According to Data Bridge Market Research new Market report, global low GWP refrigerants market will account to an estimated USD 16.40 billion in 2018 growing at a CAGR of 11.83% during the forecast period of 2019 to 2025.
Access Full Report at https://databridgemarketresearch.com/reports/global-low-gwp-refrigerants-market/
Refrigerants are used in many applications of heating, ventilation, air conditions and refrigeration equipment. Hydrofluorocarbons or HFC are the current refrigerants which have zero ozone depletion emission and have significant global warming potential (GWP) when released to the atmosphere. They are the heat carrier which convert gas to light and back to the gas in the process of refrigeration cycle. HVAC& R are the equipment in which refrigerants are used widely. Refrigerants have favorable thermodynamics properties are free from toxicity and flammability.
Global low GWP refrigerants market is segmented on the basis of type, applications and geography.
By Type (Inorganics, Hydrocarbons, Flurocarbons), Applications (Commercial Refrigeration, Industrial Refrigeration, Domestic Refrigeration), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa
FACTORS DRIVING GROWTH IN LOW GWP REFRIGERANTS MARKET
Increasing demand for air conditioner and refrigerators
According to a study, in 2017, 11.41 million refrigerators were shipped in the United States and 1.85 million freezers were shipped in US in same year. In 2016, 10.9 million refrigerators were shipped and 2.04 million freezers were shipped in US and in 2015, 10.3 million refrigerators were shipped and 2.04 freezers were shipped.
In 2017, the demand for room air conditioners stood at 96.05 million units in the global market which was 88.81 million in 2016 and was 86.24 million in 2015. It is expected that the demand is going to increase in upcoming years.
Few of the major competitors currently working in low GWP refrigerants market are Linde Group, Honeywell International Inc., Sinochem, Airgas, Chem., Engas Australasia, A-gas, Puyang Zhongwei Fine Chemical Co., Ltd., Harp International Ltd., Tazzetti S.p.A., The Chemours Company, Mexichem S.A.B. de C.V., Airedale Air Conditioning, Dongyue Group Co., Ltd., Zheijang Juhua Co., Jiangsu Meilan Chemica Co. Ltd..
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Global Low GWP Refrigerants Market– Industry Trends and Forecast to 2026