Green Refrigerants Market | AGC Inc., Arkema SA, ASPEN Refrigerants Inc., Daikin Industries Ltd

Green refrigerants are the refrigerants which have lower global warming potential and ozone depleting properties as compared to the synthetic refrigerants, which possess a major threat to the ozone layer. The collaborative efforts by countries worldwide is contributing in the process of suppressing the consumption of the widely used group of synthetic refrigerants such as Chlorofluorocarbons (CFCs) and Hydrochlorofluorocarbons (HCFCs), which resulted in depletion of the ozone layer and brought climatic changes due to global warming. Moreover, Montreal Protocol, an international treaty finalized in 1987 by nations to protect the ozone layer from depletion, restricted the usage of these synthetic refrigerants and encouraged development of refrigerants with minimal global warming potential (GWP) and ozone depleting potential (ODP).

Among product type, Carbon dioxide-based equipment observed a rise in demand as major companies in Commercial refrigeration sector are encouraging the development of efficient CO2 based refrigeration technology. Owing to its properties such as odorless, non-toxic, and non-flammable, CO2 is used in transcritical refrigeration systems especially in large supermarkets and energy-efficient buildings. For instance, in Oct 2019, Huurre Group Oy, a manufacturer of CO2 based refrigeration systems, was acquired by Caverion, a Finland-based refrigeration business firm involved in providing sustainable and energy-efficient building solutions.

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Detailed Segmentation:

Global Green Refrigerants Market, By Product Type:
Hydrocarbons
Ammonia
Carbon dioxide
Water
Low-GWP Refrigerants
Hydrofluoroolefins (HFOs)

Global Green Refrigerants Market, By Application:
Domestic Refrigeration
Commercial Refrigeration
Industrial Refrigeration
Stationary Air Conditioning
Mobile Air Conditioning
Transportation Refrigeration

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Key companies operating in the global green refrigeration market are focused on expanding their businesses by acquisition of companies involved in green refrigerant- based technologies. For instance, in June 2019, M&M Refrigeration, LLC (M&M), a global leader in industrial refrigeration based in U.S. acquired Carnot Refrigeration (Carnot), a Canada-based company, which specializes in CO2-based transcritical refrigeration for industrial and commercial applications.

Moreover, in April 2019, research teams from Polytechnic University of Catalonia and Chinese Academy of Sciences entered into a collaboration for a research on developing a new variety of refrigerant, which uses colossal ‘baro-caloric effects’, where a solid material is made to undergo temperature changes during the process of compression and expansion. The main aim of the research is to develop cooling systems, which do not use hydrofluorocarbons, as it possess a significant threat to environment for its extremely high GWP equivalent to 2T of carbon dioxide.

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