Growth Drivers
A refrigerant used in vehicles' air conditioning systems makes a significant contribution to the greenhouse effect and to reduce this effect low-GWP refrigerants such as HFO-1234yf are used in the air conditioning systems which could greatly lessen the total equivalent warming impact.
According to data, over 70% of hydrofluorocarbon (HFCs) released globally come from the motor vehicle air conditioning, AC, and refrigeration industries.
Challenges
Harmful Effects of Low GWP Refrigerants– Low GWP refrigerants are estimated to cause harmful effects on the environment therefore, people are choosing refrigerants with less toxicity, high performance, battery efficiency, low volumetric capacity, and ecofriendly product. This, as a result, is anticipated to hinder the growth of the market.
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
11.8% |
Base Year Market Size (2024) |
USD 27.55 billion |
Forecast Year Market Size (2037) |
USD 117.45 billion |
Regional Scope |
|
Author Credits: Rajrani Baghel
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