The Low GWP refrigerants market is expected to grow from US$ 22.99 billion in 2021 to US$ 49.89 billion by 2028 at a CAGR of 11.7% between 2022 and 2028.
Low GWP refrigerants have various product offerings in different categories as well as applications. The increased awareness regarding the harmful impacts of conventional refrigerants has led to high demand for low GWP refrigerants market. New product offerings such as low GWP synthetic refrigerants are in demand as they are cost-effective. However, natural refrigerants are growing in terms of demand as they have no negative long-term environmental effects. However, issues associated with low GWP refrigerants, such as high-pressure demands, potential flammability, and toxicity, are expected to restrain the market growth due to significant safety considerations.
Major applications of low GWP refrigerants include heat pumps, air conditioning, and refrigeration. Large industrial and commercial heat pumps are used to supply energy to the district or local heating networks. These heat pumps mostly use ammonia-based refrigerants in the natural category; however, the use of synthetic HFO low GWP blends is gaining prominence. The most used natural low GWP refrigerants in air conditioning applications are hydrocarbons (for small residential applications) and ammonia (for larger central air conditioning applications). Moreover, CO2 is being increasingly used in supermarkets for both air conditioning and refrigeration purposes.
The "Global Low GWP Refrigerants Market Analysis to 2028" is a specialized and in-depth study of the low GWP refrigerants industry with a special focus on the global market trend analysis. The report aims to provide an overview of the market with detailed market segmentation by category and application. The global low GWP refrigerants market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the low GWP refrigerants market.
The global low GWP refrigerants market is segmented based on category and application. Based on category, the market is segmented into natural and synthetic. In terms of application, the market is categorized into heat pumps, air conditioning, refrigeration, and others.
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides overview and forecast of the global low GWP refrigerants market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. Each region's low GWP refrigerants market is later subsegmented into respective countries and segments. The report covers analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in the market.
From the regional perspective, Europe dominated the low GWP refrigerants market with ~32% market share in 2021. The dominance can be attributed to the presence of a large number of low GWP refrigerants manufacturers. The key low GWP refrigerant manufacturers in the region include The Danfoss Group, Honeywell International Inc., The Chemours Company, and Arkema Inc. These suppliers witness constant demand from air conditioning and refrigeration manufacturers.
Source: The Insight Partners Analysis
The report analyzes factors affecting the low GWP refrigerants market from both demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's five forces analysis highlighting the factors affecting the low GWP refrigerants market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 outbreak negatively affected the demand for refrigerants globally, which reflected significantly lower volumes of orders among the manufacturers, resulting in a lower production volume. The decline in production volumes adversely affected the businesses of various industry manufacturers, including low GWP refrigerant manufacturers. Thus, the procurement of low GWP refrigerants declined during the initial phase of the spread of COVID-19, negatively impacting the global low GWP refrigerants market growth.
The major decline in demand was witnessed in the commercial section of the chemicals industry. This is due to the drastic closure of public places across North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. However, since 2021, public places have started reopening, and the growth trend is foreseen to continue. This would propel the procurement of low GWP refrigerants, thereby bolstering the market growth.
The report covers key developments in the low GWP refrigerants market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies, such as product launches, product approvals, and patents and events. Inorganic growth strategies in the market are acquisitions, partnerships, and collaborations. These activities have paved the way for business expansion and market players' customer base. The market players in the low GWP refrigerants market are anticipated to have lucrative growth opportunities in the future with the rising demand for low GWP refrigerants. Below is a list of a few companies engaged in the low GWP refrigerants market.
The report also includes the profiles of key low GWP refrigerants market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.
- ?Honeywell International Inc.?Arkema Inc.?Dongyue Group Co. Ltd.?Daikin America Inc.?Shandong Yuean Chemical Industry Co. LTD.?The Chemours Company?Zhejiang Sanmei Chemical Incorporated Company?The Danfoss Group?Zhejiang Quzhou Lianzhou Refrigerants Co., Ltd.?Trust & Holdings, Inc.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.