Low GWP Refrigerants Market to Witness an Outstanding Growth during 2019-2027

From: Fact Market Research
Published: Tue Jul 23 2019

The heating, ventilating, air-conditioning and refrigeration (HVACR) industry is making the steady shift towards low GWP refrigerants, with decisions influenced by an evolving regulatory climate. Fact.MR’s new study, which estimates the low GWP refrigerants market at US$ 18 billion, remains bullish on impressive growth of the low GWP refrigerants market.

According to Fact.MR’s study, penetration of hydrofluorocarbons (HFCs) continues to remain high despite growing research on its harmful impact on the environment. Taking into consideration the environmental impact of HFCs, regulations on its use have become stringent over the years. According to Fact.MR’s study, these factors are likely to provide an impetus to the growth of low GWP refrigerants market in the near future.

An increasing number of developed as well as developing countries are implementing a regulatory framework that puts a check on the production and use of HCFs. Initiatives such as the Montreal Protocol, European Union’s F-gas regulations, and the US Significant New Alternatives Policy (SNAP) program have been successful in curtailing the use of HCFs in a range of applications. The ripple effect of these initiatives and regulations has bolstered the case for low GWP refrigerants, according to Fact.MR.

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Refrigerants are the workhorse of the HVACR industry and leading industry players are promoting the adoption of environmentally sound practices with the phase-out of some high GWP refrigerants. The exponentially growing HVACR industry is expected to remain the bedrock for the low GWP refrigerants market with a substantially high demand in refrigeration applications.

The Fact.MR study finds that the refrigeration applications of low GWP refrigerants accounted for a massive 63% share in the low GWP refrigerants market revenue, equaling over US$ 11.4 billion in 2018. As the adoption of environment-friendly alternatives to high GWP refrigerants is burgeoning in refrigeration applications, the Fact.MR study predicts that demand for low GWP refrigerants will continue to remain high in the foreseeable future.

However, leading manufacturers in the low GWP refrigerants market are increasing their focus on burgeoning demand for low GWP refrigerants in various other applications including chillers. Top-tiered stakeholders in the low GWP refrigerants market, such as The Chemours Company and Daikin Industries Ltd., recently declared their strategies to capitalize on rapidly growing needs for low GWP refrigerants in chillers along with air conditioning applications.

Notable Developments in the Low GWP Refrigerants:

The Chemours Company, an American chemical company in low GWP refrigerants market, announced in July 2018 a US$ 20 million investment in a new low GWP technology-based chiller using Opteon™ XP10 (R-513A) refrigerant. The company declared that with the high-performance and efficient system, the company will successfully minimize the refrigerant GWP by nearly 55% and lower its carbon footprint to even a greater extent.

Honeywell International Inc., an American multinational conglomerate company, unveiled, in June 2018, a nonflammable and low GWP refrigerant – Solstice® N41 (provisional R-466A) – which is mainly suitable for stationary air conditioning applications. The company further announced that the Solstice N41 will soon gain popularity as an R-410A replacement refrigerant and the lowest GWP refrigerant available on the market.

The Danfoss Group, a Danish company, announced the expansion of its Explosive Atmosphere Conditions (ATEX) and flammable refrigerant management lab in Trevoux, France, in September 2018. The company will be expanding the lab by six times its original size—at 3000 m2, and the recent improvements will help the company to reduce CO2 emissions and the effects of climate change by accelerating the use of sustainable and low GWP refrigerants.

Arkema S.A., a French specialty chemicals and advanced materials company, announced in February 2018 that it is transitioning to fluorogases with a low GWP by expanding the range of sustainable high performance solutions, which are mainly designed to replace hydrofluorocarbons (HFCs) in order to comply with recent changes in regulations.

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