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Global Low GWP Refrigerants Market is Expected to Reach USD 35.7 Billion by 2025 : Fior Markets

Global Low GWP Refrigerants Market by Type (Inorganics, Hydrocarbons, Fluorocarbons), Application (Commercial Refrigeration, Industrial Refrigeration, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025

/EIN News/ -- Newark, NJ, Feb. 26, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global low GWP refrigerants market is expected to grow from USD 14.3 billion in 2017 to USD 35.7 billion by 2025 at a CAGR of 12.1% during the forecast period from 2018-2025.

The low GWP refrigerants market has been witnessing the steady growth from the past few years, owing to low environmental impact and long term viability of low GWP refrigerants. Energy that the air conditioning and refrigeration sector consumes and ozone-depleting chlorofluorocarbons (CFCs) and hydro chlorofluorocarbons (HCFCs) refrigerants are the major contributor to global climate change. The commercial refrigerants that are commonly used in the air conditioning and refrigeration sectors are dominated by various fluorinated chemicals, including hydrocarbons and HFCs, which adversely impacts the ozone layer. Thus, increasing concern about severe impact on environment, boosting the growth of low GWP refrigerants market in the air conditioning and refrigeration sectors.

The global warming potential (GWP) is defined as a degree of a greenhouse gas released into the atmosphere and benchmarked against CO2 which has a GWP equal to one. It is a measure of the potency of a greenhouse gas relative to carbon dioxide (where carbon dioxide has a GWP value of 1). The HFC refrigerants generally used today have GWP values that are thousands of times larger than that of carbon dioxide. The use of the refrigerants with low global warming potential (GWP) helps to reduce the effect of the refrigeration systems on the global warming. In a future, when GWP values decrease due to phase downs and energy efficiency demands (MEPS) increase, HVACR professionals will focus on using components that allow for the lowest possible charge and technologies with the best cost/performance for a given refrigerant type.

Global low GWP refrigerants market is expected to witness rapid growth over the forecast period, owing to increasing concern over the global warming. In addition to this, less impact on environment through low GWP refrigerant and rising demand for refrigeration and air-conditioning application are the key contributors of the market. However, high capital cost and less education and awareness in HVAC contractors and technicians, anticipated to prove a major restraining factor for the market growth over the forecast period.

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Key players operating in the global low GWP refrigerants market include are Linde Group, Honeywell, Sinochem Group, Airgas Inc., Engas Australasia, A-Gas, and Puyang Zhongwei Fine Chemical¸ Harp International, Tazzetti, Shandong Yueon Chemical Industry, GTS, Chemours, Mexichem, Daikin and Arkema among others. To enhance their market position in the global low GWP refrigerants market, the key players are now focusing on adopting the strategies such as recent developments, product innovation, joint venture, mergers & acquisitions, collaborations, and partnership.

  • For instance, in June 2018, Honeywell International Inc., announced the launch of non-flammable and low GWP refrigerant – Solstice N41 (provisional R-466A), which is mainly suitable for stationary air conditioning applications.
  • In July 2018, The Chemours Company, announce the USD 20 million investment in a new low GWP technology-based chiller using Opteon XP10 (R-513A) refrigerant.
  • In September 2018, The Danfoss Group announced the expansion of its Explosive Atmosphere Conditions (ATEX) and flammable refrigerant management lab in Trevoux, France,

The hydrocarbons segment held the largest market share in low GWP refrigerants market and valued at USD 6.47 billion in 2017

The type segment is classified into hydrocarbons, inorganics, and fluorocarbons. The inorganics are divided into carbon di-oxide, ammonia, and others. The hydrocarbons are categorised as HFCS and HFOC. The fluorocarbons are sub segmented as isobutene, propane, and others. The hydrocarbons segment is dominating the low GWP refrigerants market with USD 6.47 billion in 2017. Hydrocarbons have outstanding thermodynamic properties, and air-conditioning systems and refrigerating operating using these substances are highly energy-efficient. Hydrocarbons have a relatively high critical temperature and are miscible with conventional refrigerating oils.

The commercial refrigeration segment held market share of 28.60% in 2017

The application segment includes commercial refrigeration, industrial refrigeration, domestic refrigeration, stationary air-conditioning, mobile air-conditioning and others. The commercial refrigeration segment held market share of 28.60% in 2017. Commercial refrigeration comprises of cold displays, refrigerating chambers, ice machines & cold counters, and condensing units commonly used in supermarkets, shops and centralized units. The commercial refrigeration segment is growing rapidly as it is characterized by a high refrigerant leakage rate and high energy consumption.

Browse full report with TOC at https://www.fiormarkets.com/report/global-low-gwp-refrigerants-market-by-type-inorganics-375924.html

Regional Segment Analysis of the Low GWP Refrigerants Market

  • North America (U.S. , Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
  • Asia-Pacific (China, Japan India, Rest of APAC)
  • South America (Brazil and Rest of South America)
  • Middle East and Africa (UAE, South Africa, Rest of MEA)

The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Africa. Europe region held the largest market share in the global low GWP refrigerants market and value at USD 5.84 billion in 2017. This is mainly attributed to the various actions have been taken by the governments of countries in Europe for energy conservation and dumping of low GWP refrigerants into landfills and ponds, resulting in more implementation of low GWP refrigerants. North America region is anticipated to grow at highest CAGR in the global low GWP refrigerants, owing to increasing concern over rising temperature and global warming. Furthermore, Middle East and Africa region is anticipated to grow at healthy growth rate in the low GWP refrigerants, as countries such as UAE and Saudi Arabia have one of the largest refrigeration and air conditioning market.

About the report:

The global low GWP refrigerants market is analysed on the basis of value (USD Billion), volume (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

For Instant Purchase:

Customization of the Report:

The report can be customized as per client requirements. For further queries, you can contact us on sales@fiormarkets.com or +1-201-465-4211. Our executives will be pleased to understand your requirements and offer you the best-suited reports.

About Fior Markets

Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.

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Avinash D
Head of Business Development
Phone: +1-201-465-4211
Email: sales@fiormarkets.com
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