Low GWP Refrigerants Market worth $13.06 billion by 2031 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Oct. 22, 2026 /PRNewswire/ -- According to MarketsandMarkets™, the Low GWP Refrigerants Market is expected to reach USD 13.06 billion by 2031 from USD 8.17 billion in 2026, at a CAGR of 9.8% during the forecast period.

Browse 238 market data tables and 63 figures spread through 264 pages and an in-depth TOC on the "Low GWP Refrigerants Market - Global Forecast to 2031"

Low GWP Refrigerants Market Size & Forecast:

• Market Size Available for Years: 2023-2031
• 2026 Market Size: USD 8.17 billion
• 2031 Projected Market Size: USD 13.06 billion
• CAGR (2026-2031): 9.8%

Low GWP Refrigerants Market Trends & Insights:

• The global low-GWP refrigerants market is witnessing regional growth, driven by stringent environmental regulations, increasing demand for energy-efficient cooling, and growing adoption of low-GWP refrigerants across refrigeration and air-conditioning applications. Asia Pacific is the largest regional market, supported by rapid industrialization, expanding cold-chain infrastructure, growing food and beverage processing, and increasing demand for refrigeration and air conditioning across China, India, Japan, South Korea, and Southeast Asia. North America holds the second-largest share, supported by the phase-down of high-GWP refrigerants, replacement of existing refrigeration systems, commercial refrigeration, heat pumps, and stringent environmental requirements. Europe is supported by strict refrigerant regulations, increasing adoption of natural refrigerants, and demand for energy-efficient refrigeration and air-conditioning systems. Meanwhile, South America and the Middle East & Africa are experiencing growing demand, driven by industrialization, cold-chain development, commercial refrigeration, air-conditioning infrastructure, and increasing adoption of low-GWP refrigerant technologies across emerging markets.
• The Asia Pacific low-GWP refrigerants market accounted for 42.2% of revenue in 2026, driven by rapid industrialization, expanding pharmaceutical and biotechnology manufacturing, growing semiconductor and electronics production, and increasing demand for advanced filtration solutions across the region.
• The fluorocarbons segment dominated the low-GWP refrigerants market in 2026, accounting for 66.6% of the overall market, in terms of value, owing to their widespread adoption across refrigeration and air-conditioning applications, strong cooling performance, system compatibility, and increasing availability of lower-GWP HFOs and HFC blends.
• The commercial refrigeration application segment accounted for 42.0% of the low-GWP refrigerants market in 2026, in terms of value, driven by expanding retail and food-service infrastructure, increasing demand for energy-efficient refrigeration systems, and the replacement of high-GWP refrigerants.
• Solstice Advanced Materials and The Chemours Company were identified as some of the star players in the low GWP refrigerants market (global), given their strong market share and product footprint.
• Zhejiang Juhua Co., Ltd., among others, have distinguished themselves among startups and SMEs by securing strong footholds in specialized niche areas, underscoring their potential as emerging market leaders.

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The growth of the low-GWP refrigerants market is mainly due to the increased demand from various sectors like industrial, commercial, residential, automotive, etc., for energy-efficient and environmentally friendly cooling solutions. Since they have low global warming potential, they are still very energy-efficient, have good cooling performance, and are environmentally sustainable. Apart from this, very strict environmental regulations by governments at all levels, the phase-down of refrigerants having high GWP, the increasing use of refrigeration and air-conditioning, the growth of cold-chain infrastructure, and the adoption of sustainable cooling technologies are also some major factors that have contributed greatly to the development of this market. On one hand, the introduction of novel refrigeration technologies and better design of the systems have led to the development of equipment operating with low-GWP refrigerants. On the contrary, these types of equipment allow for higher energy efficiency, improved cooling performance, longer operational life, and reliable execution regardless of the conditions. In this way, with these sorts of technological innovations, advanced low-GWP refrigerant technology has become indispensable in modern refrigeration and air-conditioning systems as it contributes to reducing the environmental impact and promoting sustainable cooling operations.

Inorganics is expected to be the fastest-growing type during the forecast period.

Inorganics are expected to be the fastest-growing segment in the low-GWP refrigerants market, primarily because of the increasing use of natural refrigerants such as ammonia and carbon dioxide, which offer low environmental impact and strong thermodynamic performance. The use of inorganic low-GWP refrigerants in systems designed to minimize greenhouse gases while delivering high cooling performance under very rigorous conditions has grown to keep up with rising air conditioning and refrigeration demand. Across many applications, inorganic low-GWP refrigerants are widely used in cold-chain, food processing, industrial refrigeration, and commercial refrigeration. The use of inorganic low-GWP refrigerants is increasing in the industry mainly due to their lower global warming impact, regulatory pressures related to global warming, reduced ozone depletion impact, high cooling efficiency, and their environment-friendly features and application traits.

Commercial refrigeration is expected to be the fastest-growing application during the forecast period.

During the forecast period, Commercial refrigeration is expected to be the fastest-growing technology in the low-GWP refrigerants market. The factors include growing volume consumption of energy-efficient refrigeration equipment, stringent environmental legislation, phase-out of high GWP refrigerants, and an increasing number of supermarkets, retail outlets, restaurants, and other commercial food-service facilities. Low-GWP refrigerants are used in commercial refrigeration applications like display cases, reach-in refrigerators, centralized refrigeration, cold rooms, and other temperature-controlled applications. Growing demand for sustainable cooling, energy-efficient, reliable temperature control, phase-down of refrigerants, and food safety requirements is creating opportunities for low-GWP refrigerant-based commercial refrigeration applications. Also, increasing investments in retail, food distribution, cold-chain, and energy-efficient refrigeration systems are fueling demand for low-GWP refrigerants in commercial applications.

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Asia Pacific is expected to be the fastest-growing region during the forecast period.

Asia Pacific is predicted to be the fastest regional low GWP refrigerants industry, Growing industrialization, urbanization, manufacturing industries, rising air-conditioning penetration, and investments in cold-chain, food processing, commercial refrigeration, and industrial cooling infrastructure are strongly driving the growth of the Asia Pacific low-GWP refrigerants market. Increasing investments in growing refrigeration and cooling infrastructure in China, India, Japan, South Korea, and emerging economies in South-East Asia are fueling the increasing demand for energy-efficient refrigerants. Other applications, such as industrial refrigeration, commercial refrigeration, domestic refrigeration, stationary air conditioning, mobile air conditioning, heat pumps, and cold chain, are also considered to increase the use of low-GWP refrigerants in the region. Growing environmental concerns, phase-down of high-GWP refrigerants, surging demand for energy-efficient cooling appliances, rising use of natural refrigerants and advanced low-GWP refrigerant blends, and existing low-GWP refrigerant alternatives are projected to create healthy opportunities for growth of the Asia Pacific low-GWP refrigerants market.

Asia Pacific is experiencing rapid growth in industrialization, manufacturing, urbanization, and investment in refrigeration and air conditioning, cold-chain, food processing, and industrial cooling infrastructure. The world's leading economies, including China, India, Japan, and Korea, are investing heavily in advanced manufacturing, commercial infrastructure, healthcare facilities, data centers, and energy-efficient cooling systems. Asian countries are also expanding cold-chain networks, refrigerated warehouses, air-conditioning capacity, and industrial refrigeration infrastructure, further increasing demand for environmentally friendly refrigerants. The growing need for energy-efficient cooling, lower global warming potential, regulatory compliance, reliable refrigeration performance, and advances in refrigerant technology are further fueling the adoption of low-GWP refrigerants. As a result, the Asia Pacific region will have the highest growth potential over the forecast period.

Key Players

Leading players in the low GWP refrigerants companies include Solstice Advanced Materials (US), The Chemours Company (US), Daikin Industries, Ltd. (Japan), Arkema (France), Orbia (Mexico), Linde PLC (UK), AGC Inc. (Japan), Dongyue Group (China), Sinochem Holdings (China), and Zhejiang Juhua Co., Ltd. (China).

Investment Funding

The low GWP Refrigerants market is witnessing investment activity driven by manufacturing expansions, capacity additions, and investments in advanced refrigerant technologies. Recent activity reflects continued interest in expanding production capabilities and strengthening low-GWP refrigerant portfolios. The Chemours Company invested approximately USD 80 million to expand Opteon YF production capacity in Texas by approximately 40%, supporting the transition toward lower-GWP refrigerants. Arkema also invested approximately USD 60 million to establish a new 15,000-tonne annual capacity Forane 1233zd production unit in Kentucky, supporting growing demand for low-GWP fluorospecialties. These investments indicate continued strategic interest in the market, with companies focusing on expanding manufacturing capabilities, strengthening supply capacity, and developing advanced low GWP Refrigerants solutions.

Revenue Shift

The Low GWP refrigerants market is experiencing a shift in revenue from conventional high-GWP refrigerant solutions toward advanced, low-GWP, and application-specific refrigerant technologies. The global Low GWP refrigerants market is projected to increase from USD 8.40 billion in 2026 to USD 13.50 billion by 2031, at a CAGR of 10.0%. Much of this growth is expected to concentrate on hydrofluoroolefins, low-GWP hydrofluorocarbon blends, natural refrigerants, and advanced refrigerant solutions. Meanwhile, industrial refrigeration, commercial refrigeration, domestic refrigeration, stationary air conditioning, mobile air conditioning, heat pumps, and cold-chain applications are expected to capture an increasing share of new demand, supported by growing requirements for energy efficiency, lower greenhouse gas emissions, regulatory compliance, reliable cooling performance, and environmentally sustainable refrigeration technologies.

Mergers and Acquisitions

Mergers/acquisitions in the Low GWP refrigerants market for 2025 reflect growing strategic interest in fluorochemical manufacturing, refrigerant production, and portfolio expansion, with companies prioritizing production capabilities, technology platforms, and access to expanding refrigerant applications. Deal activity was supported by increasing demand for low-GWP refrigerants, fluorochemicals, and advanced refrigerant solutions. One notable deal was Zhejiang Juhua Co., Ltd.'s acquisition of a 51% stake in Zibo Feiyuan Chemical Co., Ltd. in January 2024, expanding Juhua's fluorochemical and HFC refrigerant manufacturing platform and creating operating synergies in HFC production and commercialization.

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