The low GWP refrigerants market is witnessing significant growth due to rising demand for refrigeration, air conditioning, and ventilation applications. Furthermore, the potential of low GWP refrigerants to reduce temperature rise while complying with rigorous government regulations and subsidies has fueled the market growth. Adopting new technologies has also contributed to market growth by minimizing emissions and environmental damage.
The high impact of global warming, low cost of operation with improved efficiency, and swift technological advances provide various growth opportunities throughout the forecast period. Recent global environmental efforts, such as the Paris Agreement, European Union F-Gas Regulation, US EPA Significant New Alternatives Policy (SNAP), and Australian Refrigeration Council (ARC) Refrigerant Handling Code of Practice, are increasing the adoption of sustainable industrial processes. Implementing such global regulations aims to help eliminate specific hazardous air pollutants-depleting chemicals that cause significant environmental impact and hence promote the use of low GWP refrigerants.
Furthermore, the government of India plans to adopt a sustainable approach to fulfill the goals of the Paris Agreement by 2030. Considering the country's strong economic growth, the authorities emphasize the importance of reducing greenhouse gas (GHG) emissions as part of a worldwide effort to limit the effects of global warming. The government has partnered with NITI Aayog to develop an India Cooling Action Plan.
The increasing adoption of low GWP refrigeration in industrial refrigeration drives industry growth. Low GWP refrigerants are used as a substitute for traditional refrigerants, which cause ozone depletion and global warming. Adopting low GWP refrigerants in industrial refrigeration assists companies in minimizing their ecological footprint and complying with stringent regulations to minimize carbon dioxide emissions. Low GWP refrigerants are more effective, enabling companies to conserve energy and cut operational costs.
In addition, initiatives by public and private organizations associated with Low GWP Refrigerants are also anticipated to accelerate market expansion. For instance, in January 2022, Honeywell International Inc. announced the launch of Solstice N71 (R-471A), a low GWP refrigerant explicitly developed for industrial and commercial refrigeration in supermarkets and stores. The product adheres to the demands of merchants and vendors seeking low-global-warming products before possible regulation changes. It also adds to Honeywell's Solstice product portfolio, which already includes the popular Solstice N40 refrigerant.
Honeywell International Inc.
DAIKIN INDUSTRIES, Ltd.
The Chemours Company
Harp International Ltd.
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