Low GWP Refrigerants Market worth $28.7 billion by 2023
According to the market research report "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.
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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.
The hydrocarbon segment of the low GWP refrigerants market is expected to grow at the highest CAGR during the forecast period
The low GWP refrigerants market has been segmented on the basis of type into 3 categories, inorganics, hydrocarbons, and fluorocarbons. Among these types, hydrocarbons is 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.
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Rising demand for low GWP refrigerants from the retail sector is expected to lead to the high growth of the commercial refrigeration application segment
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.
Europe is expected to be the largest low GWP refrigerants market during the forecast period
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.
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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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