PUBLISHER: MarketsandMarkets | PRODUCT CODE: 2164995
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 2164995
The low GWP refrigerants market is expected to reach USD 13.50 billion by 2031 from USD 8.40 billion in 2026, at a CAGR of 10.0% during the forecast period.
| Scope of the Report | |
|---|---|
| Years Considered for the Study | 2023-2031 |
| Base Year | 2025 |
| Forecast Period | 2026-2031 |
| Units Considered | Value (USD Million/Billion) Volume (Kiloton) |
| Segments | Type, Application, and Region |
| Regions covered | North America, Asia Pacific, Europe, Middle East & Africa, and South America |
The low GWP refrigerants market is expected to grow at a faster pace in the future as the demand for refrigeration and air conditioning systems that are environmentally clean, efficient, reliable, and sustainable is increasing in different sectors of the economy such as industrial, commercial, domestic, automotive, and cold chain. Expansion of the market is being supported by strict environmental regulations, which result in the phase-out of high-GWP refrigerants and the upsurge of investments in modern refrigeration and cooling infrastructure. Apart from that, using low-GWP refrigerants in areas like industrial refrigeration, commercial cooling, home appliances, automotive air-conditioning, and heat pump systems has also led to the requirement of Low GWP refrigerants. Basically, these days one cannot run refrigeration and air-conditioning systems without considering the effect of the same on the environment. Food processing plants, cold storage units, healthcare centers, commercial buildings, and vehicles need their refrigeration or air-conditioning systems to be environmentally compliant, yet efficient and reliable. And rising environmental targets and energy-efficiency demands are driving the market further. The demand is spreading to different sectors, and the usage of low-GWP refrigerants is rising.

"Fluorocarbons are projected to be the largest type segment in the low-GWP refrigerants market during the forecast period."
In the low-GWP refrigerants market, fluorocarbons in the type segment are expected to hold the largest share, because of their ubiquitous use in refrigeration and air-conditioning equipment, good cooling qualities, attractive energy consumption characteristics, and compatibility with a large proportion of modern and existing equipment. Besides this, lower GWP fluorocarbon technologies such as hydrofluoroolefins (HFOs) and low-GWP hydrofluorocarbon (HFC) blends are also being widely used as replacements for high-GWP refrigerants. These types of refrigerants have wide applications in commercial refrigeration, industrial refrigeration, stationary air conditioning, mobile air conditioning, heat pumps, and other cooling and specialty cooling applications. Increasing demand for energy-efficient cooling, rules and regulations, replacement of high GWP refrigerants, and dependable system performance are among the reasons behind the growth of the fluorocarbon segment.
"Commercial refrigeration is projected to be the largest application segment in the low-GWP refrigerants market during the forecast period."
During the forecast period, commercial refrigeration in the application segment is projected to hold the largest share in low GWP refrigerants because of the growing demand for energy-efficient cooling systems, replacement of high-GWP refrigerants, and the expansion of the supermarket, retail, food-service, and commercial refrigeration infrastructure. Low GWP refrigerants are first and foremost used in commercial refrigeration in applications such as display cases, cold rooms, centralized refrigeration, food storage, and temperature- controlled applications. The requirement of higher energy efficiency, greenhouse gas reduction, compliance with environmental regulations, and better temperature control is going to drive the demand for low-GWP refrigerant solutions in commercial refrigeration.
"Asia Pacific is projected to be the largest region in the low-GWP refrigerants market during the forecast period."
The Low GWP refrigerants market in Asia Pacific is expected to experience a considerable rise in revenue by 2031. This is largely due to rapid urbanization and industrialization, conventional expansion in the manufacturing base, and increasing investments in cold-chain, air conditioning, refrigerating, and other industrial cooling systems. The fast-burgeoning commercial refrigeration, industrial refrigeration, food processing, and manufacturing sectors are also anticipated to drive the demand for low GWP refrigerants in Asia Pacific. The ascending trends in commercial refrigeration, industrial refrigeration, stationary air conditioning, mobile air conditioning, cold chain applications and heat pumps, demand for high-performance and reliable cooling, safety and regulatory compliance, and the rising investments in professional cold-chain infrastructure, food and beverage manufacturing, and air-conditioning systems are expected to marginally aid in the consistent growth of the Asia Pacific low-GWP refrigerants market during the forecast period. The developments, the phase-down of high-GWP refrigerants, and increasing penetration of natural and other new low-GWP blends support the consistent long-term growth.
By Company Type: Tier 1: 40%, Tier 2: 30%, and Tier 3: 30%
By Designation: Directors: 30%, Managers: 20%, and Others: 50%
By Region: North America: 20%, Europe: 10%, Asia Pacific: 40%, South America: 10%, and Middle East & Africa 20%
Notes: Others include sales, marketing, and product managers.
Tier 1: >USD 1 Billion; Tier 2: USD 500 million-1 Billion; and Tier 3: <USD 500 million
Companies Covered: Solstice Advanced Materials (US), The Chemours Company (US), Daikin Industries, Ltd. (Japan), Arkema (France), Orbia (Mexico), Linde PLC (UK), AGC Inc. (Japan), Dongyue Group (China), Sinochem Holdings (China), and Zhejiang Juhua Co., Ltd. (China) are covered in the report.
The study includes an in-depth competitive analysis of these key players in the Low GWP refrigerants market, with their company profiles, recent developments, and key market strategies.
Research Coverage
This research report categorizes the Low GWP refrigerants market based on Type (Inorganics, Fluorocarbons, Hydrocarbons) and Application (Industrial Refrigeration, Commercial Refrigeration, Domestic Refrigeration, Stationary Air Conditioning, Mobile Air Conditioning, Other Applications). The report's scope covers detailed information regarding drivers, restraints, challenges, and opportunities influencing the growth of the Low GWP refrigerants market. A detailed analysis of the key industry players has been conducted to provide insights into their business overview, products offered, and key strategies, such as mergers, acquisitions, product launches, partnerships, and expansions, associated with the low GWP refrigerants market. This report covers a competitive analysis of upcoming startups in the low GWP refrigerants market ecosystem.
Reasons to Buy the Report
The report will offer market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall low GWP refrigerants market and the subsegments. This report will help stakeholders understand the competitive landscape, gain more insights into positioning their businesses better, and plan suitable go-to-market strategies. The report will help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.