Global Low GWP Refrigerants market research report provides estimation and analysis of the rising trends along with major drivers, restraints, challenges and opportunities in the ABC industry. The report also gives out an idea about the complete background analysis of the industry which comprises of an assessment of the parental market. With the defined base year and the historic year, calculations are carried out in this report. It becomes easy to recognize how the market is going to act upon in the forecast years with the data and information about market definition, classifications, applications, and engagements covered in this Low GWP Refrigerants report.
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Global Low GWP Refrigerants Market, By Type (Inorganics, Hydrocarbons, Flurocarbons), Applications (Commercial Refrigeration, Industrial Refrigeration, Domestic Refrigeration), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)– Industry Trends and Forecast to 2026
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Global low GWP refrigerants market is expected to rise from its initial estimated value of USD 16.40 billion in 2018 to an estimated value of USD 40.11 billion by 2026, registering a CAGR of 11.83% in the forecast period of 2019-2026. Increasing demands for the air conditioners and refrigerators are the major factor for the growth of this market.
Market Definition: Global Low GWP Refrigerants Market
A refrigerant is a substance or mixture which is used in cooling mechanism like air conditioner or refrigerator. They act as a heat carrier which changes gas to liquid and back to gas in refrigeration cycle. One of the most common commercial refrigerants is chloroflurocarbons or CFCs because they have high ozone damaging potential. Ammonia, Sulphur dioxide and non-halogenated hydrocarbons are other refrigerants which are used in other applications. Refrigerants have favourable thermodynamics properties are free from toxicity and flammability.
Competitive Analysis: Global Low GWP Refrigerants Market
Global low GWP refrigerants market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of low GWP refrigerants market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Low GWP Refrigerants Market
Few of the major competitors currently working in low GWP refrigerants market are Linde Group, Honeywell International Inc., Sinochem, Airgas, Chem., Engas Australasia, A-gas, Puyang Zhongwei Fine Chemical Co., Ltd., Harp International Ltd., Tazzetti S.p.A., The Chemours Company, Mexichem S.A.B. de C.V., Airedale Air Conditioning, Dongyue Group Co., Ltd., Zheijang Juhua Co., Jiangsu Meilan Chemica Co. Ltd.
- Low GWP refrigerators have low impact on the environment.
- They have long term viability.
- High initial capital investment cost
- Less awareness and knowledge in Heat, ventilation and air conditioner (HVAC) contractor.
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Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
Segmentation: Global Low GWP Refrigerants Market
- By Type
- By Applications
- Commercial Refrigeration
- Industrial Refrigeration
- Domestic Refrigeration
- By Geography
- North America
- South America
- Middle East and Africa
Key Developments in the Market:
- In November 2018, Mitsui launched their new low- GWP refrigerants R463A and R454C. R463A is made for freezers and fridges while R454C is used for industrial heat pumps. Both the products realises less GWP.
- In July 2018, Honeywell launched their new non-flammable and low GWP refrigerant, Solstice N41 for stationary air conditioning systems. It is energy efficient and environmentally preferable as it has GWP that is 65% lower than R-410A.
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