Green refrigerants market
Green Refrigerants Market, By Product Type (Hydrocarbons, Ammonia, Carbon dioxide, Water, Low-GWP Refrigerants, and Hydrofluoroolefins (HFOs)), By Application (Domestic Refrigeration, Commercial Refrigeration, Industrial Refrigeration, Stationary Air Conditioning, Mobile Air Conditioning, and Transportation Refrigeration), and By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa)
- Apr 2023
- CMI3266
- 160 Pages
- Excel & Pdf
- Consumer Goods
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 | ||
|---|---|---|---|
| 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
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
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
- In December 2022, A-Gas’, new separators will be operational in early 2023 and will be more than double the separation capacity at the current site- addressing a critical need highlighted by the NGO report.
- In January 2022, Honeywell, launched a new non-flammable energy-efficient Solstice N71 (R-471A) refrigerant to meet the stringent regulations regarding reducing greenhouse gas emissions
- In April 2021, TEGA GmbH, acquired the Austria-based refrigerants business of Linde. With this acquisition, TEGA will form a closer relationship with Austrian natural refrigerants consumers.
- In February 2020, The Chemours Company, announced the successful installation of the Opteon refrigerant at the Pepsi Center, home of the Colorado Avalanche.
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.
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- 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)
- Report Description
- 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
- Drivers
- Cost Tier Down Analysis
- Market Dynamics
- Global Green Refrigerants Market, By Product Type, 2017-2030, (US$ Billion)
- Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2017-2030
- Segment Trends
- Hydrocarbons
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Billion)
- Ammonia
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Billion)
- Carbon dioxide
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Billion)
- Water
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Billion)
- Low-GWP Refrigerants
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Billion)
- Hydrofluoroolefins (HFOs)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Billion)
- Introduction
- Global Green Refrigerants Market, By Application, 2017-2030, (US$ Billion)
- Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2017-2030
- Segment Trends
- Domestic Refrigeration
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Billion)
- Commercial Refrigeration
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Billion)
- Industrial Refrigeration
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Billion)
- Stationary Air Conditioning
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Billion)
- Mobile Air Conditioning
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Billion)
- Transportation Refrigeration
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2030, (US$ Billion)
- Introduction
- Global Green Refrigerants Market, By Region, 2017-2030, (US$ Billion)
- Introduction
- Market Share Analysis, By Region, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, For Region, 2017-2030
- North America
- Market Share Analysis, By Country, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, For Country, 2017-2030
- U.S.
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- Canada
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030, (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- Mexico
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- U.S.
- Europe
- Market Share Analysis, By Country, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, For Country, 2017-2030
- U.K.
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- Germany
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- France
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- Rest of Europe
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- U.K.
- Asia Pacific
- Market Share Analysis, By Country, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, For Country, 2017-2030
- China
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- India
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- Japan
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- Rest of Asia Pacific
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- China
- Latin America
- Market Share Analysis, By Country, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, For Country, 2017-2030
- Brazil
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- Rest of Latin America
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- Brazil
- Middle East & Africa
- Market Share Analysis, By Country, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, By Country, 2017-2030
- Saudi Arabia
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- Rest of Middle East & Africa
- Country Trends
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017- 2030 (US$ Billion)
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017- 2030 (US$ Billion)
- Saudi Arabia
- Introduction
- 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
- AGC Inc.
- Section
- References
- Research Methodology
- About us and Sales Contact
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
- Latin 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 Latin 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