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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.