The low GWP refrigerants market size is expected to grow from USD 16.5 billion in 2018 to USD 28.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. The major factors driving the low GWP refrigerants market are 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.
The low GWP refrigerants market has grown at a high pace over the past 5 years owing to the increase in demand for commercial refrigeration. Currently, the low GWP refrigerants market is dominated by various key players, such as Linde Group (Germany), Honeywell (US), Sinochem Group (China), Airgas Inc. (US), Engas Australasia (Australia), A-Gas (UK), Puyang Zhongwei Fine Chemical (China), Harp International (UK), Tazzetti (Italy), Shandong Yueon Chemical Industry (China), HyChill Australia (Australia), GTS (Italy), Chemours (US), Mexichem (Mexico), Daikin (Japan), and Arkema (France).
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New product launches & developments was the most preferred development strategy adopted by companies to strengthen their presence in the low GWP refrigerants market. In June 2018, A-Gas launched a new total solutions packet which includes fire extinguishing agents and expert consulting services in the Australian market.
Linde manufactures refrigerants and offers a wide variety of compressed and liquefied gases, chemicals, equipment, and materials from its 3 divisions, namely, gases, engineering, and other activities. The gases division supplies refrigerants under various local brand names, such as Linde, BOC, AGA, TEGA, AFROX, SIGAS, and TIG. Linde A.G. operates globally in the fluorocarbon, hydrocarbon, and natural refrigerant business through the Linde Gases division.
In October 2018, the Linde Group joined hands in partnership with the Sinochem Group. This partnership is expected to impact growth for Linde in China and further strengthen Linde’s leading position in the global market.
The Sinochem Group manufactures refrigerants, fertilizers, rubber, medicine, and petrochemicals through its 5 reportable segments, namely, chemical, energy, agriculture, real estate, and financial services. The company produces refrigerants in its chemical division. The refrigerants are manufactured from its enterprise companies, namely, Sinochem Lantian Co. Ltd, Sinochem Modern Environmental Protection Chemicals (XI'AN) Co. Ltd, and Sinochem Taicang Chemical Industrial Park.
Honeywell is an American multinational conglomerate that manufactures a variety of products for the aerospace, energy, and chemicals sectors and addresses challenges around energy, safety, security, and global urbanization. In May 2017, Honeywell opened a new plant in Louisiana which is dedicated to the production of the next-generation auto air-conditioning refrigerant, Solstice yf.
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
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