Low GWP Refrigerants Market Recent Developments, Research Analysis Forecast 2034

The global Low GWP refrigerants market is expected to surge from USD 29.5 billion in 2024 to USD 88.5 billion by 2034, registering a robust CAGR of 11.5%. This growth is driven by tightening environmental regulations, rising demand for sustainable cooling solutions, and the phasing down of high-GWP refrigerants under international protocols such as the Kigali Amendment.

Key Market Growth Drivers

  • Environmental Regulations: Policies promoting eco-friendly refrigerants, especially in North America and Europe, are accelerating the shift toward low GWP alternatives.
  • Commercial Cooling Demand: Increasing use in HVAC systems, supermarkets, and refrigerated transport is pushing the adoption of low-impact alternatives.
  • Technological Innovations: Continuous R&D is enabling efficient and safer formulations like HFOs (Hydro fluoroolefins) and natural refrigerants (CO₂, ammonia).

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Challenges and Restraints in the Low GWP Refrigerants Market
Despite rapid growth, the low GWP refrigerants market faces key limitations:

·         High Costs: Natural refrigerants like CO₂ and ammonia require specialized systems, insulation, and safety measures, raising installation and operational expenses.

·         Regulatory Inconsistency: Varying global regulations hinder adoption, especially in developing regions where unclear policies confuse suppliers and delay implementation.

·         Retrofitting Challenges: Existing HVAC systems are difficult and costly to adapt, particularly for small and medium enterprises lacking capital for upgrades.

·         Safety & Training Gaps: Some low-GWP refrigerants are flammable or toxic, requiring skilled technicians and proper safety protocols, which are often lacking.

·         Supply Chain Constraints: Global disruptions impact the availability of components needed for low-GWP system deployment.

Country-wise Insights
United States Market Outlook

“Eco-Innovation Spurs U.S. Market Growth”
The U.S. market is poised to expand steadily, backed by proactive government regulations and high adoption in commercial and industrial refrigeration. The EPA’s SNAP program and incentives for energy-efficient appliances are key growth enablers. Market players are focusing on low-toxicity, non-flammable, and low-GWP blends suited for varied applications.

Competitive Landscape

Key Players:

  • Honeywell International Inc.
  • Arkema S.A.
  • The Chemours Company
  • Daikin Industries, Ltd.
  • Linde Group
  • A-Gas
  • Mexichem
  • Sinochem
  • Zhejiang Yonghe Refrigerant Co.

These companies are investing heavily in R&D to develop next-generation refrigerants that meet global sustainability targets while ensuring safety and performance. Partnerships with appliance manufacturers and expansions into emerging markets are common strategies.

Key Company Offerings – Low GWP Refrigerants Market

·         The Chemours Company: Offers Opteon™ refrigerants for auto and commercial use; focuses on innovation and regulation.

·         Honeywell: Provides Solstice® eco-friendly, non-flammable refrigerants with high energy efficiency.

·         Daikin Industries: Creator of R-32; integrates energy-efficient HVAC and refrigerants.

·         Arkema S.A.: Supplies Forane® refrigerants for A/C and heat pumps; prioritizes safety and resource optimization.

·         Orbia (Mexichem): Offers Klea® refrigerants for automotive and cooling sectors; focuses on scalable, cost-effective solutions.

·         Emerson Electric: Provides compressors compatible with low GWP refrigerants; invests in system performance.

·         Danfoss: Develops energy-efficient components for CO₂ and low GWP refrigerants.

·         A-Gas Americas: Focuses on refrigerant recovery and reclamation to support circular use.

·         Air Liquide: Produces synthetic low GWP refrigerants; expanding global supply capacity.

·         Zhejiang Sanmei: Manufactures innovative low GWP blends; emphasizes chemical efficiency.

Recent Developments

January 2024 – Honeywell launched Solstice® N71, a low-pressure, ultra-low GWP refrigerant ideal for commercial chiller systems, with a GWP of <150.

September 2023 – Chemours announced a multi-million-dollar investment to expand its Opteon™ production capacity, addressing surging global demand for low-GWP refrigerants.

Segmentation of Low GWP Refrigerants Market

  • By Type :

o    Inorganics

§  Ammonia

§  Carbon Dioxide

§  Sulfur Dioxide

§  Ethyl Chloride

§  Methyl Chloride

§  Others

o    Fluorocarbons

§  Chlorofluorocarbons

§  Hydro-Chlorofluorocarbons

§  Hydro-Fluorocarbons

§  Hydro-Fluoro olefin

o    Hydrocarbons

§  Propane

§  Isobutane

§  Propylene

§  Others

  • By Application Type :

o    Refrigeration

§  Residential Refrigeration

§  Small Self-Contained Refrigeration

§  Large Self-Contained Refrigeration

§  Walk-in Refrigeration

§  Supermarket Refrigeration

§  Transport and Industrial Refrigeration

o    Air Conditioning

§  Residential Air Conditioning

§  Commercial Air Conditioning

§  Mobile Air Conditioning

o    Chillers

§  Centrifugal Chillers

§  Scroll/Screw Chillers

 

  • By GWP Index :

o    Less than 150 GWP

o    150 to 700 GWP

o    More than 700 GWP

 

  • By Region :

o    North America

o    Latin America

o    Western Europe

o    Eastern Europe

o    East Asia

o    South Asia & Pacific

o    Middle East & Africa

 

Future Outlook (2025 to 2035)
The low GWP refrigerants market is entering a phase of regulatory-driven transformation, with innovation at its core. Natural refrigerants and HFOs are set to dominate, as governments and industries strive to reduce climate impact. By 2035, the industry is likely to be shaped by digital monitoring, lifecycle management, and closed-loop systems designed for sustainability.

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