Global Low GWP Refrigerant Market to Reach US$ 15.3 Billion by 2032, Stimulated by Changing Climatic Conditions

August 28, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Low GWP Refrigerant Market Report by Type (Inorganics, Hydrocarbons, Fluorocarbons and Fluoro-olefins (HFCs and HFOs)), Application (Commercial Refrigeration, Industrial Refrigeration, Domestic Refrigeration, and Others), and Region 2024-2032,” the global low GWP refrigerant market size reached US$ 8.1 Billion in 2023. Low global warming potential (GWP) refrigerants are a pivotal development in the field of cooling and air conditioning technology. These refrigerants are specifically designed to mitigate the adverse environmental impacts associated with traditional high-GWP refrigerants, which contribute to global warming and ozone layer depletion. They are formulated to have significantly lower emissions of greenhouse gases when compared to their high-GWP counterparts. They play a crucial role in reducing the carbon footprint of cooling systems, thus aligning with global efforts to combat climate change. These refrigerants are used in a wide range of applications, from residential air conditioning units to commercial refrigeration systems and industrial cooling processes.

Global Low GWP Refrigerant Market Trends:

The increasing emphasis on mitigating climate change is driving the global market. Regulatory initiatives and international agreements have increased a shift away from high GWP refrigerants, which contribute significantly to greenhouse gas emissions. This transition towards low GWP alternatives is driving research, development, and adoption of more environmentally friendly refrigerants across various industries. Moreover, consumer awareness and preferences for eco-friendly products are playing a substantial role. As individuals become more environmentally conscious, the demand for products and systems that minimize their carbon footprint has increased. This includes refrigeration and air conditioning systems that employ low GWP refrigerants, which not only align with sustainability goals but also often boast improved energy efficiency and performance characteristics. Also, researchers and manufacturers are continually exploring new compounds and formulations that provide efficient cooling while having a minimal impact on global warming. Looking forward, the market value is projected to reach US$ 15.3 Billion by 2032, expanding at a CAGR of 7.09% during 2024-2032.

Market Summary:

  • Based on the type, the market has been segmented into inorganics, hydrocarbons, and fluorocarbons and fluoro-olefins (HFCs and HFOs). Currently, hydrocarbons represent the largest market segment.
  • On the basis of the application, the market has been divided into commercial, industrial, domestic, and other refrigeration. Among these, commercial refrigeration exhibits a clear dominance in the market.    
  • Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Among these, Asia pacific holds the leading position in the market.  
  • The competitive landscape of the market has also been examined, with some of the key players being A-Gas International Ltd., Arkema, Daikin Industries Ltd., Danfoss A/S, GTS SPA, Harp International Ltd, Honeywell International Inc., Linde plc, Messer Group, Tazzetti S.p.A, and The Chemours Company.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Types Covered Inorganics, Hydrocarbons, Fluorocarbons and Fluoro-olefins (HFCs and HFOs)
Applications Covered Commercial Refrigeration, Industrial Refrigeration, Domestic Refrigeration, Others
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered A-Gas International Ltd., Arkema, Daikin Industries Ltd., Danfoss A/S, GTS SPA, Harp International Ltd, Honeywell International Inc., Linde plc, Messer Group, Tazzetti S.p.A, The Chemours Company, etc.
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Global Low GWP Refrigerant Market to Reach US$ 15.3 Billion by 2032, Stimulated by Changing Climatic Conditions
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