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Low GWP Refrigerants Market Is Estimated To Witness the Highest Growth By 2028 | Arkema Inc., Daikin America Inc., The Chemours Company

06-10-2019 02:59 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Future Market Insights

Low GWP Refrigerants Market Is Estimated To Witness the Highest

Low GWP Refrigerants Market: Introduction

Refrigerants are used in wide variety of air conditioning, ventilation, heating and air conditioning applications. However, the most of the used refrigerants such as, hydrofluorocarbons (HFCs), chloroflorocarbons (CFCs) and refrigerants have significant global warming potential (GWP). Growing emphasize on global warming mitigation and need for sustainable development has stimulated the introduction and adoption of low GWP refrigerants. Furthermore, phase-down of HFCs by European Union, U.S. and Canada has boosted the adoption of low GWP refrigerants across the globe. Some of the most common low GWP refrigerants includes carbon dioxide, ammonia, hydrofluoroolefins and hydrocarbons. Among these low GWP refrigerants, hydrocarbons are expected to witness robust growth owing to their excellent thermodynamic properties, higher efficiency and low noise as compared to corresponding HFC models because of lower pressure in the refrigeration system. Growing concern about the negative impact of refrigerants and global warming has triggered the adoption of low GWP refrigerants. It has also been observed that Low GWP refrigerants have also helped for refrigeration equipment in achieving high levels of energy efficiency.

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Low GWP Refrigerants Market: Market Participants

Examples of some of the market participants identified across the value chain of the global Low GWP Refrigerants market includes:

Arkema Inc.

Daikin America Inc.

The Chemours Company

Honeywell International Inc.

The Danfoss Group

Trust & Holdings, Inc.

Shandong Yuean Chemical Industry Co. LTD.

Zhejiang Quzhou Lianzhou Refrigerants Co., Ltd.

Zhejiang Sanmei Chemical Incorporated Company

Dongyue Group Co. Ltd.

Low GWP Refrigerants Market: Dynamics

The global GWP refrigerants market is expected to witness a robust growth during the forecast period. The growth of the low GWP refrigerants market is supported by the increasing demand for refrigerants and air conditioners across the globe. Moreover, with the advancement in technology and increasing awareness about global warming, environmental concern and mandated regulations to reduce the carbon footprint has led to increase in adoption of low GWP refrigerants in the global Air Conditioning and Refrigeration industry. Furthermore, implementation of regulation, government incentives and policies has supported the research & development projects to ensure quick and effective development of alternative refrigeration technologies such as low GWP refrigerants.

The most common low GWP refrigerants include ammonia and hydrocarbons. However, hydrocarbons are highly flammable in nature, this is a major safety concern associated with the use of hydrocarbon refrigerants, restraining the growth of the segment. Market participants are also investing on research and development of synthetic gas alternatives such as hydro-fluoro-olefins and other gases with the focus on reducing the effect on environment and extremely low GWP refrigerants.

Low GWP Refrigerants Market: Segmentation

On the basis of refrigerants type, the global Low GWP Refrigerants can be segmented into:

Inorganics

Carbon Dioxide

Ammonia

Others

Hydrocarbons

Propane

Propene (Propylene)

Isobutene

Hydro-fluoro-olefins (HFOs)

On the basis of End Use, the global Low GWP Refrigerants can be segmented into:

Commercial Refrigeration

Domestic Refrigeration

Industrial Refrigeration

Automotive

Food Processing

HVAC

Other Industrial

On the basis of application, the global Low GWP Refrigerants can be segmented into:

Refrigeration

Air Conditioning

Chillers

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Low GWP Refrigerants Market: Regional Overview

Europe is estimated to hold dominating position in the global low GWP refrigerants market during the forecast period. In 2014, European Union issued F-gas regulations, with the aim to reduce HFC consumption by 79% over the period of 2016 – 2030, this will further augment the growth of European low GWP refrigerants market during the forecast period. Furthermore, manufacturers across Europe have adopted hydrogen technology and new energy efficient appliances is based on hydrocarbons. North America low GWP refrigerants market is expected to witness moderate growth during the forecast period driven by environmental regulations and policies. For instance, in 2014 the government proposed an amendment to the Montreal Protocol to reduce consumption of HFCs by 85% over the period 2016–2035, for NonA5 (developed) countries driving the growth of low GWP refrigerants market in the region. Asia Pacific low GWP refrigerants market is expected to witness significant growth owing to strong growth of refrigeration and air conditioning industry. Hydrocarbon technology is expected to gain significant momentum in low GWP refrigerants market across the developing regions such as Asia, Africa and Latin America.

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