Low GWP Refrigerants Industry- Regional Synopsis
European Market Forecast
Europe industry is estimated to hold largest revenue share of 37% by 2037. impelled by the growing government initiatives to eliminate the utilization of HFC refrigerant. The European Parliament has set regulations such as fluorinated greenhouse gases (F-Gas) Regulation to prohibit the use of refrigerants with a global warming potential of more than 2500.
Under this regulation users of refrigeration and air conditioning equipment are subject to legal obligations and to primarily focus on preventing system leaks to reduce emissions. Further, the F-Gas regulation in Europe promotes the adoption of low GWP refrigerants and aims to reduce the EU's F-gas emissions by two-thirds in 2030.
Besides this, The EU's "Green Deal" is a European Commission's strategy to promote a circular economy, to make the EU carbon-neutral by 2050.
APAC Market Statistics
The Asia Pacific low GWP refrigerants market is estimated to be the second largest, during the forecast timeframe led by its international commitments to reduce greenhouse gas emissions. India joined the Kigali Agreement, to eliminate hydrofluorocarbons (HFCs), dangerous greenhouse gases used in air conditioning and refrigeration, and the country is expected to reduce its usage of HFCs by more than 80% by 2047.
In addition, in 2022 the Kigali Amendment (KA) to the Montreal Protocol has been ratified by Singapore, making it the 134th nation to reduce its HFC consumption by 80% over the following 20 years.
