Green Refrigerants Market – Insights

Green refrigerants are the refrigerants which have lower global warming potential and ozone depleting properties as compared to the synthetic refrigerants, which possess a major threat to the ozone layer. The collaborative efforts by countries worldwide is contributing in the process of suppressing the consumption of the widely used group of synthetic refrigerants such as Chlorofluorocarbons (CFCs) and Hydrochlorofluorocarbons (HCFCs), which resulted in depletion of the ozone layer and brought 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).

Among product type, Carbon dioxide-based equipment observed a rise in demand as major companies in Commercial refrigeration sector are encouraging the development of efficient CO2 based refrigeration technology. Owing to its properties such as odorless, non-toxic, and non-flammable, CO2 is used in transcritical refrigeration systems especially in large supermarkets and energy-efficient buildings. For instance, in Oct 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, transport refrigeration is projected to increase in demand due to rise in trading of perishable commodities, food, and medical supplies. Green refrigerants being cheap and efficient solutions for transportation across countries is one of the leading factors for growth of refrigerated transport industry. Technological developments in green refrigerants-based systems aid in avoiding harmful effects of synthetic refrigerants. The main aim of these 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 four 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.

Among regions, Europe has been a key center for research and development of natural refrigerants used in Heating, ventilation, air conditioning and refrigeration (HVAC&R) sector. The main driving factor behind this was the F-gas regulation, which was 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. Moreover, over 150 F-gases with GWPs were banned in the domestic refrigeration and air conditioning sector of Europe to achieve 21% reduction in use of F-gases by 2030.

Figure 1. Global Green Refrigerants Market Share (%), By Region, 2018

Green Refrigerants  | Coherent Market Insights

Source: Coherent Market Insights, 2018-19

Large supermarkets and hypermarkets play a significant role in the growth of green refrigerants market over the forecast period. Leading players are switching their preferences towards manufacturing green refrigerant-based cooling systems. For instance, Carrefour, Europe-headquartered multinational stores, almost shifted its HFC-based refrigeration systems to CO2 based refrigeration systems. By 2017, they had 170 transcritical CO2 based systems functioning across 7 different countries and a total of 418 stores operating with natural refrigerants. Furthermore, key challenge for smaller companies in Commercial refrigeration sector is the difficulty to implement a natural refrigerant based technology especially in regions with warm and humid climate such as South Asia, Middle East, and parts of Latin America due to the higher cost and lower energy efficiencies of green refrigerant-based technologies.

The global green refrigerants market was valued at US$ 15.00 Billion in 2018 and is expected to double by the end of 2027, growing substantially over the forecast period (2019-2027).

Figure 2. Global Green Refrigerants Market Share (%), By Application, 2018

Green Refrigerants  | Coherent Market Insights

Source: Coherent Market Insights, 2018-19

Natural existing refrigerants such as CO2, hydrocarbon, ammonia, hydrofluoroolefins (HFOs), and water are preferred in refrigeration industry especially for residential and commercial cooling and refrigeration purposes in buildings, owing to their low-GWP, minimum ODP, ease of availability, and low cost. The market is expected to record substantial growth over the forecast period (2019 to 2027), owing to rising demand for refrigeration, cooling, and heating systems.

Key companies operating in the global green refrigeration market are focused on expanding their businesses by acquisition of companies involved in green refrigerant- based technologies. For instance, in June 2019, M&M Refrigeration, LLC (M&M), a global leader in industrial refrigeration based in U.S. acquired Carnot Refrigeration (Carnot), a Canada-based company, which specializes in CO2-based transcritical refrigeration for industrial and commercial applications.

Moreover, in April 2019, research teams from Polytechnic University of Catalonia and Chinese Academy of Sciences entered into a collaboration for a research on developing a new variety of refrigerant, which uses colossal ‘baro-caloric effects’, where a solid material is made to undergo temperature changes during the process of compression and expansion. The main aim of the research is to develop cooling systems, which do not use hydrofluorocarbons, as it possess a significant threat to environment for its extremely high GWP equivalent to 2T of carbon dioxide.

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.

Heating, air conditioning, and refrigeration (HVAC&R) industry, globally is witnessing a transition towards green refrigerants or natural or manmade refrigerants with lower carbon footprint and global warming potential (GWP). These refrigerants are used as working fluids in refrigeration systems for heating and cooling purposes. This is attributed to rising concerns over global warming among nations worldwide.

Market Dynamics

Montreal protocol, was implemented by United Nations in 1987, with the aim to cut the consumption and production of synthetic refrigerants like Chlorofluorocarbons (CFCs) and Hydrochlorofluorocarbons (HCFCs) which caused depletion of the ozone layer. This caused a resurgence in demand for Natural refrigerants in refrigeration industry. Moreover, in 1997 Kyoto protocol was globally established by UN to minimize the emissions of Hydrofluorocarbons (HFC) and other greenhouse gases. According to the United Nations Environment Programme (UNEP), the nations involved in the Montreal Protocol eradicated 98% of ozone depleting substances (ODS) by 2018 as compared to their levels in 1990.

Commercial refrigeration segment exhibited a steady growth in Asia-Pacific region in recent past years, owing to urbanization and technological advancements in refrigerant equipment industry. Hypermarket and supermarkets are now upgrading to CO2-based transcritical system technology to limit their CO2 emissions.

Leading companies are also switching over green refrigerants over increased concerns for global warming. For instance, Chemours Company, a global leader in chemical manufacturing and distribution set up the world’s largest green refrigerant manufacturing factory in March 2019 at Texas, U.S. This factory will manufacture Opteon, a line of low-GWP refrigerant series used in stationary air-conditioning and heat pumps.

Companies involved in refrigeration industry still face a difficulty in developing and choosing the right Low-GWP replacements for synthetic refrigerants as they possess flammable and toxic properties, therefore additional safety standards are needed to be ensured.

Key features of the study:

  • This report provides in-depth analysis of Green refrigerants market and provides market size (US$ Billion) and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2019 – 2027), considering 2018 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global green refrigerants market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key Players 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.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
  • The global green refrigerants market report caters to various stakeholders in this industry including investors, suppliers, global green refrigerants manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global green refrigerants market

Detailed Segmentation:

  • Global Green Refrigerants Market, By Product Type:
    • Hydrocarbons
    • Ammonia
    • Carbon dioxide
    • Water
    • Low-GWP Refrigerants
    • Hydrofluoroolefins (HFOs)
  • Global Green Refrigerants Market, By Application:
    • Domestic Refrigeration
    • Commercial Refrigeration
    • Industrial Refrigeration
    • Stationary Air Conditioning
    • Mobile Air Conditioning
    • Transportation Refrigeration
  • Global Green Refrigerants Market, By Region:
    • North America
      • U.S.
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
      • Canada
        • By Product Type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
      • Mexico
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
    • Europe
      • U.K.
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
      • Germany
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
      • France
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
      • Rest of Europe
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
    • Asia Pacific
      • China
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
      • India
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
      • Japan
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
      • Rest of Asia Pacific
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
    • South America
      • Brazil
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
      • Rest of South America
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
    • Middle East & Africa
      • Saudi Arabia
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
      • Rest of Middle East & Africa
        • By Product type:
          • Hydrocarbons
          • Ammonia
          • Carbon dioxide
          • Water
          • Low-GWP Refrigerants
          • Hydrofluoroolefins (HFOs)
        • By Application:
          • Domestic Refrigeration
          • Commercial Refrigeration
          • Industrial Refrigeration
          • Stationary Air Conditioning
          • Mobile Air Conditioning
          • Transportation Refrigeration
  • Company Profiles
    • AGC Inc.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • 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.
    • The Chemours Company

 “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product Type
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
        • Supply Side Drivers
        • Demand Side Drivers
        • Economic Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenarios
      • Industry Trends
      • Mergers and Acquisitions
      • New Product Approvals/Launches
      • Promotion and Marketing Initiatives
    • Cost Tier Down Analysis
  4. Global Green Refrigerants Market, By Product Type, 2019-2027 (US$ Billion)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2019 - 2027
      • Segment Trends
    • Hydrocarbons
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 - 2027, (US$ Billion)
    • Ammonia
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 - 2027, (US$ Billion)
    • Carbon dioxide
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 - 2027, (US$ Billion)
    • Water
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 - 2027, (US$ Billion)
    • Low-GWP Refrigerants
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 - 2027, (US$ Billion)
    • Hydrofluoroolefins (HFOs)
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 - 2027, (US$ Billion)
  5. Global Green Refrigerants Market, By Applications, 2019-2027 (US$ Billion)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2019 - 2027
      • Segment Trends
    • Domestic Refrigeration
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 - 2027, (US$ Billion)
    • Commercial Refrigeration
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 - 2027, (US$ Billion)
    • Industrial Refrigeration
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 - 2027, (US$ Billion)
    • Stationary Air Conditioning
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 - 2027, (US$ Billion)
    • Mobile Air Conditioning
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 - 2027, (US$ Billion)
    • Transportation Refrigeration
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 - 2027, (US$ Billion)
  6. Global Green Refrigerants Market, By Region, 2019-2027 (US$ Billion)
    • Introduction
      • Market Share Analysis, By Region, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, For Regions, 2019 - 2027
    • North America
      • Market Share Analysis, By Country, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2019 - 2027
        • U.S.
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
        • Canada
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
        • Mexico
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
    • Europe
      • Market Share Analysis, By Country, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2019 - 2027
        • U.K.
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
        • Germany
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
        • France
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
        • Rest of Europe
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
    • Asia Pacific
      • Market Share Analysis, By Country, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2019 - 2027
        • China
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
        • India
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
        • Japan
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
        • Rest of Asia Pacific
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
    • South America
      • Market Share Analysis, By Country, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2019 - 2027
        • Brazil
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
        • Rest of South America
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
    • Middle East & Africa
      • Market Share Analysis, By Country, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2019 - 2027
        • Saudi Arabia
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
        • Rest of Middle East & Africa
          • Country Trends
          • Market Size and Forecast, By Product Type, 2019- 2027 (US$ Billion)
          • Market Size and Forecast, By Application, 2019- 2027 (US$ Billion)
  7. Competitive Landscape
    • Heat Map Analysis
    • Market Share Analysis (3x3 Matrix)
    • Company Profiles
      • AGC Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Arkema SA
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • ASPEN Refrigerants Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Daikin Industries Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Global Refrigerants
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Harp International Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Honeywell International Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • The Linde Group
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • SRF Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Tazzetti S.p.A.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • The Chemours Company
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact