A refrigerant is a substance or mixture which is used in a cooling mechanism like an air conditioner or refrigerator. They act as a heat carrier which changes gas to liquid and back in the refrigeration cycle. Ammonia, Sulphur dioxide, and non-halogenated hydrocarbons are a few refrigerants that are used in daily applications. Whereas low global warming potential (GWP) refrigerants have a low environmental impact and it is ruling out all the CFC, HCFC, and HFC refrigerants, increasing demand for refrigerants and air conditioners worldwide is expected to drive the market growth at a high CAGR in the forecast period.
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Market Dynamics
Growth in the end-user industries such as transportation, automotive, oil & gas, and others are boosting the global low GWP refrigerants market growth. Because low GWP refrigerants such as ammonia, hydrocarbons, and CO2, and Hydrofluoroolefins (HFO), among others, have zero Ozone Depletion Potential (ODP) and very low GWP along with higher energy efficiency and low cost.Additionally, the implementation of various environmental legislations over HCFC and HFC refrigerants are driving the market further.which proposed to reduce HFC consumption by 79% over the period 2016-2030.However, factors like a high initial investment of low GWP refrigerant-based systems, low volume demand along flammability and toxicity issues are hindering the global low GWP refrigerants market growth.
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Segment Analysis
Based on the application the global low GWP refrigerant market is broadly segmented as commercial refrigerants, industrial refrigerants, domestic refrigerants, and others. Among all these commercial refrigerants accounted for a major market share in 2018 and are predicted to grow at a high CAGR. Commercial refrigeration includes refrigerating chambers, ice machines & cold counters these are commonly used in supermarkets, shops, and centralized units. Cold storages in supermarkets rely on hydrocarbons and CO2 that have been available for a few years. In supermarkets, refrigeration (centralized systems) CO2 cascade systems are an alternative to common HFC systems in cold and moderate climates. Thus, an increase in the demand for refrigeration in the supermarket is propelling the segment's growth in this market.
Competitive Landscape
Significant players of the global low GWP refrigerants market are Linde Group, Honeywell, Engas Australasia, A-Gas, Tazzetti, HyChill Australia, Chemours, Mexichem, Mitsui, Daikin, Arkema, and others.
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