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Global Low GWP Refrigerant Market: By Type: Inorganics, Hydrocarbons, Fluorocarbons and Fluoro-olefins (HFCs and HFOs); By Application: Commercial Refrigeration, Industrial Refrigeration, Others; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Low GWP Refrigerant Market Outlook

The global low GWP refrigerant market is expected to grow in the forecast period of 2023-2028 at a CAGR of 9.50%.

 

The Growing Demand for Hydrocarbon Refrigerants is Driving the Global Low GWP Refrigerant Industry

Hydrocarbon refrigerants are non-toxic natural refrigerants with minimal global warming potential. Hence, the increasing inclination towards environment-friendly refrigerants is escalating the demand for the product. Hydrocarbon refrigerants also provide substantial cost savings which is an invigorating factor. Moreover, the growing conversion of existing refrigeration systems to hydrocarbon refrigerants is likely to propel the segment’s growth. Furthermore, the segment growth is anticipated to be aided by the heightened adoption of commercial hydrocarbon refrigeration units in high-end restaurants, corporate dining facilities, and food trucks, among others.

 

Europe Accounts for a Significant Market Share in Low GWP Refrigerant

The market in the region is being driven by stringent regulations of the government aimed towards curbing the emission of toxic gases in the industrial and commercial sector. In strong economies of the continent such as Germany, the increasing need to optimise the consumption of electricity in the residential sector is likely to provide impetus to the market owing to the fact that low GWP refrigerant is energy-efficient and cost-effective. Moreover, the major manufacturers in the region are introducing air-cooled chillers and screw chiller that run on low GWP products, which is accelerating the market growth. Furthermore, the transition of European air-conditioner and chiller manufacturers towards utilising hydrocarbon technology, owing to the greater cost-cuttings, is likely to boost the market growth in the coming years.

 

Market Segmentation

Low GWP refrigerants are the compounds that are extensively used as refrigerating agents, which restrict the release of substances contributing to ozone depletion and global warming. R-717 is a typical example of a low GWP refrigerant, which offers energy-efficient refrigeration with zero ozone depletion potential (ODP) and zero global warming potential (GWP).

Based on type, the market can be segmented into:

  • Inorganics
  • Hydrocarbons
  • Fluorocarbons and Fluoro-olefins (HFCs and HFOs)

The market can be broadly categorised based on application into:

  • Commercial Refrigeration
  • Industrial Refrigeration
  • Domestic Refrigeration
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Increasing Demand for Low GWP Refrigerant in the Commercial Sector to Boost the Market Growth of Low GWP Refrigerant

The rising demand for low GWP refrigerant in the commercial sector for air conditioning and refrigerating applications is driving the market growth. This can be attributed to the growing need for efficient refrigeration in industries like food processing, to keep the dairy, meat, and fishery products fresh. Meanwhile, the rising application of the product in residential sector owing to the transition towards eco-friendly refrigeration alternatives, increasing standards of living, and growing need to reduce electricity bills is anticipated to propel the demand for low GWP refrigerants in the forecast period.

Moreover, the growing research and development activities by the major market players aimed towards identifying lower GWP blends, and to increase the capacity and efficiency of low GWP refrigerants are likely to invigorate new product launches and innovations in the coming years. Furthermore, the market is anticipated to be aided by technological advancements in the manufacturing sector, which are likely to generate demand for refrigerants with better energy performance.

 

Key Players in the Global Low GWP Refrigerant Market

The report gives a detailed analysis of the following key players in the global low GWP refrigerant market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Danfoss A/S
  • Arkema
  • Honeywell International Inc.
  • GTS SPA
  • Linde plc
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Application
  • Region
Breakup by Type
  • Inorganics
  • Hydrocarbons
  • Fluorocarbons and Fluoro-olefins (HFCs and HFOs)
Breakup by Application
  • Commercial Refrigeration
  • Industrial Refrigeration
  • Domestic Refrigeration
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Danfoss A/S
  • Arkema
  • Honeywell International Inc.
  • GTS SPA
  • Linde plc
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface 
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions   
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments  
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Region
7    Opportunities and Challenges in the Market
8    Global Low GWP Refrigerant Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Low GWP Refrigerant Historical Market (2018-2022) 
    8.3    Global Low GWP Refrigerant Market Forecast (2023-2028)
    8.4    Global Low GWP Refrigerant Market by Type
        8.4.1    Inorganics
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Hydrocarbons
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Fluorocarbons and Fluoro-olefins (HFCs and HFOs)
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
    8.5    Global Low GWP Refrigerant Market by Application
        8.5.1    Commercial Refrigeration
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Industrial Refrigeration
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Domestic Refrigeration
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
        8.5.4    Others
    8.6    Global Low GWP Refrigerant Market by Region       
        8.6.1    North America
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022) 
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Europe
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022) 
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Asia Pacific
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022) 
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Latin America
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022) 
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Middle East and Africa
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2018-2022) 
            8.6.5.3    Forecast Trend (2023-2028)
9    North America Low GWP Refrigerant Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Low GWP Refrigerant Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Low GWP Refrigerant Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Low GWP Refrigerant Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Low GWP Refrigerant Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Danfoss A/S
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Arkema
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Honeywell International Inc.
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    GTS SPA
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Linde plc
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Others
17    Key Trends and Developments in the Market

 

List of Figures and Tables

1.    Global Low GWP Refrigerant Market: Key Industry Highlights, 2018 and 2028
2.    Global Low GWP Refrigerant Historical Market: Breakup by Type (USD Million), 2018-2022
3.    Global Low GWP Refrigerant Market Forecast: Breakup by Type (USD Million), 2023-2028
4.    Global Low GWP Refrigerant Historical Market: Breakup by Application (USD Million), 2018-2022
5.    Global Low GWP Refrigerant Market Forecast: Breakup by Application (USD Million), 2023-2028
6.    Global Low GWP Refrigerant Historical Market: Breakup by Region (USD Million), 2018-2022
7.    Global Low GWP Refrigerant Market Forecast: Breakup by Region (USD Million), 2023-2028
8.    North America Low GWP Refrigerant Historical Market: Breakup by Country (USD Million), 2018-2022
9.    North America Low GWP Refrigerant Market Forecast: Breakup by Country (USD Million), 2023-2028
10.    Europe Low GWP Refrigerant Historical Market: Breakup by Country (USD Million), 2018-2022
11.    Europe Low GWP Refrigerant Market Forecast: Breakup by Country (USD Million), 2023-2028
12.    Asia Pacific Low GWP Refrigerant Historical Market: Breakup by Country (USD Million), 2018-2022
13.    Asia Pacific Low GWP Refrigerant Market Forecast: Breakup by Country (USD Million), 2023-2028
14.    Latin America Low GWP Refrigerant Historical Market: Breakup by Country (USD Million), 2018-2022
15.    Latin America Low GWP Refrigerant Market Forecast: Breakup by Country (USD Million), 2023-2028
16.    Middle East and Africa Low GWP Refrigerant Historical Market: Breakup by Country (USD Million), 2018-2022
17.    Middle East and Africa Low GWP Refrigerant Market Forecast: Breakup by Country (USD Million), 2023-2028
18.    Global Low GWP Refrigerant Market Structure.

Key Questions Answered in the Report

The global low GWP refrigerant market is estimated to grow at a CAGR of 9.50% between 2023 and 2028.

The major drivers of the market include the increasing demand for the product in the commercial sector for air conditioning and refrigerating applications, thriving food processing industry, and increasing standards of living.

The changing shift towards eco-friendly refrigerating alternatives, stringent government regulations aimed towards controlling the electricity consumption, and technological advancements in the manufacturing sector, are expected to aid the market growth over the forecast period.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Inorganics, hydrocarbons, and fluorocarbons and fluoro-olefins (HFCs and HFOs) are the different types considered in the market report.

Commercial refrigeration, industrial refrigeration, and domestic refrigeration, among others, are the various application segments.

The major players in the market are Danfoss A/S, Arkema, Honeywell International Inc., GTS SPA, and Linde plc, among others.

Analyst Review

The global low GWP refrigerant market is being driven by the increasing demand for efficient refrigeration system in various end use industries, and growing demand for cost-efficiency. Aided by the growing research and development activities in the manufacturing sector, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 9.50%.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the market is divided into inorganics, hydrocarbons, and fluorocarbons and fluoro-olefins (HFCs and HFOs). By application, the market has been divided into commercial refrigeration, industrial refrigeration, and domestic refrigeration, among others. The major regional markets for low GWP refrigerant are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Danfoss A/S, Arkema, Honeywell International Inc., GTS SPA, and Linde plc, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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