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Refrigerants are used in a wide variety of heating, ventilation, air conditioning, and refrigeration (HVAC&R) equipment. The current generation of refrigerants, hydrofluorocarbons (HFCs), have zero ozone depletion potential; however, when released to the atmosphere, they have significant global warming potential (GWP). The growing international emphasis on global warming mitigation has stimulated interest in a new generation of low-GWP refrigerants. In 2014, the United States, Canada and Mexico proposed an amendment to the Montreal Protocol to reduce production and consumption of HFCs by 85% during the period 2016–2035 for Non A5 (developed) countries. Currently the major refrigerant is switching to hydrofluorocarbons (HFCs) which has zero ozone-depletion potential (zero-ODP). Even though HFCs have a zero-ODP, in some cases it has a global warming potential (high-GWP). Very low GWP solutions include carbon dioxide, ammonia, hydrocarbons, HFOs such as R-1234yf, R-1234ze and R1233zd, whereas R32 is a low GWP HFC.
The global low GWP refrigerants market is witnessing significant growth owing to low environmental impact of low GWP refrigerants, phasing out of CFC, HCFC, and HFC refrigerants and the increasing demand for refrigerants and air conditioners. The Montreal Protocol and Kyoto Protocol have led to reductions in the use of environmentally harmful refrigerants, especially in commercial refrigeration plants. Furthermore, lower operating cost with higher performance and technological advancement for increasing performance would further provide significant growth opportunities to this market.
The report analyses the global low GWP refrigerants market based on type, application and geography.
Based on type, the market is categorized into Inorganics including ammonia, carbon di-oxide and others; fluorocarbons including HFOC and HFCS; and hydrocarbons such as propane, isobutane and others. Hydrocarbon refrigerants have excellent thermodynamic properties and refrigerating and air-conditioning systems operating using these substances are highly energy-efficient. Hydrocarbon refrigerants are miscible with conventional refrigerating oils and have a relatively high critical temperature.
Various applications considered in this market are commercial refrigeration, industrial refrigeration, domestic refrigeration. In commercial refrigeration, centralized systems or CO2 cascade systems are an alternative to common HFC systems in cold and moderate climates. Hydrocarbons have also proven to be highly efficient alternatives in most applications under high ambient temperatures, except for larger condensing units.
By geography, the global low GWP refrigerants market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world regions which includes Latin America, and Middle East & Africa. Europe is expected to witness lucrative growth over the forecast period owing to supportive government initiatives. New global environmental initiatives, such as the Paris Agreement, are promoting to the adoption of pro-environment practices in the industrial sector. Implementation of such regulatory policies on the global level is expected support the phasing out specific ozone-depleting substances that are posing serious harm to the environment, and thereby boost the adoption of low CWG refrigerants. Moreover, leading countries in the world are implementing legislation to reduce the negative environmental impacts of ozone-depleting refrigerants and encourage end-users to adopt low GWP refrigerants.
The leading market players of the global low GWP refrigerants market are A.S. Trust & Holdings, A-Gas, Airgas Inc., Arkema, Brothers Gas, Chemours, Daikin, Deepfreeze Refrigerants, Ecofreeze International, Engas Australasia, GTS, Harp International, Honeywell, Hychill Australia, Intergas, Linde Group, Mexichem, MK Chemical, Puyang Zhongwei Fine Chemical, Shandong Yueon Chemical Industry, Sinochem Group, SOL Spa, Tazzetti and the Natural Refrigerants Company. Various mergers & acquisitions, and expansions in chemical industry have in turn made the region a potential growth market for low GWP refrigerants market. Expansions are key growth strategy adopted by major players in this industry. For instance, in June 2018, Honeywell International Inc unveiled a non-flammable and low GWP refrigerant Solstice N41 (provisional R-466A) which is mainly suitable for stationary air conditioning applications.
The global low GWP refrigerants market is segmented based on type, application and geography. Based on type, the market is categorized into Inorganics including ammonia, carbon di-oxide and others; fluorocarbons including HFOC and HFCS; and hydrocarbons such as propane, isobutane and others. Various applications considered in this market are commercial refrigeration, industrial refrigeration, domestic refrigeration. In commercial refrigeration, centralized systems or CO2 cascade systems are an alternative to common HFC systems in cold and moderate climates. Hydrocarbons have also proven to be highly efficient alternatives in most applications under high ambient temperatures, except for larger condensing units. By geography, the global low GWP refrigerants market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world regions which includes Latin America, and Middle East & Africa. Europe is expected to witness lucrative growth over the forecast period owing to supportive government initiatives.
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