Low GWP Refrigerant Market Outlook
According to the report by Expert Market Research (EMR), “The Global Low GWP Refrigerant Market Size, Share, Analysis, Report and Forecast 2024-2032″,the global low GWP refrigerant market is projected to grow at a CAGR of 9.50% between 2024 and 2032. Aided by the growing demand for hydrocarbon refrigerants and increasing demand for eco-friendly cooling solutions, the market is expected to grow significantly by 2032.
Low GWP refrigerants are substances used in cooling systems and heat pumps that have a minimal effect on the earth’s warming. They play an essential role in reducing greenhouse gas emissions and are commonly used in air conditioning systems, commercial and industrial refrigeration, and heat pumps. Apart from their environmental benefits, low GWP refrigerants offer excellent efficiency, safety, and economic properties, making them a highly valuable element in the global cooling industry.
The increasing demand for environmentally friendly cooling solutions is driving the global low GWP refrigerant market growth. With growing awareness of the environmental impacts associated with high GWP refrigerants, there has been a significant shift towards the adoption of low GWP alternatives. This transition is further supported by regulatory bodies worldwide that are implementing stringent regulations to phase down the use of high GWP refrigerants.
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Furthermore, the rising trend towards energy efficiency has further contributed to the increasing popularity of low GWP refrigerants. As they offer improved energy performance in cooling systems, they help reduce energy consumption and costs, making them a popular choice among end-users.
The expanding applications of low GWP refrigerants in various industries also play a significant role in propelling the low GWP refrigerant market demand. They are extensively used in the HVAC industry for both residential and commercial applications. The automotive industry also employs low GWP refrigerants for air conditioning systems in vehicles, and the food and beverage industry utilise these refrigerants in refrigeration systems for cold storage and transportation.
Moreover, the continuous research and development activities in the field of low GWP refrigerants have led to the introduction of new and improved refrigerants, further accelerating the low GWP refrigerant market expansion. The advent of next-generation low GWP refrigerants with even lower GWP values and better performance characteristics offers immense potential for the market growth in the coming years.
Low GWP Refrigerant Market Segmentation
The market can be divided based on type, application, and region.
Market Breakup by Type
- Inorganics
- Hydrocarbons
- Fluorocarbons and Fluoro-olefins (HFCs and HFOs)
Market Breakup by Application
- Commercial Refrigeration
- Industrial Refrigeration
- Domestic Refrigeration
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Low GWP Refrigerant Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global low GWP refrigerant companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Danfoss A/S
- Arkema
- Honeywell International Inc.
- GTS SPA
- Linde plc
- Others
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