Green Refrigerants Market to Surpass US$ 30.00 Billion by 2027 - Coherent Market Insights

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:

• In Heating, ventilation, air-conditioning and refrigeration (HVAC&R) industrial sector, data centers play an important role in eliminating usage of these synthetic refrigerants as their cooling and ventilation systems represents around 25-40% of their total electricity usage, according to the U.S. Office of Energy efficiency & renewable energy. 
• Moreover, there is an increase in demand of storage and energy intensive data centers globally due to the rise in adoption of cloud storage facilities in emerging economies. For instance, according to the U.S. Department of Energy, there are around 3 million data centers in United States and they contribute over 2% to the total electricity demand of the country. Chilled water is being used as a replacement for the synthetic refrigerants in cooling systems for data centers as it provides a cheaper, more efficient and sustainable refrigeration solution.

Key Takeaways of the Market:

• Key players are focused on investing on development of different natural refrigerants, which are capable of matching the efficiency of synthetic refrigerants. For instance, SRF Limited, an Indian Fluorochemicals manufacturer, developed R467A, a low-GWP refrigerant blend with non-toxic and lower flammability properties, in September 2019. This refrigerant is designed for mainly Stationary-Air conditioning systems to provide a superior stability and performance
• Asia Pacific has witnessed sales growth around 20% for air conditioning system in the recent past, owing to the rapid urbanization and rise in technological support services in the region. For instance, according to the United Nations Framework Convention on Climate Change (UNFCCC), China led the global energy demand for commercial cooling requirement in buildings across the last two decades. Currently, China manufactures around 70% of all air-conditioners across the globe, which is also reflected by its 25% of contribution in global CO₂
• Moreover, Honeywell, a global leader in production and development of high-performance thermal working fluids and fluorocarbon refrigerants, developed Genetron Performax LT series as replacement for R134A in mobile air conditioning systems. It is low-GWP blend with hydrofluorocarbons (HFC) having non-flammable properties.
• Key players operating in the global green refrigerants market include AGC Inc., The Linde Group, ASPEN Refrigerants Inc., Tazzetti S.p.A, Global Refrigerants, Daikin Industries Ltd, Honeywell International Inc, Harp International Ltd., Arkema SA, SRF Limited, and The Chemours Company.