Low GWP Refrigerants Market Trends

  • Report ID: 4167
  • Published Date: Nov 15, 2024
  • Report Format: PDF, PPT

Low GWP Refrigerants Market Trends

Growth Drivers

  • Higher Utilization in the A/C System of Vehicles– Luxury cars are highly in demand Y-O-Y in the modern world and the air conditioning system is becoming mandatory in cars to regulate the temperature, humidity, and airflow.

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.

  • Developing Cold Chain Logistics System- The cold chain depends on refrigerants, and the adoption of low-carbon refrigeration technology is expected to be the main factor in creating a greener cold chain sector by reducing carbon dioxide (CO2) emissions.

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.

  • Lack of Awareness about the Benefits of Low GWP Refrigerants
  • Complex Transformation Procedure from High to Low GWP Refrigerants

Low GWP Refrigerants Market: Key Insights

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Author Credits:  Rajrani Baghel


  • Report ID: 4167
  • Published Date: Nov 15, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of low GWP refrigerants is evaluated at USD 30.15 billion.

The 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. Rising demand for air conditioners for homes and rising concern about global warming will drive the market growth.

Europe industry is estimated to hold largest revenue share of 37% by 2037, impelled by growing government initiatives to eliminate the utilization of HFC refrigerant in the region.

The major players in the market are Linde Plc, Airgas, Inc., Sinochem Holdings Corporation Ltd., Tazetti S.p.A, Arkema S.A., The Chemours Company, A-Gas International Limited, Shandong Yuan Chemical Industry Co., Ltd., Harp International Ltd., Honeywell International Inc.
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