Global green refrigerants market was valued at US$ 18.8 Billion in 2022 and is expected to reach US$ 32.1 Billion by 2030, exhibiting CAGR of 6.92% over the forecast period (2023-2030).
The collaborative efforts by countries worldwide is contributing to process of suppressing the consumption of synthetic refrigerants such as Chlorofluorocarbons (CFCs) and Hydrochlorofluorocarbons (HCFCs) that leads to depletion of the ozone layer and made climatic changes due to global warming. Moreover, Montreal Protocol, an international treaty finalized in 1987 by nations to protect the ozone layer from depletion, restricted the usage of these synthetic refrigerants and encouraged development of refrigerants with minimal global warming potential (GWP) and ozone depleting potential (ODP).
Global Green Refrigerants Market: Drivers
Phasing Out of HCFC (Hydrochlorofluorocarbons) and HFC (Hydrofluorocarbons) Refrigerants
Major initiatives aimed at developing new variants of natural refrigerants with better performance qualities and increased functionality is expected to drive the market growth. All these developments are a reaction to phasing out of HCFC (Hydrochlorofluorocarbons) and HFC (Hydrofluorocarbons) refrigerants, and this is expected to boost demand for green refrigerants.
Increasing Awareness Regarding Environmental Issues
Increasing consumer purchasing capacity and awareness regarding environmental issues caused by chemicals are expected to drive the market growth. Increasing demand for green refrigerants such as saturated and saturated hydrocarbons is expected to drive the market growth, owing to its advantages such as minimum ozone depletion potential and low global warming potential and other benefits combined with high investments for research and development by key market players.
Green Refrigerants Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2022 | Market Size in 2022: | US$ 18.8 Bn |
Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 |
Forecast Period 2023 to 2030 CAGR: | 6.92% | 2030 Value Projection: | US$ 32.1 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
AGC Inc., Arkema SA, ASPEN Refrigerants Inc., Daikin Industries Ltd, Global Refrigerants, Harp International Ltd., Honeywell International Inc., The Linde Group, SRF Limited, Tazzetti S.p.A., and The Chemours Company. |
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Growth Drivers: |
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Restraints & Challenges: |
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Global Green Refrigerants Market: Restraints
High Cost of Installation and Waste of Energy
Refrigerants is a most important part of a day-to-day activity Increasing demand and initiatives by various non-profit organizations is expected to drive the market growth but factors like the high cost of installation and waste of energy combined with technical glitches is expected to hamper the market growth.
Figure 1. Global Green Refrigerants Market, By Application,2022
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Global Green Refrigerants Market Segmentation
Among product type, carbon dioxide segment held a dominant position due to its demand, as major companies in commercial refrigeration sector are encouraging the development of efficient CO2 based refrigeration technology. CO2 is used in transcritical refrigeration systems especially in large supermarkets and energy-efficient buildings, owing to its properties such as odorless, non-toxic, and non-flammable. For instance, in October 2019, Huurre Group Oy, a manufacturer of CO2 based refrigeration systems, was acquired by Caverion, a Finland-based refrigeration business firm involved in providing sustainable and energy-efficient building solutions.
Among application, transportation refrigeration has high demand due to rising trading of perishable commodities, food, and medical supplies. Green refrigerants are cheap and efficient solutions for transportation across countries. Technological developments in green refrigerants-based systems helps in avoiding harmful effects of synthetic refrigerants. The main aim of this refrigerated transport carriers is to maintain the product quality and minimalize losses due to food spoilage. According to an International Institute of Refrigeration (IIR) report, around 4 million refrigerated vehicles function across the globe. However, lack of infrastructure in emerging economies, expensive product maintenance, and inflation in fuel costs are expected to hamper the segment growth over the forecast period.
Figure 2. Global Green Refrigerants Market, By Region, 2022
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Global Green Refrigerants Market: Regional Analysis
Among region, Europe is the key center for research and development of natural refrigerants that are used in heating, ventilation, air conditioning, and refrigeration (HVAC&R) sector. F-gas regulation implemented by European Union in 2015, with an aim to reduce emissions of Fluorinated greenhouse gases due to refrigerant leaks and degradation of refrigeration and cooling appliances is expected to drive the market growth in this region. Moreover, over 150 F-gases with GWPs were banned in the domestic refrigeration and air conditioning sector of Europe to achieve 21% reduction in usage of F-gases by 2030.
Global Green Refrigerants Market: Recent Developments
Global Green Refrigerants Market: Key Companies
Key companies operating in the global green refrigerants market include AGC Inc., Arkema SA, ASPEN Refrigerants Inc., Daikin Industries Ltd, Global Refrigerants, Harp International Ltd., Honeywell International Inc., The Linde Group, SRF Limited, Tazzetti S.p.A., and The Chemours Company.
*Definition: Green refrigerants are the refrigerants that have lower global warming potential and ozone depleting properties as compared to the synthetic refrigerants, which possess a major threat to the ozone layer.
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About Author
Sakshi Suryawanshi is a Research Consultant with 6 years of extensive experience in market research and consulting. She is proficient in market estimation, competitive analysis, and patent analysis. Sakshi excels in identifying market trends and evaluating competitive landscapes to provide actionable insights that drive strategic decision-making. Her expertise helps businesses navigate complex market dynamics and achieve their objectives effectively.
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