Fior Markets newly added report states that the global low GWP refrigerants market is expected to grow from USD 14.3 Billion in 2017 to USD 35.7 Billion by 2025 at a CAGR of 12.1% during the forecast period from 2018-2025. Due to increasing implementation of various actions by the governments of countries in Europe for energy conservation and dumping of low GWP refrigerants into landfills and ponds, as well as more implementation of low GWP refrigerants, the Europe region heavily dominated the market share.
Global Low GWP Refrigerants Market by Type (Inorganics, Hydrocarbons, Fluorocarbons), Application (Commercial Refrigeration, Industrial Refrigeration, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends)” and Global Forecast 2018-2025.
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Top leaders are Linde Group, Honeywell, Sinochem Group, Airgas Inc., Engas Australasia among others. Major companies are aggressively taking efforts on greater opportunities and are continuously focusing on new product developments. In addition, they are also moving towards the way of venture capital investments to obtain market share. For instance, the Linde Group, the market leader in the low GWP refrigerants market, revealed that it has invested USD 33.70 Billion to expand production capacity and fulfill growing customer demands in Malaysia.
The type segment is segmented into inorganics, hydrocarbons, and fluorocarbons. The inorganics contain ammonia, carbon-di-oxide, and others. The hydrocarbons are divided into HFOC and HFCS. The fluorocarbons contain propane, isobutane, and others. In 2017, the hydrocarbons segment influenced the low GWP refrigerants market with USD 6.47 Billion. Hydrocarbons have outstanding 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. The application segment covers commercial refrigeration, industrial refrigeration, domestic refrigeration, stationary air-conditioning, mobile air-conditioning, and others. The commercial refrigeration segment accounted for a market share of 28.60% in 2017. Commercial refrigeration is sub-segmented into cold displays, refrigerating chambers, ice machines & cold counters, and condensing units commonly used in supermarkets, shops, and centralized units. The commercial refrigeration segment is growing at a rapid pace due to its high refrigerant leakage rate and high energy consumption properties.
Rising demand for refrigeration and air-conditioning application are growth drivers. The long-term application of low GWP refrigerants is contributing to market expansion. In addition, there is less effect on the environment with the use of low GWP refrigerants and the use of CFC, CFC, and HFC refrigerants have been a strikeout. These factors are fuelling the growth of the market. Whereas, flammability and toxicity are its major drawbacks. However, less cost of operation and better performance due to technological improvement may boost the market in the coming years.
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