Press release
Low GWP Refrigerants Industry Grows at 11.5% CAGR, Reaching USD 106 Billion by 2035
The global low GWP refrigerants market is projected to grow from USD 31.8 billion in 2024 to USD 106 billion by 2035, registering a robust CAGR of 11.5% during the forecast period from 2025 to 2035.The Low Global Warming Potential (GWP) refrigerants market is becoming a focal point in the global effort to reduce climate change impacts. Traditional refrigerants, such as hydrofluorocarbons (HFCs), have contributed significantly to greenhouse gas emissions due to their high GWP values. As awareness grows around the environmental consequences of these chemicals, there is a strong industry shift toward refrigerants that deliver efficient cooling with reduced environmental harm. Low GWP refrigerants, including hydrofluoroolefins (HFOs), natural refrigerants like ammonia and CO2, and some hydrocarbons, offer more sustainable alternatives. They are being adopted across various applications, from residential air conditioning and commercial refrigeration to automotive HVAC systems and industrial processes. Governments and industries are aligning efforts to transition to these alternatives, making the low GWP refrigerants market a rapidly evolving and essential segment of the HVAC-R (heating, ventilation, air conditioning, and refrigeration) ecosystem.
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Market Insights
A key insight into the low GWP refrigerants market is that the transition is not merely environmental but also regulatory and economic. Policies such as the Kigali Amendment to the Montreal Protocol and region-specific regulations in Europe, North America, and Asia-Pacific are acting as catalysts for change. These frameworks are not only pushing for the phase-down of high-GWP substances but also encouraging innovation in refrigerant technologies. Another important trend is the growing acceptance and adaptation of natural refrigerants, which are inherently low in GWP and have been used historically in certain applications. However, their use is expanding due to advances in safety, energy efficiency, and system compatibility. Industry players are also focusing on training technicians and upgrading infrastructure to support the shift, recognizing that the success of low GWP refrigerants depends on both product availability and the ecosystem's readiness.
Market Demand
Demand for low GWP refrigerants is surging, driven by a combination of policy pressures, corporate sustainability goals, and shifting consumer preferences. The commercial and industrial refrigeration sectors are among the largest demand centers, especially in supermarkets, cold chain logistics, and data centers. These sectors require large-scale cooling systems, and reducing their environmental impact is a priority for operators looking to future-proof their businesses. Similarly, the automotive industry is actively replacing legacy refrigerants in vehicle air conditioning systems with low GWP alternatives, particularly in electric vehicles where energy efficiency and environmental performance are intertwined. Residential and light commercial air conditioning is another growing domain, with consumers seeking eco-friendly solutions that meet updated energy and emission standards.
List of Key Companies Profiled in The Report
-The Chemours Company
-Honeywell International Inc.
-Daikin Industries Ltd.
-Arkema S.A.
-Others
Recent Industry News
Recent developments in the industry underscore the momentum building behind low GWP refrigerants. Leading HVAC-R companies are entering strategic partnerships and collaborations to accelerate the development and distribution of low GWP alternatives. In the automotive sector, several major manufacturers have announced transitions to next-generation refrigerants in upcoming vehicle lines. Regulatory news also plays a big role-new legislation from regions like the European Union, which plans stricter limits on high-GWP refrigerants in the coming years, is pushing companies to accelerate their transition plans. Furthermore, large-scale commercial refrigeration brands have announced pilot projects and global rollouts of new systems compatible with CO2 and HFO refrigerants. These events suggest a robust commitment to sustainability and technological advancement across the value chain.
Notable Developments
Some of the most notable developments in the market include the introduction of ultra-low GWP refrigerants designed for specific use cases such as high-ambient temperature regions or ultra-low temperature freezers. Companies are also launching compact, energy-efficient refrigeration units that are specifically built around natural refrigerants like propane (R290) and CO2 (R744). Another noteworthy advancement is the integration of digital tools and smart monitoring systems with refrigerant-based cooling systems. These innovations help optimize performance, detect leaks, and manage refrigerant lifecycle, aligning technical performance with sustainability targets. The increasing involvement of startups and academic institutions in refrigerant innovation is also a promising sign, as it brings new perspectives and agility to a traditionally slow-moving sector.
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Competitive Analysis
The market is experiencing growth driven by the rising demand for green refrigerants, fueled by global environmental regulations such as the Kigali Amendment and F-Gas legislation. The expanding use of low GWP refrigerants in HVAC, refrigeration, and transportation is pushing companies to innovate rapidly.
New technologies, including low GWP non-flammable blends, synthetic replacements for enhanced performance, and long-term CO2 systems, are transforming the industry. Sustainability is becoming a key focus, with companies investing in refrigerant reclamation, circular economy strategies, and new refrigerant chemistries that deliver high performance without compromising environmental safety. Additionally, the push for energy-efficient systems and stricter regulations is intensifying competition within the market.
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