Low GWP Refrigerants Market To Develop Rapidly And $66.73 Billion By 2032

The global low GWP refrigerants market is predicted to reach USD 26.38 Billion in 2023, with projections indicating that it will reach USD 66.73 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 10.86% over the forecast period 2024-2032. The primary reasons boosting the low GWP refrigerants market are the phasing out of HCFC, CFC, and HFC refrigerants; low environmental effect of low GWP refrigerants; and the rising requirement for air conditioners and refrigerants all over the world.

Major player in the global market comprise Honeywell, Linde Group, Airgas Inc., Sinochem Group, A-Gas, Engas Australasia, Harp International, Puyang Zhongwei Fine Chemical, Shandong Yueon Chemical Industry, Tazzetti, GTS Chemours, HyChill Australia, Daikin, Mexichem, and Arkema.

Hydrocarbon Segment By Type Projected To Developed At The Maximum CAGR Owing To The Rising Requirement From The Industrial Refrigeration Industry

Hydrocarbon refrigerants have outstanding thermodynamic characteristics, and air-conditioning and refrigerating systems operating with the help of these materials are extremely energy-efficient. These refrigerants have a comparatively high critical temperature and are miscible with traditional refrigerating oils. These refrigerants can be explosive too and are flammable in nature. This is a huge security concern related with the employment of these refrigerants and hence needs hermetically packed systems with electric components’ explosion protection.

Commercial Refrigeration Segment By Application Expected To Be The Biggest Section Owing To The Rising Requirement From The Retail Industry

The Kyoto Protocol and Montreal Protocol have led to decline in the employment of environmentally damaging refrigerants, particularly in commercial refrigeration hubs. Plug-in tools, such as vending devices employed in supermarkets and small stores that depend on CO2 and hydrocarbons, have been accessible for a quite some time. In huge supermarkets, cascade systems (refrigeration CO2) are an option to usual HFC systems in moderate and cold weather. Hydrocarbons have also established to be extremely efficient options in most applications below extreme ambient temperatures, excluding bigger condensing units.

Europe Projected To Dominate The Market In The Years To Come

The European low GWP refrigerants market is predicted to undergo high development in the years to come on account of the latest HFC phase out plan/F-gas regulations that dictates the drop in the employment of HFC refrigerants by 2025 by almost 50%. The area also takes pleasure in the highest number of end consumers who have already jumped to low GWP refrigeration systems.

Browse the full “Low GWP Refrigerants Market by Type (Inorganics [Ammonia, Carbon dioxide, and Others], Hydrocarbons [Isobutane, Propane, and Others], and Fluorocarbons [HFCs, and HFOs)], by Application (Commercial Refrigeration, Industrial Refrigeration, Domestic Refrigeration, Stationary Air-Conditioning, Mobile Air-Conditioning, and Others), and by Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 - 2032.” Report at https://www.zionmarketresearch.com/report/low-gwp-refrigerants-market

The global low GWP refrigerants market is segmented as follows:

By Type

• Inorganics
  • Ammonia
  • Carbon dioxide
  • Others (Air, and Water)
• Hydrocarbons
  • Isobutane
  • Propane
  • Others (Butane, Propylene, Ethylene, and Ethane)
• Fluorocarbons
  • HFCs
  • HFOs

By Application

• Commercial Refrigeration
• Industrial Refrigeration
• Domestic Refrigeration
• Stationary Air-conditioning
• Mobile Air-conditioning
• Others (Chillers and Water Heat Pumps)

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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