Market Overview

The Global Low Global Warming Potential (GWP) Refrigerants Market is expected to reach a value of USD 29,455.6 million in 2023. The market is anticipated to grow with a CAGR of 13.8% for the forecast period (2023-2032).

Low GWP refrigerants are alternatives to conventional refrigerants with significantly lower global warming potential developed in compliance with environmental regulations to reduce direct emissions from cooling equipment.

Market Trends

• Transition towards natural refrigerant types such as hydrocarbons, carbon dioxide, ammonia and water
• Investments into development of next generation HFO and HFC/HFO blends with lower GWP
• Increasing adoption of not-in-kind technologies like absorption, magnetic and air cycle refrigeration

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Market Leading Segmentation

By Type

• Inorganics
o Carbon Dioxide
o Ammonia
o Others
• Hydrocarbons
o Ethane
o Butane
o Isobutane
o Propane
o Others
• Fluorocarbons
o Hydrofluorocarbons
o Hydrofluoro-olefins

By Application

• Domestic Refrigeration
• Industrial Refrigeration
• Commercial Refrigeration
• Others

Market Players

• Linde plc
• Honeywell International Inc.
• Arkema
• Orbia
• Chemours Company
• Daikin Industries Ltd.
• Air Liquide
• AGC, Inc.
• SRF Limited
• Gas Servei
• A-Gas
• GTS SPA
• Other Key Players

Factors Driving Demand

• Regulatory measures like F-Gas regulations and Montreal Kyoto protocols driving low GWP adoption
• Phase-out initiatives for phasing down hydrofluorocarbons (HFCs) over the long term
• Corporate commitments and consumer preference for greener technologies

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Challenges

• Flammability and toxicity issues with some natural refrigerants requiring extensive system modifications
• Lack of global harmonization around regulations hampering long term planning
• Higher costs of developing and transitioning to low GWP alternatives

Opportunities

• Retrofitting existing equipment to lower GWP alternatives providing short term energy efficiency incentives
• Innovation funding and incentives for low GWP refrigerant commercialization
• Underpenetrated applications like automotive presenting future market potential

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