Key and Latest developments and Strategic Analysis of Low GWP Refrigerants Market till 2030

Global Low GWP Refrigerants Market accounted for US$ 20.18 billion in 2020 and is estimated to be US$ 60.03 billion by 2030 and is anticipated to register a CAGR of 11.50%. A refrigerant used in the refrigeration cycle is a working fluid of air conditioning systems and heat pumps where in most cases they undergo a repeated phase transition from a liquid to a gas and back again. Refrigerants are heavily regulated due to their toxicity, flammability and the contribution of CFC and HCFC refrigerants to ozone depletion and that of HFC refrigerants to climate change. They act as a heat carrier which changes gas to liquid and back to gas in refrigeration cycle. One of the most common commercial refrigerants is chlorofluorocarbons or CFCs because they have high ozone damaging potential. Ammonia, Sulphur dioxide and non-halogenated hydrocarbons are other refrigerants which are used in other applications. Refrigerants have favourable thermodynamics properties are free from toxicity and flammability. Some of the most common low GWP refrigerants include carbon dioxide, ammonia, hydrofluoroolefins, and hydrocarbons.
The report " Global Low GWP Refrigerants Market, By Type (Inorganics, Hydrocarbons, and Fluorocarbons), By Application (Commercial Refrigeration, Industrial Refrigeration, and Domestic Refrigeration), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”

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Driver: The low environmental impact of low GWP refrigerants, the phase-out of CFC, HCFC, and HFC refrigerants, and the increasing demand for refrigerants and air conditioners around the world are the primary factors driving the low GWP refrigerants market. Over the projection period, the long-term feasibility of these low GWP refrigerants is also a significant variable favouring the growth of the low global warming potential (GWP) refrigerants market. Aside from that, the fast adoption of low GWP refrigerants in industrial refrigeration is boosting the market for low global warming potential (GWP) refrigerants

Restrain: In the projection period, the high initial capital cost required and different flammability and toxicity issues may function as important restraints to the market growth rate of low global warming potential (GWP) refrigerants. The lack of education and knowledge among HVAC contractors and technicians has the potential to stymie the expansion of the market for low-GWP refrigerants. However, concerns about combustibility and toxicity, as well as the product's high cost, are predicted to stymie market growth.

Key Highlights:
• In 2021, Koura, a global leader in the development, manufacture, and supply of fluoroproducts, has launched the first of its next generation low GWP refrigerants, Klea 473A, following proposed classification as an A1 refrigerant by the ASHRAE SSPC34 committee.
• In November 2018, The Linde Group, along with NLMK Group, signed an agreement for the long-term supply of industrial gases to the Novolipetsk Steel site in Russia which includes embark upon a strategic partnership between Linde and NLMK and has opportunity for Linde to expand business in Russia.

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Key Market Insights from the report:
The Global Low GWP Refrigerants Market accounted for US$ 20.18 billion in 2020 and is estimated to be US$ 60.03 billion by 2030 and is anticipated to register a CAGR of 11.50%.The global low GWP refrigerants market is segmented into types, application, and region.
• On the basis of type, the Global Low GWP Refrigerants Market is segmented into inorganics, hydrocarbons, and fluorocarbons.
• On the basis of application, the target market is segmented into commercial refrigeration, industrial refrigeration, and domestic refrigeration.
• Based on region the Global Low GWP Refrigerants Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is estimated to hold dominating position in the global low GWP refrigerants market during the forecast period.

Competitive Landscape & their strategies:
The prominent player operating in the global low GWP refrigerants market are 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, and Dongyue Group Co. Ltd. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market.

Related Reports:

Global Industrial Refrigeration Market

https://www.prophecymarketinsights.com/market_insight/Global-Industrial-Refrigeration-Market-By-1071

Global Ammonia Market

https://www.prophecymarketinsights.com/market_insight/Global-Ammonia-Market-By-Product-1356

About Report:
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Key questions answered in the report:

• What will the market growth rate of Low GWP Refrigerants Market in 2026?
• What are the key factors driving the global Low GWP Refrigerants Market?
• Who are the key manufacturers in Low GWP Refrigerants Market space?
• What are the market opportunities, market risk and market overview of the Global Low GWP Refrigerants market?
• What are sales, revenue, and price analysis of top manufacturers of Low GWP Refrigerants Global market?
• What are sales, revenue, and price analysis by types and applications of Low GWP Refrigerants Market?
• What are sales, revenue, and price analysis by regions of Low GWP Refrigerants market?

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