The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The market for low gwp refrigerants is expected to develop at a CAGR of over 7% during the forecast period. The major factor driving the growth of the low gwp refrigerant market is low environmental impact and long-haul suitability of low gwp refrigerant. On the other side, unfavorable conditions arising due to COVID-19 outbreak is anticipated to adversely impact the market studied.
- Low GWP Refrigerant is extensively used in the commercial sectors. Grocery stores, supermarkets, etc. highly depend on refrigerants and is the largest market for low GWP refrigerant.
- Europe is expected to be the largest market due to the large-scale production and heavy consumption of the low gwp refrigerant in the region.
Key Market Trends
Commercial Sector to Boost the Low GWP Refrigerant Market
- Commercial application segment is anticipated to be the largest segment owing to the increasing demand from the retail sector.
- The low global warming potential (GWP) refrigerants have zero ozone exhaustion and can possibly lessen weather change caused due to human activities. A refrigerant is a fundamental liquid that assimilates heat at low temperature and low-pressure later exchanges heat at a higher temperature and higher weight of the liquid.
- The global low GWP refrigerant market is driven by the high usage of refrigeration in the commercial sector. For instance, grocery stores, supermarkets, candy machines utilized in little stores depend on refrigerants and is the largest market for refrigeration sectors.
- In 2019, global revenue from the commercial refrigeration equipment market is projected to be USD 48.9 billion and is forecasted to reach a value of USD 61.4 billion by 2021.
- All the aforementioned factors are expected to drive the low GWP refrigerant market during the forecast period.
Europe to be Largest Market for Low GWP Refrigerant
- Europe region holds a prominent share in the low GWP refrigerant market globally and is expected to dominate the market during the forecast timeline.
- Revenue in the refrigeration segment from the European market is estimated to be USD 16.15 billion in 2020. The market is anticipated to grow at a CAGR of 3.8%.
- In 2020, revenue from the freezers segment in Russia is projected to be USD 396 million. It is anticipated to grow slightly higher than 1 % annually.
- Thus, rising demand from various segments is expected to drive the market studied in the region during the forecast timeframe.
The low gwp refrigerant market is partially fragmented. Some of the players in the market include Linde, Honeywell International Inc, A-Gas, Arkema, and The Chemours Company.
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