Albany, NY -- (SBWIRE) -- 05/22/2019 -- Global Low GWP Refrigerants Market: Overview
Rise application of low GWP refrigerants in industrial refrigeration is one of the key factors driving demand in the global low GWP refrigerants market. Use of low GWP refrigerants also has reduced environmental impact and lower operational cost, which makes the market more lucrative. Further, it phases out HCFC, CFC, and HFC refrigerants and exponential rise in air conditioners are contributing to driving demand in the global low GWP refrigerants market.
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Adding further to the growth factors, the long-term viability of low GWP refrigerants is adding up in the growth of this market. Technological advancements taking place in developing low GWP refrigerants has improved its performance, thus making it more applicable to be used in different industries. Along with these factors, there are various other factors as well that drive demand in this market. Information provided in this report is based on thorough knowledge derived from different sources. These insights will help players to take a better and well-analyzed decision in the forthcoming years.
Global Low GWP Refrigerants Market: Notable Developments
Some of the recent developments seen in the global low GWP refrigerants market include:
Recently, The Chemours Company, publicized its US$ 20 million investment in a new low GWP technology-based chiller by using Opteon™ XP10 (R-513A) refrigerant. With this initiative the company acknowledged that with the help of efficient and high-performance system, it will positively minimize the refrigerant GWP by closely 55%. It also aims to lower down its carbon footprint at a larger extent.
The Danfoss Group recently expanded its flammable refrigerant management lab and Explosive Atmosphere Conditions (ATEX) in Trevoux. Furthermore, the company will also expand the size of the lab by six times at 3000 m2. Along with this, the company is planning to reduce carbon emission by increasing the use of low GWP refrigerants.
Harp International, Linde Group, Tazzetti, Honeywell, Airgas Inc., Sinochem Group, Engas Australasia, Chemours, A-Gas, Shandong Yueon Chemical Industry, HyChill Australia, Puyang Zhongwei Fine Chemical, and GTS are prominent players in the global low GWP refrigerants market.
Global Low GWP Refrigerants Market: Trends and Opportunities
Increasing government initiatives such as efforts made by European Union that adopted regulations to minimize consumption of HFCs by approximately 79% by 2030. The United States' Environment Protection Agency's (EPA) Clean Air Act is also working towards implementation of the hydro chlorofluorocarbons (HCFCs) mainly to reduce consumption of HFCs. These efforts will drive the demand in the global low GWP refrigerants market. Moreover, numerous countries are phasing out the production of HFCs and are largely adopting low GWP refrigerants that will help in expanding growth in the global low GWP refrigerants market.
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Europe to Hold Dominant Position in Global Low GWP Refrigerants Market
Based on geography, the global low GWP refrigerants market covers South America, North America, Europe, Asia Pacific, and the Middle East and Africa as its regions. Of these, the highest demand for low GWP refrigerants is seen in Europe. Governments in the European region are taking major steps for energy conservation. Moreover, dumping low GWP refrigerants into ponds and landfills this results in the increasing use of low GWP refrigerants. These factors have made Europe the key market for the growth of low GWP refrigerants.
South America is also projected to hold a considerable share in the global low GWP refrigerants market. High demand for low GWP refrigerants in Chile and Brazil has increased the dominance of this region. These regions are experiencing high infrastructural and economic development, which is also augmenting the demand in the global low GWP refrigerants market. A large number of end user such as industrial, infrastructure, automotive, and oil & gas for low GWP refrigerants is also fueling growth in this market.
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