Market Size of Low GWP Refrigerant Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR (2024 - 2029) | 7.85 % |
Fastest Growing Market | North America |
Largest Market | Europe |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Low GWP Refrigerants Market Analysis
The Low GWP Refrigerant Market size is estimated at 189.81 kilotons in 2024, and is expected to reach 276.96 kilotons by 2029, growing at a CAGR of 7.85% during the forecast period (2024-2029).
The low GWP refrigerant market was negatively impacted by the COVID-19 pandemic. However, the market recovered significantly in 2021, owing to rising applications in pharmaceuticals, residential, commercial, and others.
- The low environmental impact and stringent regulations are likely to be the main driver of the low GWP refrigerant market's growth over the medium term.
- However, the higher flammability and other toxicity characteristics are expected to limit the growth of the low GWP refrigerant market.
- Nevertheless, developments for promoting low GWP refrigerants are likely to create lucrative growth opportunities for the global market soon.
- Europe represents the largest market,with the largest consumption coming from countries such as Germany,United Kingdom, etc.
Low GWP Refrigerants Industry Segmentation
A Low Global Warming Potential (GWP) refrigerant is a refrigerant with a lower environmental impact than traditional refrigerants, which have high GWP values. GWP measures how much a gas contributes to global warming compared to carbon dioxide (CO2). The lower the GWP value of a refrigerant, the less impact it has on the environment.
The market is segmented into type, application, and geography. By type, the market is segmented into inorganics, hydrocarbons, fluorocarbons, and fluoro-olefins (HFCS and HFOS). By application, the market is segmented into commercial refrigeration, industrial refrigeration, domestic refrigeration, and other applications. The report also covers the market size and forecasts for the low GWP refrigerant market in 15 countries across major regions. The market sizing and forecasts for each segment have been done based on volume (tons).
Type | |
Inorganics | |
Hydrocarbons | |
Fluorocarbons and Fluoro-olefins (HFCs and HFOs) |
Application | |
Commercial Refrigeration | |
Industrial Refrigeration | |
Domestic Refrigeration | |
Other Applications |
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Low GWP Refrigerant Market Size Summary
The low global warming potential (GWP) refrigerants market is experiencing a robust growth trajectory, driven by the increasing demand for environmentally friendly solutions in air conditioning and refrigeration applications. This market is gaining traction due to its low environmental impact and the stringent regulations promoting the use of such refrigerants. The recovery from the COVID-19 pandemic has been significant, with rising applications in sectors like pharmaceuticals, residential, and commercial spaces. However, challenges such as higher flammability and toxicity characteristics pose limitations to market expansion. Despite these challenges, ongoing developments and innovations are expected to create lucrative opportunities for growth, particularly in regions like Europe, where countries such as Germany and the United Kingdom lead in consumption.
The market's expansion is further fueled by the growing demand for commercial refrigeration, especially in the food and pharmaceutical industries, which rely heavily on efficient cold chain networks. The shift towards high bay deep-freeze warehouses and the expansion of retail food chains are contributing to the increased demand for low GWP refrigerants. In Germany, the strong manufacturing sector and the significant food and beverage industry create a substantial need for refrigeration, further driving market growth. The market is partially consolidated, with key players like Honeywell International Inc., The Chemours Company, Orbia, Arkema, and DAIKIN INDUSTRIES, Ltd. actively participating in strategic expansions and innovations to meet the rising demand.
Low GWP Refrigerant Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Low Environmental Impact
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1.1.2 Stringent Regulations
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Higher Flammability and Other Toxicity Characteristics
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Type
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2.1.1 Inorganics
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2.1.2 Hydrocarbons
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2.1.3 Fluorocarbons and Fluoro-olefins (HFCs and HFOs)
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2.2 Application
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2.2.1 Commercial Refrigeration
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2.2.2 Industrial Refrigeration
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2.2.3 Domestic Refrigeration
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2.2.4 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Low GWP Refrigerant Market Size FAQs
How big is the Low GWP Refrigerant Market?
The Low GWP Refrigerant Market size is expected to reach 189.81 kilotons in 2024 and grow at a CAGR of 7.85% to reach 276.96 kilotons by 2029.
What is the current Low GWP Refrigerant Market size?
In 2024, the Low GWP Refrigerant Market size is expected to reach 189.81 kilotons.