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Global Low GWP Refrigerants market is expected to reach USD 35.7 Billion by 2025 at a CAGR of 12.1% during the forecast period from 2018-2025. Less impact on the environment through low GWP refrigerant and rising demand for refrigeration and air-conditioning application are the key contributors to the market.

Market Overview:

The Global Warming Potential (GWP) is defined as a degree of a greenhouse gas released into the atmosphere and benchmarked against CO2 which has a GWP equal to one. It is a measure of the potency of a greenhouse gas relative to carbon dioxide (where carbon dioxide has a GWP value of 1). The HFC refrigerants generally used today have GWP values that are thousands of times larger than that of carbon dioxide. The use of the refrigerants with low global warming potential (GWP) helps to reduce the effect of the refrigeration systems on global warming. In the future, when GWP values decrease due to phase-downs and energy efficiency demands (MEPS) increase, HVACR professionals will focus on using components that allow for the lowest possible charge and technologies with the best cost/performance for a given refrigerant type.

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Report Description:

  • The base year for the study has been considered 2017, the historic year 2015 and 2016 and, the forecast period considered is from 2018 to 2025. The low GWP refrigerants market is analyzed by value (USD Billion) and volume (Kilotons).
  • The study delivers a comprehensive analysis of the global low GWP refrigerants market by types, application, and regions.
  • The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2018 to 2025.
  • Porter’s Five Forces model is used to recognize the competitive scenario in the global low GWP refrigerants market. This report incorporates the industry analysis which is focused on providing an extensive view of the low GWP refrigerants market.
  • The study also includes attractiveness analysis of types, application, and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
  • The report provides company profile of the key players operating in the Low GWP Refrigerants market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
  • The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.

Market Dynamics:

Drivers:

  • Less effect on the environment with the use of low GWP refrigerants
  • Striking out the use of  CFC, CFC, and HFC refrigerants
  • Long-Term application of low GWP refrigerants
  • Growing demand for refrigeration and air-conditioning application

Restraints:

  • Involves high capital cost
  • Due to its properties like flammability and toxicity, it suffers a major drawback

Opportunities:

  • Combats global warming
  • Less cost of operation and  better performance due to technological improvement

Challenges:

  • Lack of purification companies
  • Less education and awareness in HVAC contractors and technicians

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Regional Segmentation Analysis:

The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Europe held the largest market share of approximately40.90% in 2017.TheEurope region is dominant in terms of market shareas various actions 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 more implementation of low GWP refrigerants

Competitive Analysis:

The major players ofmarketinclude Linde Group, Honeywell, Sinochem Group, Airgas Inc., Engas Australasia, A-Gas, and PuyangZhongwei Fine Chemical¸ Harp International, Tazzetti, Shandong Yueon Chemical Industry, GTS,Chemours,Mexichem, Daikinand Arkema.

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