeration
• Air Conditioning
• Chillers
• Other Applications

End Users Covered:
• Domestic Refrigeration
• Commercial Refrigeration
• Mobile Air-conditioning
• Industrial Refrigeration
• Stationary Air-conditioning
• Automotive
• Food Processing
• Heating, Ventilation, and Air Conditioning (HVAC)
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Low GWP Refrigerants Market, By Type
5.1 Introduction
5.2 Hydrocarbons
5.2.1 Propylene
5.2.2 Isobutane
5.2.3 Propane
5.3 Inorganics
5.3.1 Ammonia
5.3.2 Carbon dioxide
5.3.3 Ethyl Chloride
5.3.4 Methyl Chloride
5.3.5 Sulfur Dioxide
5.4 Fluorocarbons
5.4.1 Chlorofluorocarbons
5.4.2 Hydro-Chlorofluorocarbons
5.4.3 Hydrofluorocarbons (HFCs)
5.4.4 Hydrofluoro-Olefin (HFOs)
5.5 Other Types

6 Global Low GWP Refrigerants Market, By GWP Indices
6.1 Introduction
6.2 Less than 150 GWP
6.3 150 to 700 GWP
6.4 More than 700 GWP

7 Global Low GWP Refrigerants Market, By Application
7.1 Introduction
7.2 Refrigeration
7.2.1 Self-Contained Refrigeration
7.2.2 Residential Refrigeration
7.2.3 Walk-in Refrigeration
7.2.4 Large Self-Contained Refrigeration
7.2.5 Supermarket Refrigeration
7.2.6 Transport and Industrial Refrigeration
7.3 Air Conditioning
7.4 Chillers
7.4.1 Centrifugal Chillers
7.4.2 Scroll/Screw Chillers
7.5 Other Applications

8 Global Low GWP Refrigerants Market, By End User
8.1 Introduction
8.2 Domestic Refrigeration
8.3 Commercial Refrigeration
8.4 Mobile Air-conditioning
8.5 Industrial Refrigeration
8.6 Stationary Air-conditioning
8.7 Automotive
8.8 Food Processing
8.9 Heating, Ventilation, and Air Conditioning (HVAC)
8.10 Other End Users

9 Global Low GWP Refrigerants Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa

10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies

11 Company Profiling
11.1 GTS
11.2 Chemours
11.3 Arkema
11.4 Linde Group
11.5 Intergas
11.6 A.S. Trust & Holdings
11.7 Tazzetti
11.8 Airgas Inc.
11.9 Ecofreeze International
11.10 MK Chemical
11.11 Harp International
11.12 The Natural Refrigerants Company
11.13 Shandong Yueon Chemical Industry
11.14 SOL Spa
11.15 Hychill Australia
11.16 Deepfreeze Refrigerants
11.17 Sinochem Group
11.18 Honeywell

List of Tables
1 Global Low GWP Refrigerants Market Outlook, By Region (2020-2028) ($MN)
2 Global Low GWP Refrigerants Market Outlook, By Type (2020-2028) ($MN)
3 Global Low GWP Refrigerants Market Outlook, By Hydrocarbons (2020-2028) ($MN)
4 Global Low GWP Refrigerants Market Outlook, By Propylene (2020-2028) ($MN)
5 Global Low GWP Refrigerants Market Outlook, By Isobutane (2020-2028) ($MN)
6 Global Low GWP Refrigerants Market Outlook, By Propane (2020-2028) ($MN)
7 Global Low GWP Refrigerants Market Outlook, By Inorganics (2020-2028) ($MN)
8 Global Low GWP Refrigerants Market Outlook, By Ammonia (2020-2028) ($MN)
9 Global Low GWP Refrigerants Market Outlook, By Carbon dioxide (2020-2028) ($MN)
10 Global Low GWP Refrigerants Market Outlook, By Ethyl Chloride (2020-2028) ($MN)
11 Global Low GWP Refrigerants Market Outlook, By Methyl Chloride (2020-2028) ($MN)
12 Global Low GWP Refrigerants Market Outlook, By Sulfur Dioxide (2020-2028) ($MN)
13 Global Low GWP Refrigerants Market Outlook, By Fluorocarbons (2020-2028) ($MN)
14 Global Low GWP Refrigerants Market Outlook, By Chlorofluorocarbons (2020-2028) ($MN)
15 Global Low GWP Refrigerants Market Outlook, By Hydro-Chlorofluorocarbons (2020-2028) ($MN)
16 Global Low GWP Refrigerants Market Outlook, By Hydrofluorocarbons (HFCs) (2020-2028) ($MN)
17 Global Low GWP Refrigerants Market Outlook, By Hydrofluoro-Olefin (HFOs) (2020-2028) ($MN)
18 Global Low GWP Refrigerants Market Outlook, By Other Types (2020-2028) ($MN)
19 Global Low GWP Refrigerants Market Outlook, By GWP Indices (2020-2028) ($MN)
20 Global Low GWP Refrigerants Market Outlook, By Less than 150 GWP (2020-2028) ($MN)
21 Global Low GWP Refrigerants Market Outlook, By 150 to 700 GWP (2020-2028) ($MN)
22 Global Low GWP Refrigerants Market Outlook, By More than 700 GWP (2020-2028) ($MN)
23 Global Low GWP Refrigerants Market Outlook, By Application (2020-2028) ($MN)
24 Global Low GWP Refrigerants Market Outlook, By Refrigeration (2020-2028) ($MN)
25 Global Low GWP Refrigerants Market Outlook, By Self-Contained Refrigeration (2020-2028) ($MN)
26 Global Low GWP Refrigerants Market Outlook, By Residential Refrigeration (2020-2028) ($MN)
27 Global Low GWP Refrigerants Market Outlook, By Walk-in Refrigeration (2020-2028) ($MN)
28 Global Low GWP Refrigerants Market Outlook, By Large Self-Contained Refrigeration (2020-2028) ($MN)
29 Global Low GWP Refrigerants Market Outlook, By Supermarket Refrigeration (2020-2028) ($MN)
30 Global Low GWP Refrigerants Market Outlook, By Transport and Industrial Refrigeration (2020-2028) ($MN)
31 Global Low GWP Refrigerants Market Outlook, By Air Conditioning (2020-2028) ($MN)
32 Global Low GWP Refrigerants Market Outlook, By Chillers (2020-2028) ($MN)
33 Global Low GWP Refrigerants Market Outlook, By Centrifugal Chillers (2020-2028) ($MN)
34 Global Low GWP Refrigerants Market Outlook, By Scroll/Screw Chillers (2020-2028) ($MN)
35 Global Low GWP Refrigerants Market Outlook, By Other Applications (2020-2028) ($MN)
36 Global Low GWP Refrigerants Market Outlook, By End User (2020-2028) ($MN)
37 Global Low GWP Refrigerants Market Outlook, By Domestic Refrigeration (2020-2028) ($MN)
38 Global Low GWP Refrigerants Market Outlook, By Commercial Refrigeration (2020-2028) ($MN)
39 Global Low GWP Refrigerants Market Outlook, By Mobile Air-conditioning (2020-2028) ($MN)
40 Global Low GWP Refrigerants Market Outlook, By Industrial Refrigeration (2020-2028) ($MN)
41 Global Low GWP Refrigerants Market Outlook, By Stationary Air-conditioning (2020-2028) ($MN)
42 Global Low GWP Refrigerants Market Outlook, By Automotive (2020-2028) ($MN)
43 Global Low GWP Refrigerants Market Outlook, By Food Processing (2020-2028) ($MN)
44 Global Low GWP Refrigerants Market Outlook, By Heating, Ventilation, and Air Conditioning (HVAC) (2020-2028) ($MN)
45 Global Low GWP Refrigerants Market Outlook, By Other End Users (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

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