Global Low Global Warming Potential (GWP) Refrigerants Market – Industry Trends and Forecast to 2030

Global Low Global Warming Potential (GWP) Refrigerants Market, By Refrigerant Type (inorganics, Carbon Dioxide, Ammonia, Hydrocarbons, Propane, Propene (Propylene), Isobutene, Hydrofluoroolefins (HFOs), Others), End Use (Commercial Refrigeration, Domestic Refrigeration, Industrial Refrigeration, Automotive, Food Processing, HVAC, Others), Application (Refrigeration, Air Conditioning, Chillers) - Industry Trends and Forecast to 2030.

Low Global Warming Potential (GWP) Refrigerants Market Analysis and Size

When greenhouse gases are released into the environment, their global warming potential (GWP) is measured and benchmarked against carbon dioxide with GWP equal to one. Commonly used refrigerants, such as those used in HVAC&R (heating, ventilation, air conditioning, and refrigeration), can have a substantial GWP when discharged into the atmosphere. End users are moving to low global warming potential (GWP) refrigerants due to growing concerns about global warming and the damaging effects of harmful refrigerants on the environment.

Data Bridge Market Research analyses that the low global warming potential (GWP) refrigerants market is expected to undergo a CAGR of 12.70% from 2023 to 2030. This indicates that the market value, USD 24.56 billion in 2022, would rocket to USD 63.94 billion by 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand..     

Low Global Warming Potential (GWP) Refrigerants Market Scope and Segmentation

Market Definition

Ventilation, heating, air conditioning, and refrigeration (HVAC&R) equipment are among the many types of equipment that use low global warming potential (GWP) refrigerants. The system efficiency is maintained by using low global warming potential refrigerants, which exhibit significantly lower flammability traits than much more flammable hydrocarbons. Low GWP refrigerants are becoming more popular as the need to deal with the growing global warming.

Global Low Global Warming Potential (GWP) Refrigerants Market Dynamics

Drivers

• Implementation of environmentally friendly techniques

The implementation of environmentally friendly techniques in the industrial sector is encouraged by recent global environmental initiatives such as the Paris Agreement. The adoption of low global warming potential (GWP) refrigerants is anticipated to increase with the global implementation of such regulatory regulations, which are intended to support the phase-out of specific ozone-depleting compounds that seriously harm the environment.

• Increasing demand for low global warming potential (GWP) refrigerants for commercial refrigeration

It is predicted that over the forecast period, demand for low GWP refrigerants will increase due to the continued growth of retail food chains in developing nations. The need for cold chain procedures in this area is projected to increase along with the rise in international trade brought on by trade liberalization. A competitive market with low-profit margins is also projected to benefit the local market. Another factor that is anticipated to drive demand for commercial refrigeration and push the market is the quick shift in preference among food processors, merchants, and distributors toward high bay deep-freeze warehouses over manually operated outdated facilities.

Opportunities

• Technological advancements for rising awareness across various industrial sectors

Recent technological developments have raised awareness across various industrial sectors about how the earth responds to industrial carbon footprints. By switching to low GWP refrigerants, end-users have switched their attention to lowering their carbon footprint and minimizing the emission of greenhouse gases. Customers are becoming more aware of the serious environmental harm that commercial refrigerants with high GWP cause, particularly in the refrigeration industry. The demand for low GWP refrigerants is expected to increase over the coming years as environmental impact and CWP continue to be key considerations for industry players.

• Surging government initiatives for reducing HFC consumption

Increasing government initiatives, such as the European Union's, aims to cut HFC consumption by about 79% by 2030. To reduce HFC usage, the Clean Air Act of the United States Environmental Protection Agency is also working toward HCFC implementation. The demand for low global warming potential refrigerants will rise due to these initiatives. The production of HFCs is also being phased out in favor of low GWP refrigerants, which will contribute to the growth of the global low global warming potential refrigerants market.

 Restraints/ Challenges

• Issues associated with low global warming potential (GWP) refrigerants

Even though many public and private organisations are raising awareness among industries about the negative environmental effects of high CWG refrigerants, most consider this change a challenging process. There are just a few possibilities for low CWG refrigerants that are suitable for many applications. Some key considerations in choosing the ideal refrigerant include low toxicity, volumetric capacity (QVOL), environmental acceptance, coefficient of performance (COP), and flammability. Fluids with strong COP and low toxicity offer few options for high-performance solutions. These elements might make it more difficult to sell low CWG refrigerants in the years to come.

This low global warming potential (GWP) refrigerants market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the low global warming potential (GWP) refrigerants market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In 2021, Honeywell International Inc. announced the acquisition of U.S. Digital Designs, Inc. This acquisition is expected to improve life safety, increase the public safety communications line of solutions and build better situational awareness
• In 2021, SINOCHEM Group Co. Ltd. has China National Chemical Corp. announced their merger. This has led the way for supersize state-run enterprises to become a prominent global players in upcoming years 

Global Low Global Warming Potential (GWP) Refrigerants Market Scope

The low global warming potential (GWP) refrigerants market is segmented on the basis of refrigerant type, end use and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Refrigerant Type

• Inorganics
• Carbon Dioxide
• Ammonia
• Hydrocarbons
• Propane
• Propene (Propylene)
• Isobutene
• Hydrofluoroolefins (HFOs)
• Others

End Use

• Commercial Refrigeration
• Domestic Refrigeration
• Industrial Refrigeration
• Automotive
• Food Processing
• HVAC
• Others

Application

• Refrigeration
• Air Conditioning
• Chillers

Low Global Warming Potential (GWP) Refrigerants Market Regional Analysis/Insights

The low global warming potential (GWP) refrigerants market is analyzed and market size insights and trends are provided by country, refrigerant type, end use and application as referenced above.

The countries covered in the low global warming potential (GWP) refrigerants market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the low global warming potential (GWP) refrigerants market in terms of market share revenue because of governments' numerous initiatives for energy conservation. Moreover, the discarding of low global warming potential (GWP) refrigerants into ponds and landfills leads to more execution of low GWP refrigerants, which will likely boost the market growth in this particular region.

North America will expect to be the fastest growing region during the forecast period of 2023-2030 owing to well-established manufacturing hub that usages technologically advanced methods in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Low Global Warming Potential (GWP) Refrigerants Market Share Analysis

The low global warming potential (GWP) refrigerants market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to low global warming potential (GWP) refrigerants market.

Some of the major players operating in the low global warming potential (GWP) refrigerants market are:

• Arkema (France)
• Dongyue Group Co. Ltd. (China)
• Honeywell International Inc. (U.S.)
• The Chemours Company (U.S.)
• Linde Plc (Ireland)
• Air Liquide (France)
• Sinochem Lantian Co. Ltd. (China)
• Daikin Industries LTD, (Japan)
• Mexichem (Mexico)
• AGC Inc, (Japan)
• Gas Servei (Spain)
• Gujarat Fluorochemicals Ltd. (India)
• Quimobasicos (Mexico)
• Zhejiang Fotech International Co. Ltd. (China)
• Tazzetti S.p.A. (Italy)
• SRF Limited (India)
• Changshu Sanaifu Zhonghao Chemical New Material Co., Ltd (China)
• Shandong Yuhuang Chemical Group Co.,Ltd (China)