Global $28.7 Billion Low GWP Refrigerants Market by Type, Application and Region - Forecast to 2023 - ResearchAndMarkets.com

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 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.

Based on type, the hydrocarbon segment is expected to grow
at the highest CAGR

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.

They are flammable in nature and can be explosive as well; this is a
major safety concern associated with the use of hydrocarbon refrigerants
and therefore requires hermetically sealed systems with explosion
protection for electric components.

Commercial refrigeration segment expected to be the
fastest-growing application segment

Commercial refrigeration includes cold displays, refrigerating chambers,
ice machines & cold counters, and condensing units commonly used in
supermarkets, shops, and centralized units. The commercial refrigeration
segment is a rapidly growing sector of the low GWP refrigerants market
as it is characterized by a high refrigerant leakage rate and high
energy consumption.

South America is expected to be the fastest-growing low GWP
refrigerants market

The South American low GWP refrigerants market is driven by development
and growth in Brazil and Chile. The countries have been leading the
region in terms of economic and infrastructural development and are
projected to continue growing despite fluctuations in GDPs. The major
end-use industries in the South American low GWP refrigerants market are
infrastructure, industrial, oil & gas, and automotive.

Market Dynamics

Drivers

• Low Environmental Impact of Low GWP Refrigerants
• Phasing Out of CFC, CFC and HFC Refrigerants
• Long-Term Viability of Low GWP Refrigerants
• Increasing Demand for Refrigeration & Air-Conditioning Application

Restraints

• Higher Initial Capital Cost Requirement
• Flammability and Toxicity Issues

Opportunities

• Effects of Global Warming
• Lower Operating Cost with Higher Performance
• Technological Advancement for Increasing Performance

Challenges

• Few Purification Companies
• Lack of Education & Awareness in HVAC Contractors & Technicians

Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Low GWP Refrigerants Market, By Type

7 Low GWP Refrigerants Market, By Application

8 Regional Analysis

9 Competitive Landscape

10 Company Profiles

• A-Gas
• A.S. Trust & Holdings
• Airgas Inc.
• Arkema
• Brothers Gas
• Chemours
• Daikin
• Deepfreeze Refrigerants
• Ecofreeze International
• Engas Australasia
• GTS
• Harp International
• Honeywell
• Hychill Australia
• Intergas
• Linde Group
• MK Chemical
• Mexichem
• Puyang Zhongwei Fine Chemical
• SOL Spa
• Shandong Yueon Chemical Industry
• Sinochem Group
• Tazzetti
• The Natural Refrigerants Company

For more information about this report visit https://www.researchandmarkets.com/research/qls8gd/global_28_7?w=4

View source version on businesswire.com: https://www.businesswire.com/news/home/20190201005340/en/