Low GWP Refrigerant Market Share, Growth Rate, and Forecast 2023-2028

According to IMARC Group’s latest research report, titled “Low GWP Refrigerant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” presents a comprehensive analysis of the industry, covering low GWP refrigerant market price, statistics size, trends, share, demand, and growth prospects. The report also provides competitor and regional analysis and showcases the contemporary advancements in the global market.

How big is the Low GWP Refrigerant Market?

The global low GWP refrigerant market size reached US$ 7.48 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.37 Billion by 2028, exhibiting a growth rate (CAGR) of 8.12% during 2023-2028.

What is Low GWP Refrigerant?

Low GWP refrigerant refers to a type of refrigerant that comprises a low global warming potential (GWP) of less than 150. GWP is the measurement of the heat-trapping potential of a greenhouse gas and its impact on the climate relative to carbon dioxide (CO2), with GWP of 1. Low GWP refrigerants are typically compatible with existing HVAC equipment and numerous industrial applications, and are highly energy efficient, less toxic, thermally stable, and non-ozone depleting. The low GWP refrigerants absorb heat from the environment through a refrigeration cycle involving a compressor, condenser, expansion valve, and evaporator, and transfer it to a different location, releasing heat in the process. Some of the most common Low GWP refrigerants include natural refrigerants (CO2, propane, ammonia), hydrocarbons (isobutane), and hydrofluoroolefins (HFOs).

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What are the Growth Prospects and Trends in the Low GWP Refrigerant Market?

The market is primarily driven by the implementation of stringent regulations by the governments of several countries mandating to phase-out of high-GWP refrigerants. This can be attributed to the rising concerns regarding global warming, ozone layer depletion and climate change. In line with this, considerable growth in the HVAC (Heating, Ventilation, and Air Conditioning) sector is propelling the demand for low-GWP refrigerants. Also, the rising demand for large-scale refrigeration, particularly in the food and beverage and pharmaceutical industries is resulting in a higher uptake of low-GWP refrigerants to facilitate reduced operational costs and energy savings. Moreover, the growing number of upgradations and retrofitting of existing systems with an enhanced focus on sustainability is also impacting the market positively. In addition to this, favorable government initiatives incentivizing the usage of low GWP refrigerants by introducing tax credits, subsidies, and grants are also creating a positive market outlook. Some of the other factors contributing to the market include rapid industrialization, increasing adopting corporate social responsibility (CSR) practices by the key players, and extensive research and development (R&D) activities.

Key Market Segmentation:

Competitive Landscape with Key Players:

  • A-Gas International Ltd.
  • Arkema
  • Daikin Industries Ltd.
  • Danfoss A/S
  • Harp International Ltd
  • Honeywell International Inc.
  • Linde plc
  • Messer Group
  • Tazzetti S.p.A
  • The Chemours Company

Type Insights:

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

Application Insights:

  • Commercial Refrigeration
  • Industrial Refrigeration
  • Domestic Refrigeration
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

  • Market Performance 
  • Market Outlook
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Who we are:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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