Low GWP Refrigerants Market 2019: With Top Key Player and Countries Data: Trends and Forecast 2023, Industry Analysis by Regions, Type and Applications
The global low GWP refrigerants was valued at USD 17.2 Billion in 2018 growing with the CAGR of 11.12% during the forecast period. The market is driven by limited environmental impact of low GWP refrigerants coupled with increasing demand for air conditioners and refrigeration. Global low (GWP) refrigerants are essential fluid for absorbing heat.
An increase in extreme weather condition such as severe droughts and heat waves owing to global warming has propel market demand for low GWR refrigerants. According to the National Oceanic and Atmospheric Administration (NOAA), average earth surface temperatures increased around 1.71 degrees Fahrenheit in between 1880 and 2016. Burning of fossil fuels has resulted in such temperature change, negatively impacting the environment. Thus, environment friendly attributes of low GWP refrigerants is expected to boost the market.
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Changing consumer living habits demanding comfortable lifestyle is increasing the need for refrigerants and air conditioners at home. For instance, Japan Refrigeration and Air Conditioning Industry Association (JRAIA) reported that world room air conditioners demand reached 96.05 million units in 2017 increased to 8.2% from previous year. Increase in number of air conditioners sale to household is a key factor driving the market.
The global low GWP refrigerants market has been segregated on the basis of types, application, and region.
By types, the global low GWP refrigerants market is divided into inorganics, fluorocarbons and hydrocarbons. The hydrocarbons segment held significant market share in 2017 and is expected to lead during the forecast period owing to its low environmental impact compared to fluorocarbons.
On the basis of application, the global low GWP refrigerants market has been divided into industrial refrigeration, domestic refrigeration, commercial refrigeration, mobile air-conditioning, stationary air-conditioning, and others.
In 2017, the commercial refrigeration segment held the largest share of this market. Commercial refrigeration is mostly used in large capacity freezer to store food and beverage. Thus, rising in demand for oversized freezers in hotels and restaurants is projected to fuel the commercial refrigeration segment by 2023.
Asia-Pacific, Europe, Latin America, North America and the Middle East & Africa are the five regions studied for the global low GWP refrigerant Market. In 2017, Europe is projected to lead the market owing to European government regulation such as F-Gas Regulation 517/2014 which controls the usage of fluorinated greenhouse gases and its impact on environment.
This regulation is expected to boost the low GWP refrigerants market by restraining the growth of conventional refrigerants during the forecast period. Latin America is projected to witness healthy growth in term of CAGR owing to increasing usage of air conditioners in Brazil and Chile supported by high infrastructure and development activities in the region.
North America and Asia-Pacific have been witnessing significant growth in terms of CAGR during the review period owing to rise in temperature and global warming. In addition, the markets in the Middle East & Africa are projected to witness steady growth during the forecast timeframe. Countries such as UAE and Saudi Arabia are one of the growing markets for air conditioners, around 70% of their electricity is used for cooling purpose owing to warm weather in the region. Thus, rise in temperature across the globe is expected to fuel low GWP refrigerants market during the assessment period.
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The global low GWP refrigerant market has been segmented on the basis of types, application and region.
Based on types, the global low GWP refrigerant market has been segregated into types and application.
Global GWP refrigerant market by type is categorized as inorganics, hydrocarbons and fluorocarbons. Based on application the market comprises of industrial refrigeration, commercial refrigeration, domestic refrigeration, mobile air-conditioning, stationary air-conditioning and others.
The global low GWP refrigerant market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Some of the prominent players in the global low GWP refrigerant market are Honeywell International Inc (U.S.), Daikin industries, Ltd. (Japan), The Linde Group (Ireland), Arkema (France), The Chemours Company (U.S.), SOL Spa (Italy), GTS SPA (Italy), Harp International Ltd (UK), Mexichem S.A.B de C.V. (Mexico), HyChill (Australia), Puyang Zhongwei Fine Chemical Co. Ltd (China), Tazzetti S.p.A (Italy), Airgas, Inc (U.S.), The natural refrigerants company Pty ltd (Australia), A-Gas International (UK), Brothers Gas (UAE), E.F. International (U.S.), engas Australasia (Australia) and Sinochem Lantian co., Ltd (China).
Low GWP refrigerant manufacturers
Traders and distributors of low GWP refrigerant
Research and development institutes
Raw material suppliers
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