Press release
Low Global Warming Potential (GWP) Refrigerants Market to Exhibit a Striking CAGR Growth of 12.70% by 2030| Key Players: Arkema (France), Dongyue Group Co. Ltd. (China), Honeywell International Inc. (U.S.)
Market DefinitionVentilation, heating, air conditioning, and refrigeration (HVAC&R) equipment are among the many types of equipment that use low global warming potential (GWP) refrigerants. The system efficiency is maintained by using low global warming potential refrigerants, which exhibit significantly lower flammability traits than much more flammable hydrocarbons. Low GWP refrigerants are becoming more popular as the need to deal with the growing global warming.
Data Bridge Market Research analyses that the low global warming potential (GWP) refrigerants market is expected to undergo a CAGR of 12.70% from 2023 to 2030. This indicates that the market value, USD 24.56 billion in 2022, would rocket to USD 63.94 billion by 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Low Global Warming Potential (GWP) Refrigerants Market Analysis and Size
When greenhouse gases are released into the environment, their global warming potential (GWP) is measured and benchmarked against carbon dioxide with GWP equal to one. Commonly used refrigerants, such as those used in HVAC&R (heating, ventilation, air conditioning, and refrigeration), can have a substantial GWP when discharged into the atmosphere. End users are moving to low global warming potential (GWP) refrigerants due to growing concerns about global warming and the damaging effects of harmful refrigerants on the environment.
Global Low Global Warming Potential (GWP) Refrigerants Market Dynamics
Drivers
Implementation of environmentally friendly techniques
The implementation of environmentally friendly techniques in the industrial sector is encouraged by recent global environmental initiatives such as the Paris Agreement. The adoption of low global warming potential (GWP) refrigerants is anticipated to increase with the global implementation of such regulatory regulations, which are intended to support the phase-out of specific ozone-depleting compounds that seriously harm the environment.
Increasing demand for low global warming potential (GWP) refrigerants for commercial refrigeration
It is predicted that over the forecast period, demand for low GWP refrigerants will increase due to the continued growth of retail food chains in developing nations. The need for cold chain procedures in this area is projected to increase along with the rise in international trade brought on by trade liberalization. A competitive market with low-profit margins is also projected to benefit the local market. Another factor that is anticipated to drive demand for commercial refrigeration and push the market is the quick shift in preference among food processors, merchants, and distributors toward high bay deep-freeze warehouses over manually operated outdated facilities.
Opportunities
Technological advancements for rising awareness across various industrial sectors
Recent technological developments have raised awareness across various industrial sectors about how the earth responds to industrial carbon footprints. By switching to low GWP refrigerants, end-users have switched their attention to lowering their carbon footprint and minimizing the emission of greenhouse gases. Customers are becoming more aware of the serious environmental harm that commercial refrigerants with high GWP cause, particularly in the refrigeration industry. The demand for low GWP refrigerants is expected to increase over the coming years as environmental impact and CWP continue to be key considerations for industry players.
Some of the major players operating in the low global warming potential (GWP) refrigerants market are:
Arkema (France)
Dongyue Group Co. Ltd. (China)
Honeywell International Inc. (U.S.)
The Chemours Company (U.S.)
Linde Plc (Ireland)
Air Liquide (France)
Sinochem Lantian Co. Ltd. (China)
Daikin Industries LTD, (Japan)
Mexichem (Mexico)
AGC Inc, (Japan)
Gas Servei (Spain)
Gujarat Fluorochemicals Ltd. (India)
Quimobasicos (Mexico)
Zhejiang Fotech International Co. Ltd. (China)
Tazzetti S.p.A. (Italy)
SRF Limited (India)
Changshu Sanaifu Zhonghao Chemical New Material Co., Ltd (China)
Shandong Yuhuang Chemical Group Co.,Ltd (China)
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Global Low Global Warming Potential (GWP) Refrigerants Market Scope
The low global warming potential (GWP) refrigerants market is segmented on the basis of refrigerant type, end use and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Refrigerant Type
Inorganics
Carbon Dioxide
Ammonia
Hydrocarbons
Propane
Propene (Propylene)
Isobutene
Hydrofluoroolefins (HFOs)
Others
End Use
Commercial Refrigeration
Domestic Refrigeration
Industrial Refrigeration
Automotive
Food Processing
HVAC
Others
Application
Refrigeration
Air Conditioning
Chillers
Low Global Warming Potential (GWP) Refrigerants Market Regional Analysis/Insights
The low global warming potential (GWP) refrigerants market is analyzed and market size insights and trends are provided by country, refrigerant type, end use and application as referenced above.
The countries covered in the low global warming potential (GWP) refrigerants market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe dominates the low global warming potential (GWP) refrigerants market in terms of market share revenue because of governments' numerous initiatives for energy conservation. Moreover, the discarding of low global warming potential (GWP) refrigerants into ponds and landfills leads to more execution of low GWP refrigerants, which will likely boost the market growth in this particular region.
North America will expect to be the fastest growing region during the forecast period of 2023-2030 owing to well-established manufacturing hub that usages technologically advanced methods in this region.
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Table of Contents:
Global Low Global Warming Potential (GWP) Refrigerants Market Research Report 2030
Chapter 1 Low Global Warming Potential (GWP) Refrigerants Market Overview
Chapter 2 Global Economic Impact on Industry
Chapter 3 Global Market Competition by Manufacturers
Chapter 4 Global Production, Revenue (Value) by Region
Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Global Production, Revenue (Value), Price Trend by Type
Chapter 7 Global Market Analysis by Application
Chapter 8 Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
Chapter 12 Global Low Global Warming Potential (GWP) Refrigerants Market Forecast
...
Click to View Full Report TOC, figure,s and tables at https://www.databridgemarketresearch.com/toc/?dbmr=global-low-gwp-refrigerants-market
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