The global green refrigerants market was valued at US$ 15.00 billion in 2018, according to the Global Green Refrigerants Market report, 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, South America, Asia Pacific, Europe, and Middle East & Africa) published by Coherent Market Insights.
Refrigerants are fluids that are capable of changing their state from liquid to vapour and vice versa at low temperatures and are used in cooling systems for air conditioning, ventilating, heating, and product-preserving purposes. Initially natural occurring refrigerants like hydrocarbons, ammonia and carbon dioxide were used for cooling and refrigeration purposes, these were followed up by the synthetic refrigerants such as Chlorofluorocarbons (CFCs), Hydrochlorofluorocarbons (HCFCs), and Hydrofluorocarbons (HFCs) which widely used in refrigeration industry but due to their high-ozone depleting potential (ODP), they owed a major threat to the ozone layer and led to its depletion.
However, HFCs do not cause ozone depletion but still have a significant global warming potential (GWP), as they contribute in causing global warming by trapping heat in the atmosphere. These factors lead to increase demand for next generation low-GWP refrigerants with minimum ozone depleting potential (ODP). These refrigerants possess a very Low-GWP, therefore providing a sustainable alternative to synthetically manufactured refrigerants, which is expected to drive market growth over the forecast period.
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Key Trends and Analysis of the Global Green Refrigerants Market:
Key Takeaways of the Market:
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