Dublin, Oct. 30, 2024 (GLOBE NEWSWIRE) — The “Low GWP Refrigerants – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Low GWP Refrigerants was estimated at US$34.7 Billion in 2023 and is projected to reach US$74.4 Billion by 2030, growing at a CAGR of 11.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the low GWP refrigerants market is driven by several factors, including the increasing regulatory pressure to phase out high GWP refrigerants, the growing focus on sustainability, and advancements in refrigerant technology. Governments around the world are implementing regulations to limit the use of high GWP refrigerants, encouraging the adoption of environmentally friendly alternatives.
The push toward sustainability is also driving businesses to adopt low GWP refrigerants to reduce their environmental impact and meet corporate sustainability goals. Additionally, ongoing innovation in refrigerant technology is improving the performance and energy efficiency of systems using low GWP refrigerants, further supporting market growth.
Why Are Low GWP Refrigerants Critical for Sustainable Cooling Solutions?
Low Global Warming Potential (GWP) refrigerants are increasingly being adopted as part of efforts to reduce the environmental impact of refrigeration and air conditioning systems. These refrigerants have a lower potential to contribute to global warming compared to traditional hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs), which are being phased out due to their harmful effects on the environment. Low GWP refrigerants are used in a wide range of applications, including commercial refrigeration, air conditioning, and industrial cooling systems. By reducing the greenhouse gas emissions associated with cooling systems, these refrigerants are playing a key role in the global transition to sustainable energy practices.
What Innovations Are Driving the Low GWP Refrigerants Market?
The development of new refrigerant blends and natural refrigerants is shaping the low GWP refrigerants market. Hydrofluoroolefins (HFOs) and natural refrigerants such as carbon dioxide (CO2), ammonia, and hydrocarbons are gaining popularity as they offer low GWP and zero ozone depletion potential. Additionally, advancements in refrigeration and air conditioning system design are improving the energy efficiency of systems using low GWP refrigerants, further reducing their environmental impact. Regulatory initiatives such as the Kigali Amendment to the Montreal Protocol are also driving innovation, as manufacturers develop new refrigerants that comply with international environmental standards.
How Do Market Segments Define the Growth of Low GWP Refrigerants?
Types include HFOs, hydrocarbons, ammonia, and CO2, with HFOs leading the market due to their widespread use in commercial refrigeration and air conditioning systems. Applications range from commercial refrigeration and air conditioning to industrial cooling and heat pumps, with commercial refrigeration representing the largest segment as retailers and food service providers seek to reduce their carbon footprint. End-use industries include retail, food and beverage, automotive, and industrial manufacturing, with the food and beverage industry driving significant demand for low GWP refrigerants to comply with environmental regulations.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Inorganics segment, which is expected to reach US$30.1 Billion by 2030 with a CAGR of a 11.0%. The Hydrocarbons segment is also set to grow at 12.0% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $9.1 Billion in 2023, and China, forecasted to grow at an impressive 14.9% CAGR to reach $17.2 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Low GWP Refrigerants market such as A.S. Trust & Holdings, A-Gas, Airgas Inc., Arkema, Brothers Gas and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 94 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $34.7 Billion |
| Forecasted Market Value (USD) by 2030 | $74.4 Billion |
| Compound Annual Growth Rate | 11.5% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Low GWP Refrigerants – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Demand for Eco-Friendly and Energy-Efficient Refrigerants Spurs Growth in Low GWP Refrigerants Market
- Technological Advancements in Natural and Synthetic Refrigerants Strengthen Business Case for Adoption
- Expansion of Low GWP Refrigerants in Commercial and Industrial Refrigeration Drives Market Growth
- Increasing Adoption of Low GWP Refrigerants in Air Conditioning and HVAC Systems Fuels Demand
- Technological Innovations in Low GWP Refrigerants for High-Temperature Applications Propel Market Growth
- Rising Focus on Enhancing Energy Efficiency and Reducing Operational Costs Drives Demand for Low GWP Refrigerants
- Growing Use of Natural Refrigerants, Such as Ammonia and CO2, Expands Market Opportunities
- Focus on Phasing Out High-GWP Hydrofluorocarbons (HFCs) Strengthens Market for Low GWP Alternatives
- Rising Adoption of Low GWP Refrigerants in Supermarkets and Cold Storage Facilities Expands Market Potential
- Technological Advancements in Refrigerant Blends and Safety Features Propel Market Expansion
- Increasing Use of Low GWP Refrigerants in Automotive Air Conditioning Expands Addressable Market
- Rising Awareness of Sustainability and Climate Change Initiatives Strengthens Demand for Low GWP Refrigerants
FOCUS ON SELECT PLAYERS:Some of the 43 companies featured in this Low GWP Refrigerants market report include:
- A.S. Trust & Holdings
- A-Gas
- Airgas Inc.
- Arkema
- Brothers Gas
- Chemours
- Daikin
- Deepfreeze Refrigerants
- Ecofreeze International
- Engas Australasia
- GTS
- Harp International
- Honeywell
- Hychill Australia
- Intergas
- Linde Group
- Mexichem
- MK Chemical
- Puyang Zhongwei Fine Chemical
- Shandong Yueon Chemical Industry
- Sinochem Group
- SOL Spa
- Tazzetti
- The Natural Refrigerants Company
For more information about this report visit https://www.researchandmarkets.com/r/s6rz3g
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- Low GWP Refrigerants Market
