Low GWP Refrigerants Market Analysis

Type (Fluorocarbons, Hydrocarbons)

The hydrocarbons segment in the low GWP refrigerants market is estimated to gain a robust revenue share of about 70% in the coming years owing to the growing demand from the industrial sector. Hydrocarbons such as propane and isobutane are affordable, simple to acquire, and are frequently utilized as refrigerants in the industrial sector. 

These refrigerants can be used for cooling industrial spaces since they provide efficient cooling performance and reduce the carbon footprint of the cooling systems. In addition, owing to their high-efficiency performance they have applications in chemical manufacturing and pharmaceutical processing.

Application (Commercial, Domestic, Industrial Refrigeration)

The commercial refrigeration segment in the low GWP refrigerants market is set to garner a notable share shortly owing to the increasing production of cold storage food items across the world. The commercial usage of refrigerators includes usage for storage of food, dairy products, juices, and frozen food, among others is necessary for preserving and distributing food while maintaining food nutrients. In many retail food refrigeration applications, refrigerants provide the best combination of efficiency, environmental friendliness, and safety, also help in maintaining near-zero downtime of the store applications, and reduce food losses by maintaining the precise temperature.

Moreover, international food companies encourage the use of propane refrigerant systems, and commercial refrigerators use the more recent hydrocarbon refrigerant R290 since it is becoming a favored refrigerant. For instance, switching to low GWP alternatives can significantly slow the rate of global warming as huge refrigeration systems can retain thousands of pounds of HFCs and frequently leak at a rate of over 18% per year. According to estimates, in 2022, frozen food sales in the United States reached over USD 70 billion.

Our in-depth analysis of the global market includes the following segments: