Global Low GWP Refrigerant Market Poised for Significant Growth Driven by Rising EV Adoption and Frozen Food Demand

The Low GWP Refrigerant market is expected to grow from an estimated USD 8.9 billion in 2024 to USD 16.4 billion in 2033, at a CAGR of 7.00%. The latest market intelligence study, called "Global Low GWP Refrigerant Market Forecast to 2032," jots down some of the most prominent growth potentials of the global Low GWP Refrigerant market. The report is primarily targeted at the industry stakeholders looking to capitalize on this report's contents to make improved business decisions. The report is further intended to help the readers gain vital insights into the global market, particularly the prevailing growth opportunities and competitive scenario. The insightful data & information provided by this report are gathered from various primary and secondary sources.

The global Low GWP (Global Warming Potential) Refrigerant market is witnessing strong growth, fueled by rising electric vehicle (EV) sales, growing demand for frozen food, increasing urbanization, and climbing global temperatures. These trends are creating new opportunities for the adoption of environmentally friendly refrigerants across various industries.

One of the major drivers of this growth is the rising number of electric vehicles. As EVs rely on battery systems and power electronics, they require efficient thermal management systems, increasing the demand for refrigerants. According to the World Economic Forum, over 4.3 million battery-powered and plug-in hybrid electric vehicles were sold globally in the first half of 2022, with BEV sales up by 75% and PHEVs by 37% year-over-year. China, the world's largest automobile market, is expected to see 40% of its car sales come from EVs by 2030. This rapid growth in EV adoption is playing a key role in driving the demand for Low GWP refrigerants.

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The market is also being propelled by the increasing demand for frozen food products. As consumers prioritize convenience, the frozen food sector has expanded significantly. Efficient refrigeration is essential to preserving food quality while minimizing environmental impact. Low GWP refrigerants help reduce emissions from cooling systems used in cold storage, transportation, and retail. In fact, the global frozen food market was projected to reach USD 252.5 billion by 2023, highlighting the need for sustainable cooling solutions.

Rising global temperatures are further boosting the need for air conditioning systems. As a result, refrigerant usage is increasing worldwide. The World Meteorological Organization reported that the global average temperature in 2020 was 1.2°C higher than pre-industrial levels. In response, the International Energy Agency (IEA) forecasts that by 2050, two-thirds of all households globally will have air conditioners, especially in developing economies such as India, China, and Indonesia. This will significantly contribute to demand for Low GWP refrigerants.

Despite strong growth drivers, the market faces challenges. One key restraint is the limited availability of compatible equipment and technology. Many existing refrigeration systems are built for traditional refrigerants and require expensive updates or replacements to use newer, more environmentally friendly alternatives. The lack of infrastructure and readiness of technology makes it difficult for companies to switch quickly, slowing broader adoption of low GWP solutions.

The leading contenders in the global Low GWP Refrigerant market are listed below:

Linde Group

Honeywell

Sinochem Group

Airgas Inc.

Engas Australasia

A-Gas

Puyang Zhongwei Fine Chemical

Harp International

Tazzetti

Shandong Yueon Chemical Industry

HyChill Australia

GTS (Italy), Chemours

Mexichem

Daikin

Arkema

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In terms of market segments, the Low GWP refrigerant industry is divided into hydrocarbons, inorganics, and fluorocarbons. As of 2024, hydrocarbons-such as propane and isobutane-led the market due to their low environmental impact and efficiency in applications like air conditioning and commercial refrigeration. Meanwhile, inorganics-including ammonia and other non-toxic alternatives-are expected to grow the fastest during the forecast period. Their increasing popularity is driven by their environmental safety and suitability for large-scale industrial applications.

Overall, the Low GWP Refrigerant market is being shaped by the global push for sustainability, especially in industries like automotive, food, and residential cooling. With a growing shift towards greener technologies, the demand for low-impact refrigerants is expected to continue rising, despite certain challenges related to technological transition and infrastructure upgrades.

Low GWP Refrigerant Market Segmentation:

By Type Outlook (Revenue, USD Billion; 2020-2033)

Inorganics

Ammonia

Carbon dioxide

Others (Air, and Water)

Hydrocarbons

Isobutane

Propane

Others (Butane, Propylene, Ethylene, and Ethane)

Fluorocarbons

HFCs

HFOs

By Application Outlook (Revenue, USD Billion; 2020-2033)

Commercial Refrigeration

Industrial Refrigeration

Domestic Refrigeration

Stationary Air-conditioning

Mobile Air-conditioning

Others (Chillers and Water Heat Pumps)

Regional Outlook of the Low GWP Refrigerant Market

The global Low GWP Refrigerant market has been categorized into several important geographical regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In this section, authors of the report have studied the presence of the global Low GWP Refrigerant market across major geographies. Moreover, the estimated market share, market size, revenue contribution, sales network and distribution channel, and other crucial elements of each regional segment have been detailed in the report.

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Key reasons to buy the Global Low GWP Refrigerant Market report:

The latest report comprehensively studies the global Low GWP Refrigerant market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.

The report offers an insightful analysis of the regional outlook of the market.

It offers a detailed account of the end-use applications of the products & services offered by this industry.

The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.

The report also provides an extensive analysis of the key market elements, such as drivers, constraints, opportunities, limitations, threats, and micro and macro-economic factors. The exhaustive SWOT analysis, Porter's Five Forces analysis, feasibility analysis, and investment return analysis included in the report are intended to help the reader tactfully formulate business growth strategies. Strategic recommendations for the established market players assist them in fortifying their financial positions in the market.

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