PUBLISHER: IMARC | PRODUCT CODE: 1291541
PUBLISHER: IMARC | PRODUCT CODE: 1291541
Low GWP Refrigerant Market by Type (Inorganics, Hydrocarbons, Fluorocarbons and Fluoro-olefins (HFCs and HFOs)), Application (Commercial Refrigeration, Industrial Refrigeration, Domestic Refrigeration, and Others), and Region 2023-2028
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. The rising product demand in the commercial sector, various product innovations, and extensive research and development (R&D) activities represent some of the key factors driving the market.
Low global warming potential (GWP) refrigerants are substances used as refrigeration agents that have a lower impact on the environment. Hydrocarbons, fluorocarbons, carbon dioxide, and ammonia are some of the commonly used low-GWP refrigerants. They are widely used in large industrial refrigeration systems such as food processing plants, breweries, and cold storage facilities. They are also used for heating and cooling homes and buildings. As compared to traditional GWP refrigerants, low GWP refrigerants have a lower contribution to climate change and ozone depletion. They are also safe, have better energy efficiency, lower toxicity, and flammability, and help to reduce emissions. As a result, low GWP refrigerants find extensive applications across commercial refrigeration, industrial refrigeration, and domestic refrigeration.
Low GWP Refrigerant Market Trends:
The rising product demand in the commercial sector for air conditioning and refrigerating applications is one of the key factors driving the market growth. In line with this, low GWP refrigerants are widely used due to the growing need for efficient refrigeration in industries like food processing to keep dairy, meat, and fishery products fresh. Additionally, the widespread adoption of hydrocarbons, as they possess robust thermodynamic properties and allow the cost-effective operation of refrigerating and air-conditioning systems, is acting as another growth-inducing factor. Apart from this, manufacturers are focusing on the development of new low GWP refrigerants that are both environmentally friendly and energy-efficient, which in turn is providing an impetus to the market growth. Moreover, the rising product application in the residential sector, owing to the transition towards eco-friendly refrigeration alternatives, increasing standards of living, and growing need to reduce electricity bills, is positively influencing the market growth. Besides this, the expansion of retail food chains and the growth in international trade (due to trade liberalization) have led to an increase in the demand for cold chain processes, which in turn is providing a considerable boost to the market growth. Furthermore, the launch of a new low GWP refrigerant for commercial and industrial refrigeration that is operationally safe, reduces carbon footprint and complies with new regulations is propelling the market growth. Other factors, including enhanced research and development (R&D) activities, increasing demand for frozen food products, widespread product adoption as they provide better energy performance, and the implementation of various government initiatives to promote the use of low GWP refrigerants due to their low-emission and environment-friendly properties, are supporting the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global low GWP refrigerant market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type and application.
Type Insights:
Inorganics
Hydrocarbons
Fluorocarbons and Fluoro-olefins (HFCs and HFOs)
The report has provided a detailed breakup and analysis of the low GWP refrigerant market based on the type. This includes inorganics, hydrocarbons, fluorocarbons and fluoro-olefins (HFCs and HFOs). According to the report, hydrocarbons represented the largest segment.
Application Insights:
Commercial Refrigeration
Industrial Refrigeration
Domestic Refrigeration
Others
The report has provided a detailed breakup and analysis of the low GWP refrigerant market based on the application. This includes commercial refrigeration, industrial refrigeration, domestic refrigeration, and others. According to the report, commercial refrigeration represented the largest segment.
Regional Insights:
North America
United States
Canada
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for low GWP refrigerant. Some of the factors driving the Asia Pacific low GWP refrigerant market included the rising product demand in the residential sector, the implementation of various government initiatives, and extensive research and development (R&D) activities.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global low GWP refrigerant market. Detailed profiles of all major companies have also been provided. Some of the companies covered include A-Gas International Ltd., Arkema, Daikin Industries Ltd., Danfoss A/S, GTS SPA, Harp International Ltd, Honeywell International Inc., Linde plc, Messer Group, Tazzetti S.p.A, The Chemours Company, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
- How has the global low GWP refrigerant market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global low GWP refrigerant market?
- What is the impact of each driver, restraint, and opportunity on the global low GWP refrigerant market?
- What are the key regional markets?
- Which countries represent the most attractive low GWP refrigerant market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the low GWP refrigerant market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the low GWP refrigerant market?
- What is the competitive structure of the global low GWP refrigerant market?
- Who are the key players/companies in the global low GWP refrigerant market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Low GWP Refrigerant Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Inorganics
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Hydrocarbons
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Fluorocarbons and Fluoro-olefins (HFCs and HFOs)
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
7 Market Breakup by Application
- 7.1 Commercial Refrigeration
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Industrial Refrigeration
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Domestic Refrigeration
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Others
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
8 Market Breakup by Region
- 8.1 North America
- 8.1.1 United States
- 8.1.1.1 Market Trends
- 8.1.1.2 Market Forecast
- 8.1.2 Canada
- 8.1.2.1 Market Trends
- 8.1.2.2 Market Forecast
- 8.1.1 United States
- 8.2 Asia-Pacific
- 8.2.1 China
- 8.2.1.1 Market Trends
- 8.2.1.2 Market Forecast
- 8.2.2 Japan
- 8.2.2.1 Market Trends
- 8.2.2.2 Market Forecast
- 8.2.3 India
- 8.2.3.1 Market Trends
- 8.2.3.2 Market Forecast
- 8.2.4 South Korea
- 8.2.4.1 Market Trends
- 8.2.4.2 Market Forecast
- 8.2.5 Australia
- 8.2.5.1 Market Trends
- 8.2.5.2 Market Forecast
- 8.2.6 Indonesia
- 8.2.6.1 Market Trends
- 8.2.6.2 Market Forecast
- 8.2.7 Others
- 8.2.7.1 Market Trends
- 8.2.7.2 Market Forecast
- 8.2.1 China
- 8.3 Europe
- 8.3.1 Germany
- 8.3.1.1 Market Trends
- 8.3.1.2 Market Forecast
- 8.3.2 France
- 8.3.2.1 Market Trends
- 8.3.2.2 Market Forecast
- 8.3.3 United Kingdom
- 8.3.3.1 Market Trends
- 8.3.3.2 Market Forecast
- 8.3.4 Italy
- 8.3.4.1 Market Trends
- 8.3.4.2 Market Forecast
- 8.3.5 Spain
- 8.3.5.1 Market Trends
- 8.3.5.2 Market Forecast
- 8.3.6 Russia
- 8.3.6.1 Market Trends
- 8.3.6.2 Market Forecast
- 8.3.7 Others
- 8.3.7.1 Market Trends
- 8.3.7.2 Market Forecast
- 8.3.1 Germany
- 8.4 Latin America
- 8.4.1 Brazil
- 8.4.1.1 Market Trends
- 8.4.1.2 Market Forecast
- 8.4.2 Mexico
- 8.4.2.1 Market Trends
- 8.4.2.2 Market Forecast
- 8.4.3 Others
- 8.4.3.1 Market Trends
- 8.4.3.2 Market Forecast
- 8.4.1 Brazil
- 8.5 Middle East and Africa
- 8.5.1 Market Trends
- 8.5.2 Market Breakup by Country
- 8.5.3 Market Forecast
9 Drivers, Restraints, and Opportunities
- 9.1 Overview
- 9.2 Drivers
- 9.3 Restraints
- 9.4 Opportunities
10 Value Chain Analysis
11 Porters Five Forces Analysis
- 11.1 Overview
- 11.2 Bargaining Power of Buyers
- 11.3 Bargaining Power of Suppliers
- 11.4 Degree of Competition
- 11.5 Threat of New Entrants
- 11.6 Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
- 13.1 Market Structure
- 13.2 Key Players
- 13.3 Profiles of Key Players
- 13.3.1 A-Gas International Ltd.
- 13.3.1.1 Company Overview
- 13.3.1.2 Product Portfolio
- 13.3.2 Arkema
- 13.3.2.1 Company Overview
- 13.3.2.2 Product Portfolio
- 13.3.2.3 Financials
- 13.3.2.4 SWOT Analysis
- 13.3.3 Daikin Industries Ltd.
- 13.3.3.1 Company Overview
- 13.3.3.2 Product Portfolio
- 13.3.3.3 Financials
- 13.3.3.4 SWOT Analysis
- 13.3.4 Danfoss A/S
- 13.3.4.1 Company Overview
- 13.3.4.2 Product Portfolio
- 13.3.4.3 SWOT Analysis
- 13.3.5 GTS SPA
- 13.3.5.1 Company Overview
- 13.3.5.2 Product Portfolio
- 13.3.6 Harp International Ltd
- 13.3.6.1 Company Overview
- 13.3.6.2 Product Portfolio
- 13.3.7 Honeywell International Inc.
- 13.3.7.1 Company Overview
- 13.3.7.2 Product Portfolio
- 13.3.7.3 Financials
- 13.3.7.4 SWOT Analysis
- 13.3.8 Linde plc
- 13.3.8.1 Company Overview
- 13.3.8.2 Product Portfolio
- 13.3.9 Messer Group
- 13.3.9.1 Company Overview
- 13.3.9.2 Product Portfolio
- 13.3.10 Tazzetti S.p.A
- 13.3.10.1 Company Overview
- 13.3.10.2 Product Portfolio
- 13.3.11 The Chemours Company
- 13.3.11.1 Company Overview
- 13.3.11.2 Product Portfolio
- 13.3.11.3 Financials
- 13.3.11.4 SWOT Analysis
- 13.3.1 A-Gas International Ltd.
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
List of Figures
- Figure 1: Global: Low GWP Refrigerant Market: Major Drivers and Challenges
- Figure 2: Global: Low GWP Refrigerant Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Low GWP Refrigerant Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Low GWP Refrigerant Market: Breakup by Type (in %), 2022
- Figure 5: Global: Low GWP Refrigerant Market: Breakup by Application (in %), 2022
- Figure 6: Global: Low GWP Refrigerant Market: Breakup by Region (in %), 2022
- Figure 7: Global: Low GWP Refrigerant (Inorganics) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 8: Global: Low GWP Refrigerant (Inorganics) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 9: Global: Low GWP Refrigerant (Hydrocarbons) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 10: Global: Low GWP Refrigerant (Hydrocarbons) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 11: Global: Low GWP Refrigerant (Fluorocarbons and Fluoro-olefins (HFCs and HFOs)) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 12: Global: Low GWP Refrigerant (Fluorocarbons and Fluoro-olefins (HFCs and HFOs)) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 13: Global: Low GWP Refrigerant (Commercial Refrigeration) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 14: Global: Low GWP Refrigerant (Commercial Refrigeration) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 15: Global: Low GWP Refrigerant (Industrial Refrigeration) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 16: Global: Low GWP Refrigerant (Industrial Refrigeration) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 17: Global: Low GWP Refrigerant (Domestic Refrigeration) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 18: Global: Low GWP Refrigerant (Domestic Refrigeration) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 19: Global: Low GWP Refrigerant (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 20: Global: Low GWP Refrigerant (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 21: North America: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 22: North America: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 23: United States: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 24: United States: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 25: Canada: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 26: Canada: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 27: Asia-Pacific: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 28: Asia-Pacific: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 29: China: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 30: China: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 31: Japan: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 32: Japan: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 33: India: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 34: India: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 35: South Korea: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 36: South Korea: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 37: Australia: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 38: Australia: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 39: Indonesia: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 40: Indonesia: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 41: Others: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 42: Others: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 43: Europe: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 44: Europe: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 45: Germany: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 46: Germany: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 47: France: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 48: France: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 49: United Kingdom: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 50: United Kingdom: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 51: Italy: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 52: Italy: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 53: Spain: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 54: Spain: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 55: Russia: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 56: Russia: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 57: Others: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 58: Others: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 59: Latin America: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 60: Latin America: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 61: Brazil: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 62: Brazil: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 63: Mexico: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 64: Mexico: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 65: Others: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 66: Others: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 67: Middle East and Africa: Low GWP Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
- Figure 68: Middle East and Africa: Low GWP Refrigerant Market: Breakup by Country (in %), 2022
- Figure 69: Middle East and Africa: Low GWP Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 70: Global: Low GWP Refrigerant Industry: Drivers, Restraints, and Opportunities
- Figure 71: Global: Low GWP Refrigerant Industry: Value Chain Analysis
- Figure 72: Global: Low GWP Refrigerant Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Low GWP Refrigerant Market: Key Industry Highlights, 2022 & 2028
- Table 2: Global: Low GWP Refrigerant Market Forecast: Breakup by Type (in Million US$), 2023-2028
- Table 3: Global: Low GWP Refrigerant Market Forecast: Breakup by Application (in Million US$), 2023-2028
- Table 4: Global: Low GWP Refrigerant Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 5: Global: Low GWP Refrigerant Market: Competitive Structure
- Table 6: Global: Low GWP Refrigerant Market: Key Players
