Low GWP Refrigerants Market worth $28.7 billion by 2023 | Key Players include Linde Group, Honeywell, Sinochem Group, Airgas Inc., Engas Australasia, A-Gas, and Puyang Zhongwei Fine Chemical

According to recent market research "Low GWP Refrigerants Market by Type (Inorganics, Hydrocarbons, Fluorocarbons), Application (Commercial Refrigeration, Industrial Refrigeration, Domestic Refrigeration), and Region (Asia Pacific, Europe, North America) - Global Forecast to 2023", published by MarketsandMarkets™, The low GWP refrigerants market is expected to grow from USD 16.5 billion in 2018 to USD 28.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.

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The major factors driving the low GWP refrigerants market are the low environmental impact of low GWP refrigerants, phasing out of CFC, HCFC, and HFC refrigerants, and the increasing demand for refrigerants and air conditioners across the globe.

Low GWP refrigerants are chemicals that can be traced to the low GWP bio-chemical processes taking place on earth. These include ammonia, carbon dioxide, hydrocarbons, and Hydrofluoroolefins (HFO). These substances do not pose a threat to the ozone layer and have a negligible effect on global warming. They are poised for use as alternatives for harmful fluorocarbon refrigerants, such as HFCs and HCFCs. They also prove to be more energy efficient, low-cost refrigerants which have lower leakage rates when compared with HCFCs and HFCs. Low GWP refrigerants are being increasingly used in various application sectors due to the implementation of various environmental legislations on the regulation of HCFC and HFC refrigerants. Low GWP refrigerants, such as ammonia, hydrocarbons, and CO2, and Hydrofluoroolefins (HFO), among others, have zero Ozone Depletion Potential (ODP), very low Global Warming Potential (GWP), and have higher energy efficiency and low refrigerant cost.

MarketsandMarkets expects the global low GWP refrigerants market to grow from USD 16.5 billion in 2018 to USD 28.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.

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The low GWP refrigerants market has grown at a high pace over the past 5 years owing to the increase in demand for commercial refrigeration. Currently, the low GWP refrigerants market is dominated by various key players, such as Linde Group (Germany), Honeywell (US), Sinochem Group (China), Airgas Inc. (US), Engas Australasia (Australia), A-Gas (UK), Puyang Zhongwei Fine Chemical (China), Harp International (UK), Tazzetti (Italy), Shandong Yueon Chemical Industry (China), HyChill Australia (Australia), GTS (Italy), Chemours (US), Mexichem (Mexico), Daikin (Japan), and Arkema (France).

New product launches & developments was the most preferred development strategy adopted by companies to strengthen their presence in the low GWP refrigerants market. In June 2018, A-Gas launched a new total solutions packet which includes fire extinguishing agents and expert consulting services in the Australian market.

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Linde Group manufactures refrigerants and offers a wide variety of compressed and liquefied gases, chemicals, equipment, and materials from its 3 divisions, namely, gases, engineering, and other activities. The gases division supplies refrigerants under various local brand names, such as Linde, BOC, AGA, TEGA, AFROX, SIGAS, and TIG. Linde A.G. operates globally in the fluorocarbon, hydrocarbon, and natural refrigerant business through the Linde Gases division.

The Sinochem Group manufactures refrigerants, fertilizers, rubber, medicine, and petrochemicals through its 5 reportable segments, namely, chemical, energy, agriculture, real estate, and financial services. The company produces refrigerants in its chemical division. The refrigerants are manufactured from its enterprise companies, namely, Sinochem Lantian Co. Ltd, Sinochem Modern Environmental Protection Chemicals (XI'AN) Co. Ltd, and Sinochem Taicang Chemical Industrial Park.

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