Global Low GWP Refrigerants Market Trends, Revenue Share & Opportunity Status Analyzed during 2019-2027

Fact.MR has published a new research report on global low GWP refrigerants market sizes, upcoming industry trends and growth opportunity through 2019-2027 to its online database that tries to unveil the various scenarios prevailing in the low GWP refrigerants market. This assessment delivers a smart compilation of primary and secondary data which provides a clear insight about the future plans expected to impact the low GWP refrigerants market. This study comprises of prominent data which makes it a beneficial source for investors, analysts and industry experts to acquire necessary knowledge associated to the fundamental market trends, opportunities and growth drivers.

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Notable Developments in the Low GWP Refrigerants:

The Chemours Company, an American chemical company in low GWP refrigerants market, announced in July 2018 a US$ 20 million investment in a new low GWP technology-based chiller using Opteon™ XP10 (R-513A) refrigerant. The company declared that with the high-performance and efficient system, the company will successfully minimize the refrigerant GWP by nearly 55% and lower its carbon footprint to even a greater extent. Honeywell International Inc., an American multinational conglomerate company, unveiled, in June 2018, a nonflammable and low GWP refrigerant – Solstice® N41 (provisional R-466A) – which is mainly suitable for stationary air conditioning applications. The company further announced that the Solstice N41 will soon gain popularity as an R-410A replacement refrigerant and the lowest GWP refrigerant available on the market.

The Danfoss Group, a Danish company, announced the expansion of its Explosive Atmosphere Conditions (ATEX) and flammable refrigerant management lab in Trevoux, France, in September 2018. The company will be expanding the lab by six times its original size—at 3000 m2, and the recent improvements will help the company to reduce CO2 emissions and the effects of climate change by accelerating the use of sustainable and low GWP refrigerants. Arkema S.A., a French specialty chemicals and advanced materials company, announced in February 2018 that it is transitioning to fluorogases with a low GWP by expanding the range of sustainable high performance solutions, which are mainly designed to replace hydrofluorocarbons (HFCs) in order to comply with recent changes in regulations.

Hydrofluorocarbons (HFCs) Phase-out Likely to Propel Adoption of Low GWP Refrigerants

‘The Montreal Protocol on Substances That Deplete the Ozone Layer’ includes concerted efforts to curtail the production as well as consumption of refrigerants, including HFCs, in non-A5 countries by around 85% by the end of 2035. This is forcing end-users to shift to low GWP refrigerants. Furthermore, the United States’ Environment Protection Agency’s (EPA) Clean Air Act implemented the hydro chlorofluorocarbons (HCFCs), and the European Union has adopted regulations to reduce consumption of HFCs by over 79% by the end of 2030. With an increasing number of countries phasing out the production of HFCs, the adoption of low GWP refrigerants is expected to surge. This is expected to power growth of the low GWP refrigerants market in the upcoming years.

It has come to the fore that the energy that the refrigeration and air conditioning sector consumes and ozone-depleting chlorofluorocarbons (CFCs) and HCFCs refrigerants are a major contributor to global climate change. The commercial refrigerants that are commonly used in the refrigeration and air conditioning sector are dominated by various fluorinated chemicals, including hydrocarbons and HFCs along with inorganic compounds such as carbon dioxide and ammonia. Moreover, free chlorine molecules in CFCs and HCFCs can reach the stratosphere, which is believed to exacerbate the “hole” in the ozone layer. Thereby, increasing concerns about the severe environmental impacts of CFCs and HCFCs are boosting adoption of low GWP refrigerants in the refrigeration and air conditioning sectors.

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Limited Options of Low GWP Refrigerants Remain a Challenge

Despite increasing awareness about the environmental impacts of high CWG refrigerants, end-users find switching to low GWP refrigerants as an extremely complex change. Even though a majority of stakeholders in the low GWP refrigerants market are frequently introducing innovative options, the availability of low CWG refrigerants suitable for various applications remains limited to a few options.

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This release was published on openPR.