Low GWP Refrigerants Market By Type Inorganics (Carbon Dioxide, Ammonia, Others (Air & Water)), Hydrocarbons, (Propane, Isobutene, Propene, Ethane, Methane, Others), Fluorocarbons (Hydrofluorocarbons (HFCs), Hydrofluoroolefins (HFOs)) By Application (Industrial Refrigeration, Commercial Refrigeration, & Residential Refrigeration) - Global Opportunity Analysis & Industry Forecast, 2022-2027

Report Code: CMR 66512 Report Format: PDF + Excel

Low GWP Refrigerants Market Overview

The Low GWP Refrigerants Market size is forecast to reach US$32.1 billion by 2027 after growing at a CAGR of 11.6% during 2022-2027. Low global warming potential (GWP) refrigerants are gaining traction globally owing to their less environmental impact and provide better energy performance. A wide range of low GWP refrigerants such as hydrocarbons, fluorocarbons, carbon dioxide, and ammonia is used in multiple applications. The low GWP refrigerants find their extensive use in the commercial refrigeration application where they help in preserving various types of food items, pharmaceuticals drugs, and several other products. The demand for commercial refrigeration is expanding with the increasing food production and drug formulation and this is expected to drive the market’s growth during the forecast period. For instance, as per the stats by Investment Promotion and Facilitation Agency, the food processing sector in India is projected to reach USD 470 billion by 2025. The flammability issue with low GWP refrigerants might hamper the market’s growth.

COVID-19 Impact

The low GWP refrigerants market was severely impacted due to the COVID-19 pandemic. The market came across challenges in the form of supply chain scarcity and idling of the factories which hampered the market’s growth. The market players enforced several measures to withstand the unprecedented circumstance amid the pandemic. The market witnessed decent growth towards the end of 2020 with increased food processing and drug formulation. Going forward, the low GWP refrigerants market is projected to witness significant demand owing to the expansion of commercial refrigeration systems.

Report Coverage

The Low GWP Refrigerants Market Report - Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Low GWP Refrigerants Industry. 

By Type: Inorganics (Carbon Dioxide, Ammonia, Others (Air and Water)), Hydrocarbons, (Propane, Isobutene, Propene, Ethane, Methane, Others), Fluorocarbons (Hydrofluorocarbons (HFCs), Hydrofluoroolefins (HFOs))
By Application: Industrial Refrigeration, Commercial Refrigeration, and Residential Refrigeration
By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).

Key Takeaways:

  • Hydrocarbons are leading the low GWP refrigerants market. This type of refrigerant provides an energy-efficient refrigeration system, making them a suitable choice in the market.
  • The commercial refrigeration application is influencing the market’s growth. As per the 2021 report by the European Federation of Pharmaceutical Industries and Associations, medicines production in the European region stood at US$ 302,722 million in 2019 compared to US$ 286,053 million in the previous year.
  • The European region is projected to witness the highest demand for low GWP refrigerants owing to regulations regarding fluorinated greenhouse gas (F-gas)/HFC. As per the data by European Environment Agency, incorporated the Kigali Amendment to the Montreal Protocol which aims to reduce fluorinated gas (F-gas) emissions.

Figure: Europe Low GWP Refrigerants Market Revenue, 2021-2027 (US$ Billion)

Low GWP Refrigerants Market Revenue 

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Low GWP Refrigerants Market Segment Analysis - By Type

The hydrocarbons segment dominated the low GWP refrigerants market in 2021 and is growing at a CAGR of 12.3% during the forecast period. This type of low GWP refrigerant possesses robust thermodynamic properties and allows the cost-effective operation of refrigerating and air-conditioning systems. Owing to such excellent properties, market players and research organizations are focused on the higher use of hydrocarbons. For instance, as per the September 2021 journal by IntechOpen, the use of R600a hydrocarbon increased the refrigeration system’s coefficient of performance by 27.1% compared to R134a fluorocarbon. Such increasing use of hydrocarbons is expected to increase their demand in the market during the forecast period.

Low GWP Refrigerants Market Segment Analysis - By Application

The commercial refrigeration application dominated the low GWP refrigerants market in 2021 and is growing at a CAGR of 12.6% during the forecast period. A wide range of low GWP refrigerants such as hydrocarbons and fluorocarbons are used in large quantities in commercial refrigeration systems. The commercial refrigeration system is comprised of various applications such as cold preservation and safety system for food items, pharmaceutical drugs, and cold chain networks for commercial air conditioners. The commercial preservation application segment is expanding globally with increasing food production, drug formulation, and rising sales of air conditioners and this is expected to drive the market’s growth during the forecast period. For instance, In March 2021, World Bank approved a loan of USD 400 million to China for the China Food Safety Improvement Project. Similarly, according to the July 2020 stats by the United States National Library of Medicine, overall expenditure on the US pharmaceutical grew 5.4% in 2019 compared to the previous year. Such massive growth in the commercial refrigeration application is expected to increase the demand for low GWP refrigerants, in turn driving the market’s growth during the forecast period.

Low GWP Refrigerants Market Segment Analysis - By Geography

The European region held the largest share in the low GWP refrigerants market in 2021, up to 32%. The high demand for low GWP refrigerants is attributed to the F-gas regulations/HFC phase out plan. Hydrofluorocarbons (HFCs) account for the majority of fluorinated greenhouse gas emissions. Owing to such adverse impact of hydrofluorocarbons low GWP refrigerants, the European Union implements EU F-gas Regulation which aims to cut HFCs emissions in the EU by two thirds by 2030. Such regulations regarding greenhouse emissions from fluorinated gas in the region are expected to increase the demand for low GWP refrigerants during the forecast period.

Low GWP Refrigerants Market – Drivers

Expansion of commercial refrigeration applications is driving the market’s growth

Low GWP refrigerants such as hydrocarbons and fluorocarbons like hydrofluorocarbons and hydrofluoroolefins are used extensively in commercial refrigeration systems. The commercial refrigeration system boasts a diverse system that includes food preservation and safety, a cold chain network for pharmaceutical drugs, commercial air conditioners, and many other applications. The commercial refrigeration system is expanding globally with increasing food processing, and drug formulation, and this is expected to propel the market’s growth during the forecast period. For instance, according to the November 2020 stats by FoodDrinkEurope, European Union’s food and drink sector generate a turnover of USD 1.33 trillion and US$ 332.57 billion in value-added, making it European Union’s largest manufacturing industry. Similarly, as per the stats by Invest India, the export of ready to cook, ready to eat and ready to serve accounted for more than USD 2 billion in 2020-21. Such massive growth in the commercial refrigeration application is expected to increase the requirement for low GWP refrigerants, in turn driving the market’s growth during the forecast period.

Increasing demand for hydrocarbons is influencing the market’s growth

Hydrocarbons such as propane, isobutene, propene, among others, account for the highest use in different refrigeration systems ranging from industrial to commercial and residential refrigeration systems. These low GWP refrigerants come with robust properties such as robust thermodynamic properties, the ability to execute efficient refrigeration operations, and require a less energy intensive production process. Such excellent properties allow their higher use in the market. For instance, as per the May 2019 journal by the International Research Journal of Engineering and Technology (IRJET), hydrocarbon refrigerant was used in air conditioners and the result concluded that the cooling capacity of the refrigeration system is more compared to hydro-chlorofluorocarbons HCFC-22. Such increasing demand for hydrocarbons is expected to influence the market’s growth during the forecast period.

Low GWP Refrigerants Market – Challenges

The flammability issue with low GWP refrigerants might hamper the market’s growth

Low GWP refrigerants come with several robust properties such as less environmental impact and better energy performance, however they are associated with flammability issues which have been a challenge in the market and this might hamper the market’s growth during the forecast period. Owing to such flammability issues, various governing bodies regulate the implementation of low GWP refrigerants. The Air Conditioning, Heating, and Refrigeration Institute (AHRI) of the US regulate the use of low GWP refrigerants. According to the November 2019 report by AHRI, Class 3 refrigerants such as propane and butane have higher flammability and faster flame propagation. Such flammability issue of low GWP refrigerants might affect the market’s growth during the forecast period.

Low GWP Refrigerants Market Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the Low GWP Refrigerants Market. Global Low GWP Refrigerants top 10 companies include:

1. Honeywell
2. Linde Group
3. Sinochem Group
4. Airgas Inc.
5. Engas Australasia
6. A-Gas
7. Harp International
8. Tazzetti
9. Chemours
10. Daikin Chemicals

Recent Developments

  • In January 2022, Honeywell announced the launch of its new low GWP refrigerant, Solstice N71 (R-471A), for the supermarket industry.
  • In December 2019, Daikin Chemicals announced the sales launch of its low GWP refrigerant Creard R-448A (R-448A) in Japan for industrial and commercial refrigeration.
  • In February 2019, Chemours announced its plan to start the production of its new Opteon YF (HFO-1234yf) low global-warming-potential refrigerant at its Corpus Christi manufacturing plant in Texas.

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1. Low GWP Refrigerants Market- Market Overview
    1.1 Definitions and Scope
2. Low GWP Refrigerants Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Application
    2.3 Key Trends by Geography
3. Low GWP Refrigerants Market- Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Low GWP Refrigerants Market- Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Low GWP Refrigerants Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis - Major companies
6. Low GWP Refrigerants Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of substitutes
7. Low GWP Refrigerants Market-Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product/Market life cycle
    7.4 Distributors Analysis - Major Companies
8. Low GWP Refrigerants Market Segment Analysis – By Type (Market Size -US$ Million, Billion)
    8.1 Inorganics
        8.1.1 Carbon Dioxide
        8.1.2 Ammonia
        8.1.3 Others (Air and Water)
    8.2 Hydrocarbons
        8.2.1 Propane
        8.2.2 Isobutene
        8.2.3 Propene
        8.2.4 Ethane
        8.2.5 Methane
        8.2.6 Others
    8.3 Fluorocarbons
        8.3.1 Hydrofluorocarbons (HFCs)
        8.3.2 Hydrofluoroolefins (HFOs)
9. Low GWP Refrigerants Market Segment Analysis – By Application (Market Size -US$ Million, Billion)
    9.1 Industrial Refrigeration
    9.2 Commercial Refrigeration
    9.3 Residential Refrigeration
10. Low GWP Refrigerants Market Segment Analysis - By Geography (Market Size -US$ Million / Billion)
    10.1 North America
        10.1.1 USA
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 UK
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 Netherlands
        10.2.6 Spain
        10.2.7 Russia
        10.2.8 Belgium
        10.2.9 Rest of Europe
    10.3 Asia Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 India
        10.3.4 South Korea
        10.3.5 Australia and New Zealand
        10.3.6 Indonesia
        10.3.7 Taiwan
        10.3.8 Malaysia
        10.3.9 Rest of Asia Pacific
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Colombia
        10.4.4 Chile
        10.4.5 Rest of South America
    10.5 ROW
        10.5.1 Middle East
            10.5.1.1 Saudi Arabia
            10.5.1.2 UAE
            10.5.1.3 Israel
            10.5.1.4 Rest of Middle East
        10.5.2 Africa
            10.5.2.1 South Africa
            10.5.2.2 Nigeria
            10.5.2.3 Rest of Africa
11. Low GWP Refrigerants Market-Entropy
    11.1 New Product Launches
    11.2 M&A’s, Collaborations, JVs and Partnerships
12. Low GWP Refrigerants Market- Industry/Segment Competition Landscape Premium
    12.1 Company Benchmarking Matrix- Major Companies
    12.2 Market Share at Global Level- Major companies
    12.3 Market Share by Key Region- Major companies
    12.4 Market Share by Key Country- Major companies
    12.5 Market Share by Key Application - Major companies
    12.6 Market Share by Key Product Type/Product category- Major companies
13. Low GWP Refrigerants Market- Key Company List by Country Premium Premium 
14. Low GWP Refrigerants Market Company Analysis- Business Overview, Product Portfolio, Financials, and Developments
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies*"

LIST OF TABLES

1.Global Low GWP Refrigerants Market, By Type Market 2019-2024 ($M)
1.1 Inorganics Market 2019-2024 ($M) - Global Industry Research
1.1.1 Ammonia Market 2019-2024 ($M)
1.1.2 Carbon Di-Oxide Market 2019-2024 ($M)
1.2 Fluorocarbons Market 2019-2024 ($M) - Global Industry Research
1.2.1 HFOC Market 2019-2024 ($M)
1.2.2 HFCS Market 2019-2024 ($M)
1.3 Hydrocarbons Market 2019-2024 ($M) - Global Industry Research
1.3.1 Propane Market 2019-2024 ($M)
1.3.2 Isobutane Market 2019-2024 ($M)
2.Global Low GWP Refrigerants Market, By Type Market 2019-2024 (Volume/Units)
2.1 Inorganics Market 2019-2024 (Volume/Units) - Global Industry Research
2.1.1 Ammonia Market 2019-2024 (Volume/Units)
2.1.2 Carbon Di-Oxide Market 2019-2024 (Volume/Units)
2.2 Fluorocarbons Market 2019-2024 (Volume/Units) - Global Industry Research
2.2.1 HFOC Market 2019-2024 (Volume/Units)
2.2.2 HFCS Market 2019-2024 (Volume/Units)
2.3 Hydrocarbons Market 2019-2024 (Volume/Units) - Global Industry Research
2.3.1 Propane Market 2019-2024 (Volume/Units)
2.3.2 Isobutane Market 2019-2024 (Volume/Units)
3.North America Low GWP Refrigerants Market, By Type Market 2019-2024 ($M)
3.1 Inorganics Market 2019-2024 ($M) - Regional Industry Research
3.1.1 Ammonia Market 2019-2024 ($M)
3.1.2 Carbon Di-Oxide Market 2019-2024 ($M)
3.2 Fluorocarbons Market 2019-2024 ($M) - Regional Industry Research
3.2.1 HFOC Market 2019-2024 ($M)
3.2.2 HFCS Market 2019-2024 ($M)
3.3 Hydrocarbons Market 2019-2024 ($M) - Regional Industry Research
3.3.1 Propane Market 2019-2024 ($M)
3.3.2 Isobutane Market 2019-2024 ($M)
4.South America Low GWP Refrigerants Market, By Type Market 2019-2024 ($M)
4.1 Inorganics Market 2019-2024 ($M) - Regional Industry Research
4.1.1 Ammonia Market 2019-2024 ($M)
4.1.2 Carbon Di-Oxide Market 2019-2024 ($M)
4.2 Fluorocarbons Market 2019-2024 ($M) - Regional Industry Research
4.2.1 HFOC Market 2019-2024 ($M)
4.2.2 HFCS Market 2019-2024 ($M)
4.3 Hydrocarbons Market 2019-2024 ($M) - Regional Industry Research
4.3.1 Propane Market 2019-2024 ($M)
4.3.2 Isobutane Market 2019-2024 ($M)
5.Europe Low GWP Refrigerants Market, By Type Market 2019-2024 ($M)
5.1 Inorganics Market 2019-2024 ($M) - Regional Industry Research
5.1.1 Ammonia Market 2019-2024 ($M)
5.1.2 Carbon Di-Oxide Market 2019-2024 ($M)
5.2 Fluorocarbons Market 2019-2024 ($M) - Regional Industry Research
5.2.1 HFOC Market 2019-2024 ($M)
5.2.2 HFCS Market 2019-2024 ($M)
5.3 Hydrocarbons Market 2019-2024 ($M) - Regional Industry Research
5.3.1 Propane Market 2019-2024 ($M)
5.3.2 Isobutane Market 2019-2024 ($M)
6.APAC Low GWP Refrigerants Market, By Type Market 2019-2024 ($M)
6.1 Inorganics Market 2019-2024 ($M) - Regional Industry Research
6.1.1 Ammonia Market 2019-2024 ($M)
6.1.2 Carbon Di-Oxide Market 2019-2024 ($M)
6.2 Fluorocarbons Market 2019-2024 ($M) - Regional Industry Research
6.2.1 HFOC Market 2019-2024 ($M)
6.2.2 HFCS Market 2019-2024 ($M)
6.3 Hydrocarbons Market 2019-2024 ($M) - Regional Industry Research
6.3.1 Propane Market 2019-2024 ($M)
6.3.2 Isobutane Market 2019-2024 ($M)
7.MENA Low GWP Refrigerants Market, By Type Market 2019-2024 ($M)
7.1 Inorganics Market 2019-2024 ($M) - Regional Industry Research
7.1.1 Ammonia Market 2019-2024 ($M)
7.1.2 Carbon Di-Oxide Market 2019-2024 ($M)
7.2 Fluorocarbons Market 2019-2024 ($M) - Regional Industry Research
7.2.1 HFOC Market 2019-2024 ($M)
7.2.2 HFCS Market 2019-2024 ($M)
7.3 Hydrocarbons Market 2019-2024 ($M) - Regional Industry Research
7.3.1 Propane Market 2019-2024 ($M)
7.3.2 Isobutane Market 2019-2024 ($M)

LIST OF FIGURES

1.US Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
2.Canada Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
3.Mexico Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
4.Brazil Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
5.Argentina Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
6.Peru Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
7.Colombia Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
8.Chile Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
9.Rest of South America Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
10.UK Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
11.Germany Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
12.France Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
13.Italy Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
14.Spain Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
15.Rest of Europe Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
16.China Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
17.India Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
18.Japan Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
19.South Korea Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
20.South Africa Low GWP Refrigerants Market Revenue, 2019-2024 ($M)
21.North America Low GWP Refrigerants By Application
22.South America Low GWP Refrigerants By Application
23.Europe Low GWP Refrigerants By Application
24.APAC Low GWP Refrigerants By Application
25.MENA Low GWP Refrigerants By Application
26.A-Gas, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Airgas Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Arkema, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Chemours, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Daikin, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Deepfreeze Refrigerants, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Ecofreeze International, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Engas Australasia, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.GTS, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Harp International, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Honeywell, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Hychill, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Intergas, Sales /Revenue, 2015-2018 ($Mn/$Bn)
40.Linde Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
41.Mexichem, Sales /Revenue, 2015-2018 ($Mn/$Bn)
42.MK Chemical, Sales /Revenue, 2015-2018 ($Mn/$Bn)
43.Puyang Zhongwei Fine Chemical, Sales /Revenue, 2015-2018 ($Mn/$Bn)
44.Shandong Yueon Chemical Industry, Sales /Revenue, 2015-2018 ($Mn/$Bn)
45.Sinochem Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
46.SOL Spa, Sales /Revenue, 2015-2018 ($Mn/$Bn)
47.Tazzetti, Sales /Revenue, 2015-2018 ($Mn/$Bn)
48.The Natural Refrigerants Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)