Low GWP Refrigerants Market worth $28.7 billion by 2023 | Key players Linde Group (Germany), Honeywell (US), Sinochem Group (China), Airgas Inc. (US).

According to recent market research the "Low GWP Refrigerants Market by Type (Inorganics, Hydrocarbons, Fluorocarbons), Application (Commercial Refrigeration, Industrial Refrigeration, Domestic Refrigeration), and Region (Asia Pacific, Europe, North America) - Global Forecast to 2023" The low GWP refrigerants market is expected to grow from USD 16.5 billion in 2018 to USD 28.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. The major factors driving the low GWP refrigerants market are the low environmental impact of low GWP refrigerants, phasing out of CFC, HCFC, and HFC refrigerants, and the increasing demand for refrigerants and air conditioners across the globe.

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The low GWP refrigerants market has been segmented based on type into 3 categories, inorganics, hydrocarbons, and fluorocarbons. Among these types, hydrocarbons are expected to be the fastest-growing segment in the low GWP refrigerants market during the forecast period. Hydrocarbons have excellent thermodynamic properties, and refrigerating and air-conditioning systems operating using these substances are highly energy efficient. Hydrocarbons are miscible with conventional refrigerating oils and have a relatively high critical temperature. Hydrocarbons are flammable in nature and can be explosive as well; this is a major safety concern associated with the use of hydrocarbon refrigerants and requires hermetically sealed systems with explosion protection for electric components.

Commercial refrigeration includes cold displays, refrigerating chambers, ice machines & cold counters, and condensing units commonly used in supermarkets, shops, and centralized units. The commercial refrigeration segment is a rapidly growing sector of the low GWP refrigerants market as it is characterized by a high refrigerant leakage rate and high energy consumption.

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Various measures have been taken by the governments of countries in Europe for energy conservation and dumping of low GWP refrigerants into landfills and ponds, resulting in increasing use of low GWP refrigerants and driving its demand in the region.

Major vendors in the low GWP refrigerants market include Linde Group (Germany), Honeywell (US), Sinochem Group (China), Airgas Inc. (US), Engas Australasia (Australia), A-Gas (UK), and Puyang Zhongwei Fine Chemical (China).

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In October 2018, the Linde Group joined hands in partnership with the Sinochem Group. This partnership is expected to impact growth for Linde in China and further strengthen Linde's leading position in the global market.

The Sinochem Group manufactures refrigerants, fertilizers, rubber, medicine, and petrochemicals through its 5 reportable segments, namely, chemical, energy, agriculture, real estate, and financial services. The company produces refrigerants in its chemical division. The refrigerants are manufactured from its enterprise companies, namely, Sinochem Lantian Co. Ltd, Sinochem Modern Environmental Protection Chemicals (XI'AN) Co. Ltd, and Sinochem Taicang Chemical Industrial Park.

Honeywell is an American multinational conglomerate that manufactures a variety of products for the aerospace, energy, and chemicals sectors and addresses challenges around energy, safety, security, and global urbanization. In May 2017, Honeywell opened a new plant in Louisiana which is dedicated to the production of the next-generation auto air-conditioning refrigerant, Solstice yf.

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