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IndustryARC, in one of its latest reports, predicted that The Low GWP Refrigerants Market size is forecast to reach US$32.1 billion by 2027 after growing at a CAGR of 11.6% during 2022-2027. Low global warming potential (GWP) refrigerants are gaining traction globally owing to their less environmental impact and provide better energy performance. A wide range of low GWP refrigerants such as hydrocarbons, fluorocarbons, carbon dioxide, and ammonia is used in multiple applications. The low GWP refrigerants find their extensive use in the commercial refrigeration application where they help in preserving various types of food items, pharmaceuticals drugs, and several other products. The Low GWP Refrigerants Market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

Competitive Landscape:

The top 5 players in the Low GWP Refrigerants Industry are:

1. Honeywell.

2. Linde Group.

3. Sinochem Group.

4. Airgas Inc.

5. Engas Australasia

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Segmental Analysis:

1. The hydrocarbons segment dominated the low GWP refrigerants market in 2021 and is growing at a CAGR of 12.3% during the forecast period. This type of low GWP refrigerant possesses robust thermodynamic properties and allows the cost-effective operation of refrigerating and air-conditioning systems. Owing to such excellent properties, market players and research organizations are focused on the higher use of hydrocarbons.

2. The European region held the largest share in the low GWP refrigerants market in 2021, up to 32%. The high demand for low GWP refrigerants is attributed to the F-gas regulations/HFC phase out plan. Hydrofluorocarbons (HFCs) account for the majority of fluorinated greenhouse gas emissions. Owing to such adverse impact of hydrofluorocarbons low GWP refrigerants, the European Union implements EU F-gas Regulation which aims to cut HFCs emissions in the EU by two thirds by 2030. Such regulations regarding greenhouse emissions from fluorinated gas in the region are expected to increase the demand for low GWP refrigerants during the forecast period.

3. The commercial refrigeration application dominated the low GWP refrigerants market in 2021 and is growing at a CAGR of 12.6% during the forecast period. A wide range of low GWP refrigerants such as hydrocarbons and fluorocarbons are used in large quantities in commercial refrigeration systems. The commercial refrigeration system is comprised of various applications such as cold preservation and safety system for food items, pharmaceutical drugs, and cold chain networks for commercial air conditioners.

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Market Drivers and Challenges:

1. Expansion of commercial refrigeration applications is driving the market’s growth: The commercial refrigeration system is expanding globally with increasing food processing, and drug formulation, and this is expected to propel the market’s growth during the forecast period.

2. Increasing demand for hydrocarbons is influencing the market’s growth: Hydrocarbons such as propane, isobutene, propene, among others, account for the highest use in different refrigeration systems ranging from industrial to commercial and residential refrigeration systems. These low GWP refrigerants come with robust properties such as robust thermodynamic properties, the ability to execute efficient refrigeration operations, and require a less energy intensive production process.

3. The flammability issue with low GWP refrigerants might hamper the market’s growth: Low GWP refrigerants come with several robust properties such as less environmental impact and better energy performance, however they are associated with flammability issues which have been a challenge in the market and this might hamper the market’s growth during the forecast period.

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Similar Report:

A. Refrigerant Market

https://www.industryarc.com/Report/11662/refrigerant-market-analysis.html

B. Ammonia Refrigerant Market

https://www.industryarc.com/Report/1276/Ammonia-Refrigerant-Market-analysis-report.html

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