Low GWP Refrigerants Market - Historic Data (2019-2024), Global Trends 2025, Growth Forecasts 2037
Low GWP Refrigerants Market in 2025 is estimated at USD 30.15 billion. The global market size was estimated at over USD 27.55 billion in 2024 and is anticipated to grow at a CAGR of 11.8%, with projections indicating it will exceed USD 117.45 billion by 2037. Europe is forecasted to hit USD 43.46 billion by 2037, impelled by growing government initiatives to eliminate the use of high global warming potential refrigerants, such as the F-Gas Regulation and the EU Green Deal.
The reason behind the growth is impelled by the rising demand for air conditioners for homes and workplaces. The change in climate during summer increases the temperature of the climate and to reduce this heat people buy air conditioners, and cooling fans as air conditioners reduce the heat inside the room by circulating cool air. Even companies buy air conditioners to maintain the temperature of the rooms and the systems i.e. computers and CPUs.
According to statistics, there are more than 1 billion heating, ventilation, and air conditioning (HVAC) units worldwide, and this number will increase by over 5 million by 2030.
The rising concern about global warming is believed to fuel the market growth. Hydrochlorofluorocarbon (HCFC) and chlorofluorocarbons (CFC) are two substances with high GWPs that can trap heat in the lower temperature resulting in climate change and global warming. As a result, there has been a shift in consumer preference for appliances with low GWP refrigerants such as carbon dioxide, ammonia, hydrocarbons, and HFOs as they are more environmentally friendly and have lower global warming potential. For instance, wealthy countries have produced the majority of the world's HFC emissions, which are anticipated to increase threefold by 2030.
