Low GWP Refrigerants Market Size

Low GWP Refrigerants Market size was valued at USD 27.55 billion in 2024 and is expected to reach USD 117.45 billion by 2037, expanding at around 11.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of low GWP refrigerants is evaluated at USD 30.15 billion.

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.