Global Low GWP Refrigerants Market to 2023: Phasing Out of CFC, CFC, and HFC Refrigerants Driving Growth
DUBLIN, Feb. 19, 2019 /PRNewswire/ -- The "Low GWP Refrigerants Market by Type (Inorganics, Hydrocarbons, Fluorocarbons), Application (Commercial Refrigeration, Industrial Refrigeration, Domestic Refrigeration), and Region (Asia Pacific, Europe, North America) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
"The low GWP refrigerants market is projected to grow at a CAGR of 11.7% from 2018 to 2023"
The low GWP refrigerants market is projected to reach USD 28.7 billion by 2023 from USD 16.5 billion in 2018, at a CAGR of 11.7% between 2018 and 2023.
This growth can be attributed to the low environmental impact of low GWP refrigerants, phasing out of CFC, HCFC, and HFC refrigerants, and the increasing demand for refrigerants and air conditioners across the globe. High initial capital investments and flammability and toxicity issues related to low GWP refrigerants may restrain the growth of the low GWP refrigerants market.
Low GWP refrigerants are being used increasingly in various sectors due to the implementation of various environmental legislations over HCFC and HFC refrigerants. Low GWP refrigerants such as ammonia, hydrocarbons, and CO2, and Hydrofluoroolefins (HFO), among others, have zero Ozone Depletion Potential (ODP) and very low Global Warming Potential (GWP) along with higher energy efficiency and low cost.
Low GWP refrigerants are chemicals that can be traced to the low GWP bio-chemical process on earth. These substances pose no threat to the ozone layer. They are poised as alternatives to harmful fluorocarbon refrigerants such as HFCs and HCFCs. They also have lower leakage rates when compared with HCFCs and HFCs. The low GWP refrigerants market has a few global players and a number of regional players, such as Linde Group (Germany), Airgas Inc. (US), Puyang Zhongwei Fine Chemicals Co. Ltd. (China), A-Gas International (UK), Sinochem (China), Shangdong Yueon Chemical Co. Ltd. (China), DuPont (US), Mexichem S.A.B. de C.V. (Mexico), Arkema (France), and Harp International (UK), among others.
The low demand has been a restraint for the market in recent years. The enforcement of environmental regulations such as the Montreal Protocol, EU F-Gas regulations, US' new SNAP policy, India's and China's stance toward low GWP refrigerants, among others, have driven the development of the market. Majority of the companies in this market have been focusing on expanding their distribution networks in new and emerging markets to increase their sales margin.
The factors hindering the growth of this market are the high initial cost of low GWP refrigerant-based systems, low volume demand, and the flammability and toxicity issues related to low GWP refrigerants. The need to cut back on emissions due to the visible effects of global warming is an opportunity for the growth of the low GWP refrigerants market.
Inorganics hold the major share of the market because of its use in industrial refrigeration applications. The market for hydrocarbons is projected to witness the highest growth between 2018 and 2023 due to the increasing demand from industrial refrigeration and commercial refrigeration applications.
Various applications, namely, industrial refrigeration, commercial refrigeration, domestic refrigeration, stationary air-conditioning, mobile air conditioning, and others have been studied in each region and their key countries.
The industrial refrigeration application of low GWP refrigerants is estimated to account for the largest share of 43.1%, in terms of volume, in 2018. Commercial refrigeration is expected to be the fastest-growing application between 2018 and 2023 because of the increasing investments for development of cold chain infrastructure around the world.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Low Environmental Impact of Low GWP Refrigerants
5.2.1.2 Phasing Out of CFC, CFC, and HFC Refrigerants
5.2.1.3 Long-Term Viability of Low GWP Refrigerants
5.2.1.4 Increasing Demand for Refrigeration and Air-Conditioning Application
5.2.2 Restraints
5.2.2.1 Higher Initial Capital Cost Requirement
5.2.2.2 Flammability and Toxicity Issues
5.2.3 Opportunities
5.2.3.1 Effects of Global Warming
5.2.3.2 Lower Operating Cost With Higher Performance
5.2.3.3 Technological Advancement for Increasing Performance
5.2.4 Challenges
5.2.4.1 Few Purification Companies
5.2.4.2 Lack of Education and Awareness in Hvac Contractors and Technicians
5.3 R&D in Low GWP Refrigerants
5.4 Porter's Five Forces Analysis
5.5 Policies and Regulations
5.5.1 Europe
5.5.1.1 Eu F-Gas Regulations
5.5.1.2 Montreal Protocol
5.5.1.3 Mac Directive
5.5.2 North America
5.5.2.1 Significant New Alternative Policy (SNAP) By EPA
5.5.3 Asia-Pacific
5.5.3.1 Japan: Revised F-Gas Law
5.5.4 South America
5.5.4.1 Brazil: Label for Commercial Refrigeration Under Discussion
6 Low GWP Refrigerants Market, By Type
6.1 Introduction
6.2 Inorganics
6.2.1 Ammonia
6.2.2 Carbon Di-Oxide
6.2.3 Others
6.3 Fluorocarbons
6.3.1 HFOC
6.3.2 HFCS
6.4 Hydrocarbons
6.4.1 Propane
6.4.2 Isobutane
6.4.3 Others
7 Low GWP Refrigerants Market, By Application
7.1 Introduction
7.2 Commercial Refrigeration
7.3 Industrial Refrigeration
7.4 Domestic Refrigeration
7.5 Stationary Air-Conditioning
7.6 Mobile Air-Conditioning
7.7 Others
8 Regional Analysis
9 Competitive Landscape
9.1 Introduction
9.2 Market Share Analysis
9.3 Competitive Situation & Trends
9.4 Micro Quadrant
10 Company Profiles
10.1 A.S. Trust & Holdings
10.2 A-Gas
10.3 Airgas Inc.
10.4 Arkema
10.5 Brothers Gas
10.6 Chemours
10.7 Daikin
10.8 Deepfreeze Refrigerants
10.9 Ecofreeze International
10.10 Engas Australasia
10.11 GTS
10.12 Harp International
10.13 Honeywell
10.14 Hychill Australia
10.15 Intergas
10.16 Linde Group
10.17 Mexichem
10.18 MK Chemical
10.19 Puyang Zhongwei Fine Chemical
10.20 Shandong Yueon Chemical Industry
10.21 Sinochem Group
10.22 SOL Spa
10.23 Tazzetti
10.24 The Natural Refrigerants Company
For more information about this report visit https://www.researchandmarkets.com/research/k8svxx/global_low_gwp?w=5
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