SEATTLE, Jan. 7, 2020 /PRNewswire/ -- The global green refrigerants market was valued at US$ 15.00 Billion in 2018, and is expected to double by the end of 2027, growing substantially over the forecast period (2019-2027)".
Key Trends of the Green Refrigerants Market:
Green refrigerants market is expected to witness a significant growth over the forecast period, owing to increasing demand for next generation refrigerants with low global warming potential (GWP) and minimum ozone depletion potential (ODP) due to increase in environmental concerns worldwide over ozone depletion and global warming, technological advancements, and rising application in different sectors.
Industrial and commercial refrigeration segment is expected to witness fastest growth among application segment owing to the surge in consumption of air conditioners, heating pumps, and refrigeration systems due to rapid urbanization in emerging economies. For instance, according to the International Energy Agency (IEA) report, the stock of air conditioners used for cooling purpose in buildings is predicted to rise up to 5.6 billion by the end of by 2050 from 1.6 billion in 2018, globally.
Green refrigerants market observed a growth in demand with the phasing-out of widely used synthetic refrigerants such as CFCs, HCFCs, and HFCs due to international agreements such as Montreal Protocol (1987) and Kigali Amendment (2019), which were implemented with an aim to cut the consumption and production of these synthetic refrigerants and encourage the development of green refrigerants as their replacement in Refrigeration industry. According to United Nations Environment Programme (UNEP), Kigali Amendment is expected to the reduce consumption of HFCs by year 2050. The report also shows that since 2000, the ozone layer is observed to recover at the rate of 1-3% per decade.
Key Market Takeaways:
· Lack of green refrigerant-based equipment technology is expected to hamper growth of food and beverage industry. Companies are now focusing on investing and adopting natural refrigerants-based refrigeration equipment, which uses hydrocarbon and CO2. For instance, some major players in the beverage industry such as Heineken, a Netherland-based brewing company, PepsiCo and Nestlé, multinational giants in food and beverage industry, have migrated towards using these equipment. Moreover, in September 2019, Sanden Intercool Group, one of the leading manufacturers of commercial refrigerant equipment, announced to launch an equipment range based only on natural refrigerants like Hydrocarbons and CO2.
· Asia-Pacific is expected to witness a significant growth in the global market, owing to increase in demand of air conditioning systems in both residential and commercial sector. According to a report published by International Energy Agency (IEA), cooling systems currently contributes 30% to the peak electricity demand in Asia-Pacific. In July 2019, new projects based on green refrigerants were launched by major players in Supermarket industry across different countries of the region such as, Royal Duty Free, a Philippines based duty free supermarket, used R290 (high purity Propane) for cold storage purpose. Furthermore, Indonesia and Thailand are also using R290 (high purity Propane) as working fluid for their heat pumps, chillers, and air conditioner systems. This transition towards green cooling was encouraged by investments from international organizations such as Children's Investment Fund Foundation (CIFF), who funded US$ 20 million for Kigali Cooling Efficiency Program.
Key Players operating in the global green refrigerants market include-
AGC Inc., The Linde Group, ASPEN Refrigerants Inc., Tazzetti S.p.A, Global Refrigerants, Daikin Industries Ltd, Honeywell International Inc., Harp International Ltd., Arkema SA, SRF Limited, and The Chemours Company.
Global Green Refrigerants Market, By Product Type:
Global Green Refrigerants Market, By Application:
Stationary Air Conditioning
Mobile Air Conditioning
Global Green Refrigerants Market, By Region:
Rest of Europe
Rest of Asia Pacific
Rest of South America
Middle East & Africa
Rest of Middle East & Africa
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