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저GWP 냉매 시장 보고서 : 동향, 예측 및 경쟁 분석(-2035년)

Low GWP Refrigerant Market Report: Trends, Forecast and Competitive Analysis to 2035

발행일: | 리서치사: 구분자 Lucintel | 페이지 정보: 영문 150 Pages | 배송안내 : 3일 (영업일 기준)

    
    
    




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한글목차
영문목차

저GWP 냉매 시장

세계 저GWP 냉매 시장의 전망은 밝으며, 상업용 냉장, 산업용 냉장, 가정용 냉장, 고정형 공조 및 이동형 공조 각 시장에서 기회가 예상됩니다. 전 세계 저GWP 냉매 시장은 2027년 168억 달러에서 2035년에는 약 448억 달러에 달할 것으로 예상되며, 2027년부터 2035년까지의 연평균 성장률(CAGR)은 10.8%에 이를 전망입니다. 이 시장의 주요 성장 촉진요인으로는 상업용 공조 제품의 이용 확대, 광범위한 산업 분야에서의 고효율 냉동 기술에 대한 수요, 탄화수소의 이용 확대, 그리고 새로운 저GWP 냉매의 개발 등이 꼽힙니다.

  • Lucintel의 예측에 따르면, 유형별로는 탄화수소 부문이 예측 기간 동안 가장 높은 성장률을 보일 것으로 전망됩니다. 이는 탄화수소 냉매가 뛰어난 열역학적 특성을 지니고 있으며, 이러한 물질을 사용하여 가동되는 냉장·공조 시스템이 에너지 효율이 매우 뛰어나기 때문입니다.
  • 용도별로는 냉각 수요 증가, 높은 GWP 냉매로부터의 대체, 그리고 신규 공조 기기에서 저GWP 대체 냉매의 채택 확대에 힘입어, 고정형 공조 시스템이 예측 기간 동안 가장 높은 성장률을 보일 것으로 전망됩니다.
  • 지역별로는 동남아시아, 인도, 중국의 각국에서 급속한 인구 증가, 도시화, 경제 발전에 더해 친환경적이고 에너지 효율이 높은 냉각 시스템에 대한 수요가 높아지고 있어, 예측 기간 동안 아시아태평양(APAC)이 최대 시장 규모를 유지할 것으로 전망됩니다.

저GWP 냉매 시장의 새로운 동향

2027년까지의 GWP(저지구온난화계수) 냉매 시장의 변화는 주로 냉매 시스템의 재설계에 의해 주도될 전망입니다. 2025년까지 주로 정부 규제를 준수하기 위한 목적으로 저GWP 시스템으로의 전환이 지속될 것입니다. 저GWP 냉매와 천연 냉매의 혼합은 상업용 및 운송용 냉장·공조 시스템과 히트 펌프 시스템에서 점점 더 보편화될 것으로 예상됩니다.

  • 천연 냉매 : EU의 F가스 규제(고 GWP 물질의 단계적 감축)는 2025년 이후 CO2, 암모니아, 탄화수소의 이용에 유리한 비즈니스 환경을 조성했습니다. 주거용 프로판 히트 펌프는 시장에서 널리 받아들여지게 되었습니다.
  • 규제 변경 : 몬트리올 의정서의 키가리 개정으로 인해 일부 개발도상국에서도 유사한 HFC 단계적 감축 노력이 촉진되었습니다. EU의 개정된 F가스 규제 또한 이러한 변화를 뒷받침했습니다. 그 결과, 2025년부터 2027년까지 에너지 효율이 높은 새로운 장비로의 급속한 전환이 진행될 전망입니다.
  • 에너지 절약형 시스템 : 주거용 HVAC 시스템의 수리, 교체 및 신축 공사에서는 시스템의 에너지 효율에 대한 관심이 높아질 것입니다. 가변 속도 시스템은 열회수 제어 및 GWP 값이 낮은 냉매를 통해 성능이 더욱 향상될 것입니다. 시스템 운영 비용 절감은 사용자의 수용을 촉진하는 요인이 될 것입니다.
  • 안전을 중시한 설계 : 가연성 A2L 및 A3 냉매의 경우, 엄격한 충전량 제한 및 누출 감지 외에도 설치 작업 시 기타 변경 사항과 더불어 안전 시스템의 설계 및 설치가 의무화됩니다. 2025년에는 미국 기준에 따라 신규 시스템에서 경도 가연성 냉매인 R-454B 및 R-32의 사용이 허용됩니다. 향후에는 화재의 영향을 억제하기 위한 안전 시스템의 설계 및 설치가 시스템에 요구될 것입니다.
  • 순환형 공급망 : HFC 및 기타 냉매 사용 감소에 따라 냉매 회수 및 재활용의 필요성이 높아집니다. 미국 환경보호청(EPA)의 ‘기술 전환 규정’에서는 2024년까지 HFC를 40% 감축할 것을 의무화하고 있습니다. 이에 따라 2025년 이후 HFC의 가치가 높아질 것으로 예상됩니다. R50 HFO 냉매는 시스템의 충전량, 중량, 부피를 줄일 잠재력을 지니고 있어, 더 소형화되고 고효율적인 시스템을 제조할 기회를 제공할 수 있습니다. 규제 변경은 기존 시스템에서 새로운 시스템으로의 전환을 촉진하고, 총 소유 비용(TCO)에 대한 관심을 높일 것입니다. 첨단 안전 시스템과 엔지니어링 설계는 선구자로서의 우위를 확립하는 데 필수적입니다.

2020년부터 2030년까지 HVAC 업계에서 경쟁력을 유지하기 위해서는 제조업체가 에너지 효율, 안전성, 시스템 신뢰성을 결합하고 업계의 다양한 요구에 부응하도록 설계된 완벽한 시스템을 통합해야 합니다. 또한 기업들은 냉매 회수 및 재활용을 용이하게 하는 시스템 개발에 주력해야 합니다. 기술의 발전이 HVAC 업계에 긍정적인 영향을 미치는 한편, 업계 규제는 앞으로도 HVAC 업계에 진출하는 기업들을 위한 시장 매개변수를 계속해서 정의해 나갈 것입니다.

저GWP 냉매 시장의 최근 동향

저GWP 냉매 시장은 정부 정책에 의해 주도되고 있습니다. 2025년부터 2027년까지 각 제조사는 HFO 및 기타 천연 냉매를 채택하게 될 것입니다. 또한, 충전량이 적은 시스템도 보급될 것입니다. 이러한 냉매의 사용은 증가할 것이며, 구형 시스템의 교체 속도도 가속화될 전망입니다. 이러한 변화의 속도는 기술자의 교육 현황, 냉매의 확보 가능성, 그리고 시스템 설계에 따라 달라질 것입니다.

  • 규제에 따른 단계적 감축 : 높은 GWP 냉매의 단계적 감축이 가속화될 것입니다. 일부 규제는 2025년에 시행됩니다. EU는 2050년까지 HFC를 90% 감축할 계획입니다. 다른 유체에 대한 규제와 마찬가지로, 냉매 제조업체와 장비는 GWP가 낮은 대체 냉매를 사용하여 설계되어야 합니다.
  • 천연 냉매의 보급 : 많은 사용자가 천연 냉매로의 전환을 추진하고 있습니다. 이는 수명주기 동안 배출량이 적고 안전 기준이 확립되어 있기 때문입니다. ALDI는 2025년 2월, 약 1,300개 매장에서 천연 냉매를 사용하고 있다고 발표했습니다.
  • HFO 생산능력에 대한 투자 : 켐어스(Chemours)와 하네웰(Honeywell) 같은 기업 및 유럽의 생산자들은 다양한 냉장·공조 용도를 위한 HFO 생산능력을 확대하고 있습니다. 하네웰은 2025년 3월, 자사의 HFO ‘솔스티스’ 연간 판매량이 7% 증가했다고 보고했습니다. 생산능력 확대로 인해 공급 제약은 완화될 것으로 예상되지만, 특허 문제가 지속되고 있어 가격 경쟁은 앞으로도 계속될 것입니다.
  • GWP 값이 낮은 냉매에 대응하는 기기 출시 : 압축기 및 칠러 OEM 업체들은 R-32, R-454B, R-1234ze, 프로판 등의 냉매에 대응하는 플랫폼 재설계에 착수하고 있습니다. 2025년 1월 시점에서 다이킨의 주거용 사업 부문은 100개국 이상에서 에어컨 제품 라인업의 중심을 여전히 R-32로 두고 있었습니다. OEM 업체들의 추가적인 제품 표준화로 인해 최종사용자용 기기의 평균 교체 주기가 단축될 것이며, 그 결과 부품 및 시스템에 대한 수요가 증가할 것으로 예상됩니다.
  • 제휴 : 기존 냉매에서 저GWP 대체 냉매로의 전환에 따라, 기술자 교육 및 냉매 회수·재생 시설 정비를 위한 투자가 증가하고 있습니다. 2025년 4월에 공표된 미국 환경보호청(EPA)의 ‘냉매 관리 규정’은 약 2,000만 대의 상업용 및 산업용 냉장 시스템에 대해 유사한 기준의 이행을 의무화했습니다. 밸류체인을 구성하는 기업 간의 협력은 시장에서 경쟁하기 위해 필수적입니다. 특히, 각 기업의 서비스 및 사후 서비스 지원 능력이 전체적인 비즈니스 잠재력을 제한하게 되기 때문입니다.

분자(즉, 원료)의 공급, 시스템 호환성을 고려한 장비 재설계, 그리고 기술자 및 회수 인프라는 냉매 및 공조 밸류체인에서 시장 리더십을 다투는 데 있어 중요한 경쟁 분야가 될 것입니다. 업계의 전반적인 방향성(즉, GWP 저감, 저탄소화, 에너지 효율 향상)은 명확하지만, 핵심 사업 분야(즉, HVAC 및 냉장)에서의 수익성 확보에도 계속해서 초점이 맞춰질 것입니다.

목차

제1장 주요 요약

제2장 시장 개요

제3장 시장 동향과 예측 분석

제3장 시장 동향과 예측 분석

제4장 세계의 저GWP 냉매 시장 : 종류별

제5장 세계의 저GWP 냉매 시장 : 용도별

제6장 지역별 분석

제7장 북미의 저GWP 냉매 시장

제8장 유럽의 저GWP 냉매 시장

제9장 아시아태평양의 저GWP 냉매 시장

제10장 기타 지역(ROW)의 저GWP 냉매 시장

제11장 경쟁 분석

제12장 기회와 전략 분석

제13장 밸류체인 전반에 걸친 주요 기업 개요

제14장 부록

KSM 26.10.28

Low GWP Refrigerant Market

The future of the global low gwp refrigerant market looks promising with opportunities in the commercial refrigeration, industrial refrigeration, domestic refrigeration, stationary air-conditioning, and mobile air-conditioning markets. The global low gwp refrigerant market is expected to reach an estimated $44.8 billion by 2035 from $16.8 billion in 2027 with a CAGR of 10.8% from 2027 to 2035. The major drivers for this market are increasing commercial air conditioning product use, the demand for more efficient refrigeration across a range of industries, the expanding use of hydrocarbons, and the creation of novel low-GWP refrigerants.

  • Lucintel forecasts that, within the type category, hydrocarbons segment is expected to witness the highest growth over the forecast period because the hydrocarbon refrigerants have excellent thermodynamic properties, and refrigerating and air-conditioning systems operating using these substances are highly energy-efficient.
  • Within the application category, stationary air-conditioning is expected to witness the highest growth over the forecast period because of rising cooling demand, replacement of high-GWP refrigerants, and increasing adoption of low-GWP alternatives in new air-conditioning equipment.
  • In terms of regions, APAC will remain the largest region over the forecast period due to the fast population expansion, urbanization, and economic development in Southeast Asian, Indian, and Chinese nations, as well as, rising need for cooling systems that are both ecologically and energy-efficient.

Emerging Trends in Low GWP Refrigerant Market

The shift in the low global warming potential (GWP) refrigerant market, by 2027, will be predominantly driven by the redesign of refrigerant systems. Until 2025, systems will continue to be transitioned to lower GWP systems primarily in compliance with government regulations. Blends of lower GWP refrigerants and natural refrigerants will become increasingly popular in the commercial and transport refrigeration and air conditioning and heat pump systems.

  • Natural Refrigerants: The EU's F-gas regulation (phase down of high GWP substances) provided a positive business environment for the use of CO2, Ammonia and hydrocarbons in 2025 and beyond. Propane heat pumps for residential applications have gained market acceptance.
  • Regulatory Changes: The Kigali Amendment to the Montreal Protocol encouraged similar HFC Phasedown commitments by some developing countries. The EU's revised F-gas Regulation also promoted similar changes. As a result, there will be a rapid cycle of changes to new, energy efficient equipment during the 2025-2027 timeframe.
  • Energy-efficient Systems: Repair, replacement and new construction of residential HVAC systems will increase focus on system energy efficiency. Variable speed systems will be further enhanced by heat recovery controls and lower GWP refrigerants. Reduced system operating costs will influence user acceptance.
  • Safety-led Engineering: Flammable A2L and A3 refrigerants will require safety systems to be designed and installed in addition to strict charge limits, leak detection and other changes to the installation practice. In 2025, the U.S. standard will allow the use of mildly flammable R-454B and R-32 in new systems. In the future, the systems will require safety systems to be designed and installed to control the effects of a fire.
  • Circular Supply Chain: With the reduction of HFCs and other refrigerants, the need to reclaim and recycle refrigerants will increase. The U.S. EPA's Technology Transition Rule established a mandatory 40% reduction of HFCs by 2024. This will create an increased value for HFCs beginning in 2025.R50 HFO refrigerants have the potential to create a reduction in system charge, weight, and volume, providing potential opportunities to manufacture smaller and more efficient systems. Regulatory changes assist the transition from current systems and create a focus on Total Cost of Ownership. Advanced safe systems and engineering designs will be critical to create the first-mover advantage.

To compete in the HVAC industry from 2020 to 2030, manufacturers will be required to integrate complete systems designed to address the varying needs of the industry, focused on a combination of energy-efficiency, safety, and system reliability. In addition, companies should work to develop Systems that facilitate the recovery and reclamation of refrigerants. While advances in technology will positively impact the HVAC industry, industry regulations will continue to define the market parameters for HVAC industry participants.

Recent Developments in the Low GWP Refrigerant Market

The low gwp refrigerant market is being driven by government policies. Between 2025 and 2027, manufacturers will use HFOs and other natural refrigerants. Along with lower charge systems. The use of these refrigerants will increase and the pace of replacement of the older systems will increase. The pace of change will also depend on the training of the technicians, the availability of the refrigerants and the design of the systems.

  • Regulatory Phase Down: The phase down of high GWP refrigerants will accelerate. Some of the restrictions will begin in 2025. The EU will reduce HFCs by 90% by 2050. Similar to the restricts on other fluids, refrigerant manufacturers and equipment will need to be designed using lower GWP alternatives.
  • Natural Refrigerant Expansion: Many users are transitioning to natural refrigerants. Because of better lifecycle emissions and established safety standards. ALDI announced in February 2025 that about 1,300 of its stores use natural refrigerants.
  • HFO Capacity Investment: Companies like Chemours and Honeywell, as well as producers in Europe, have been augmenting capacities for the production of HFOs for uses in various refrigeration and air-conditioning applications. Honeywell reported in March 2025 a 7% increase in the yearly sales of its HFO, Solstice. Ramp-up in capacity is expected to reduce supply constraints, but ongoing patents will result in continued price competition.
  • Equipment Launches with Lower GWPs: OEMs for compressors and chillers have initiated platform redesigns for refrigerants like R-32, R-454B, R-1234ze, and propane. In January 2025, R-32 remained the focus of the air-conditioner product offerings of the Residential Business Unit of Daikin in more than 100 countries. Additional product standardization by OEMs is expected to decrease the average replacement cycles of end-user equipment, thereby, increasing the demand for components and systems.
  • Alliances: The transition from conventional refrigerants to low-GWP alternatives has resulted in an increase in investments for technician training and the establishment of refrigerant reclamation and recovery facilities. The US EPA's Refrigerant Management Rule, which was published in April 2025, mandated the implementation of similar standards for approximately twenty million commercial and industrial refrigeration systems. Collaborations among firms in the value chain will be imperative for competing in the marketplace, especially because the service and after-sales-support capacity of firms will constrain their overall business potential.

Molecule (i.e. feedstock) supply, equipment redesign for system compatibility, as well as technician and reclaim infrastructure will be the key areas of competition for market leadership in the refrigerant and air-conditioning value chain. While the overall direction of travel in the industry is clear (i.e. reduction in GWP, low-carbon, and energy efficiency), focus will also remain on safeguarding profitability in core business areas (i.e. HVAC and refrigeration).

Strategic Growth Opportunities in the Low GWP Refrigerant Market

Between 2024 and 2026 The Three Main Aspects of The Market Will Be The Phasing Down of Higher GWP Refrigerants as Outlined in The Montreal Protocol and The Kigali Amendment, The Stricter Limits on F-gases, and The Accelerated Adoption of Heat Pump Technology. from this Market Perspective, The Strongest Opportunities Will Come from The Retrofitting of Commercial Heat Pump Systems, The Establishment of New Heat Pump System Manufacturing Facilities, and The Development of Heat Pump Systems Using Higher-value and -technology Refrigerants. Refrigerants for Heat Pumps: High GWP refrigerants will be phased down in new systems, and low GWP blends will be PH Italian commercial heat pump market. The EU will also phase down high GWP refrigerants in new residential heat pump systems by 2025.

  • Data Centre Cooling: U.S. data centres will continue to increase in 2023, further increasing the demand for high GWP, low-temperature refrigerants. Over the next several years the use of low GWP chillers in data centres will increase along with Artificial Intelligence workloads.
  • Natural Refrigerant Systems in Supermarkets: Use of CO2 and hydrocarbons is increasing in new stores and in store upgrades by supermarket chains. The Restrictions set by EU Regulation 2024/573 on Refrigerating Gases used in Commercial refrigeration equipment bans the use of high GHG refrigerants from January 2025. Companies that integrate all the three P's (refrigerants, controls and personnel) can gain a competitive edge in the market for the next 3 to 5 years.
  • Conversion Services: Unmet needs in Latin America, Southeast Asia and other developing economies offer tremendous potential. The Kigali amendment allows first HFC reduction to 10% for developing countries from Jan 2024. Other activities such as reclaim, blending and training can be additional sources of revenue.
  • Refrigerant Recovery Systems: Demand for recovery of refrigerants is increasing due to stringent emission limits. Recovery of refrigerants helps to achieve reduction and meets emission limits. For example, the EU has set a target to reduce fluorinated greenhouse gas (F-gas) emission by 55% from the base year emission (2015) by 2030. Certified recovery of refrigerants and end-to-end monitoring of Refrigerants will gain Trust of customers in the long run.

In general, conversion services will become more profitable than sale of refrigerants. Manufacturing companies should focus on providing completes systems including subcomponents and support services. Recovery and Refrigerant supply companies should focus on building a regional customer base and integrate recovery and service activities. Compliance should be considered as service offering and pricing of refrigerants should be clear to customers.

Low GWP Refrigerant Market Drivers and Challenges

Progress in science and technology, as well as adjustments in international and national business, social, and environmental policies, all influence the low gwp refrigerant market. The growing concern for environmental safety has accelerated the removal of high-global-warming-potential gases from various industries. Although many advantages of using low-GWP refrigerants are attracting end users to adopt them, there are limitations such as high cost and safety concerns. Lucintel reports that favorable governments and sustainable technologies will be key to Refrigerant sector competition. In the near and medium term, there will be greater emphasis on integrating low-GWP refrigerants to strike an optimal balance among cost, safety, environmental concern and sustainable use.

The factors responsible for driving this market include:

  • Regulatory Phase Downs: Government regulations have or will phase down the use of high-GWP HFCs. Manufacturers and end users have or will need to replace high GWP HFCs with lower GWP HFCs or blends. The amended F-gas regulation of the European Union (EU) mandates the restriction of high-GWP HFCs used in various equipment. Restrictive measures have or will limit the availability of certain HFCs, thereby increasing the need for end users to replace equipment. Equipment restrictions are scheduled to be fully implemented between 2025 and 2030. As of 2024, equipment restrictions and reductions in quotas have created an unclear situation for end users, and raised the requirement for equipment that complies with the EU F-gas regulation.
  • Increasing Demand for Energy Efficient Cooling: Rising focus on decarbonization has created an increasing demand for energy efficient HVAC and refrigeration systems. The International Energy Agency expects that the demand for space cooling would continue to increase in the future because of increasing income and rising ambient temperatures in various countries. Variable Refrigerant Flow systems (VRF), Trans critical CO2 systems, and ammonia systems, which are energy efficient, and integrate cooling with refrigeration and/or heating, are likely to gain popularity in the forecast period.
  • Refrigerant Demand: The heating industry's transition to low-carbon technologies, including electrification, is increasing the demand for low-carbon-based refrigerants for heat pumps and water heaters. In 2024, the European Heat Pump Association reported that over 2 million heat pump units were sold. Increased sales of these products accelerate the need for the market to implement solutions using acceptable refrigerants. While the demand for heat pump technology is increasing, the ongoing transformation of building sectors to low-carbon technology and the declining cost of heat pump technology are projected to create a positive outlook for the heat pump market from 2025 to 2027. The commercialization of heat pump technology will require adequate solutions for the trade-offs that are inherent to heat pump systems.
  • New Refrigerant Technology: Several market participants are transitioning to refrigerant systems that pose less of a risk to the environment and incorporate improved safety features and lower charge sizes. The U.S. EPA's Section 612 regulations will also drive the market toward the use of low-global warming potential (GWP) refrigerants and encourage the research and development of new technologies. The reduction of operating emissions and improvement of safety features will also facilitate the widespread acceptance of low-temperature refrigeration technologies. Similar improvements will facilitate the broader adoption of heat pump and vapor compression technologies.
  • Refrigerant Recycling and Circular Economy: The recovery, reclamation, and reuse of refrigerants are gaining importance due to the implementation of phase-down policies and the constrain of the supply of virgin refrigerants. The U.S. has a target of a 85% reduction on the production and imports of HFCs by 2036. From 2025 to 2027, it is expected that contractors and refrigerant producers would increase their efforts in establishing networks for the reclamation of refrigerants and conducting leak tests. Circular economy approaches would allow users to gain control over the supply of refrigerants, reduce the emissions associated with their disposal, and facilitate compliance. This would primarily benefit the U.S., where the large and older stock of equipment would require frequent replacement.

The challenges facing this market include:

  • The Costs of Conversion and Equipment Replacement: Transitions to low-GWP refrigerants require modifications to several components of an HVAC system, including the compressor. As of January 2025, certain HVAC and refrigeration equipment in the U.S. was required to use low-GWP refrigerants. Because of the high up-front costs, it is expected that replacement would be slow in the near-term among the above-mentioned users. The payback period of HVAC system replacements would be shortened due to energy savings, however, high refrigerant prices, and a lack of incentives and financing, would increase the time required for a return on investment in emerging countries.
  • Safety & Technical Considerations: Ammonia is both toxic and can be combustible. CO2 is physically and emotionally uncomfortable to work with due to the high pressures. Some lower-GWP hydrocarbons and blends are also flammable. The International Electrotechnical Commission (IEC) published updated safety standards for refrigeration equipment in 2024. The updates include charge limit requirements, as well as requirements for the installation of safety controls, detection systems, and adequate ventilation. Prior to 2025, the focus will be on updating safety codes and certifying personnel. This will restrict the further deployment of natural refrigerant systems. The ongoing situation can make the use of natural refrigerants systems too risky in large, densely populated, buildings and restrict their use in other applications where the safety of personnel and the public may be at risk.
  • Supply & Refrigerant Availability: Natural refrigerant systems will be commercially viable, depending on the level of integration and expansion of the supply chain for purer, higher-quality, and more reliable refrigerants. The roller coaster nature of refrigerant controls in the major markets in 2025 created a tight supply for high-GWP refrigerants and intensified the need for manufacturers to manage their supply and distribution chains effectively.

Between now and the future 3 to 5 years, multiple variables such as insufficient reclamation facilities and unstable supply and demand of raw materials will cause volatile prices and supply. Rapid economic growth will increase the demand for refrigeration. In some areas, the lack of skilled personnel and sufficient supply of refrigeration components may cause a partial ban on the use of new refrigerants. The refrigeration and air conditioning industry is currently undergoing a number of long-term structural changes. The changing demand for cooling, increasing energy prices and the phase out of high GWP refrigerants will drive the use of higher efficiency and lower GWP refrigerants. Offsprings of refrigerant technologies, in combination with increasing focus on circular and recovery-based systems, will strengthen the industry's long-term health. Conversion of existing equipment to use Low GWP refrigerant will be limited in the near and medium term (2025 - 2027) due to a combination of economic and practical considerations. More receptive, equipped, and integrated markets will outperform others in the medium term. Less integrated markets will continue lagging behind.

List of Low GWP Refrigerant Market Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies low gwp refrigerant market companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the low gwp refrigerant market companies profiled in this report include-

  • Linde Group
  • Honeywell
  • Sinochem
  • Airgas
  • Engas Australasia
  • A-Gas
  • Puyang Zhongwei Fine Chemical
  • Harp International
  • Tazzetti
  • Shandong Yueon Chemical Industry

Low GWP Refrigerant Market by Segment

The study includes a forecast for the global low GWP refrigerant by type, application, and region.

Low GWP Refrigerant Market by Type [Value ($B) from 2019 to 2035]:

  • Fluorocarbons
  • Hydrocarbons
  • Inorganics

Low GWP Refrigerant Market by Application [Value ($B) from 2019 to 2035]:

  • Commercial Refrigeration
  • Industrial Refrigeration
  • Domestic Refrigeration
  • Stationary Air-conditioning
  • Mobile Air-conditioning
  • Others

Low GWP Refrigerant Market by Region [Value ($B) from 2019 to 2035]:

  • North America
  • Europe
  • Asia Pacific
  • The Rest of the World

Country Wise Outlook for the Low GWP Refrigerant Market

The reduction of HFCs, particularly in refrigerants, has created opportunities for alternative refrigerants. Of these, hydrocarbons, carbon dioxide, ammonia, and HFOs are gaining rapid market acceptance. In the midst of these market changes and while several companies are trying to position themselves as sustainable, other companies are making considerable investments to prepare for the enforcement of policies concerning these changes from 2025. Lucintel has reaffirmed that most of its customers' concerns centre around the US and China, the world's largest economies and Refrigerants market, because of the aggressive policies aimed at transitioning to lower GWP Refrigerants.

  • United States: The EPA's Refrigerant Management Service has allocated phase-downs of the use of HFCs in the production of new vending machines, commercial and industrial refrigeration, and air conditioning equipment to begin in 2025. The U.S. also has its own independent HFC reduction policy, which aims to cut its production and consumption of HFCs by 40% by 2024-2028. These policies will prompt a shift in the refrigerants and equipment to lower GWP options.
  • China: Midea, one of the largest producers of air conditioning systems, began mass producing air conditioning units utilizing R290 in 2025. These systems are intended for both residential and commercial use. Starting from 2024, Chinese producers of air conditioning and refrigeration systems containing HFCs will be prohibited from producing or importing these systems. Other producers will need to adjust their systems to incorporate lower GWP refrigerants.
  • Germany: From March 2024, the EU will coordinate the implementation of Regulation (EU) 2024/573. From January 2025, member states will not allow the placement on the market of small split air conditioning systems charged with fluorinated greenhouse gases (F-Gases) with a global warming potential (GWP) >=750. Demand for replacement of small air conditioning systems charged with propane, CO2, ammonia, and HFOs is expected to increase. Germany is also funding the installation of air conditioning systems charged with natural refrigerants under its energy efficiency programs.
  • India: Air conditioner manufacturers have started transitioning to lower GWP platforms, e.g., the use of R32 in air conditioners. Other manufacturers have also started producing air conditioners charged with R32. Over the next three to five years, lower GWP refrigerants will be used in the production of air conditioners and other appliances charged with refrigerants in India.
  • Japan: The Revision of the Act on Rational Use and Proper Management of Fluorocarbons was enacted in June 2022. One of the aims of the amendment is to limit the consumption and use of HFCs. Commercial use of CO2 refrigerants will increase.

Features of the Global Low GWP Refrigerant Market

  • Market Size Estimates: low gwp refrigerant market size estimation in terms of value ($B).
  • Trend and Forecast Analysis: Market trends (2019 to 2026) and forecast (2027 to 2035) by various segments and regions.
  • Segmentation Analysis: low gwp refrigerant market size by type, application, and region in terms of value ($B).
  • Regional Analysis: low gwp refrigerant market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
  • Growth Opportunities: Analysis of growth opportunities in different type, application, and regions for the low gwp refrigerant market.
  • Strategic Analysis: This includes M&A, new product development, and competitive landscape of the low gwp refrigerant market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

If you are looking to expand your business in this or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.

This report answers following 11 key questions:

  • Q.1. What are some of the most promising, high-growth opportunities for the low gwp refrigerant market by type (fluorocarbons, hydrocarbons, and inorganics), application (commercial refrigeration, industrial refrigeration, domestic refrigeration, stationary air-conditioning, mobile air-conditioning, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
  • Q.2. Which segments will grow at a faster pace and why?
  • Q.3. Which region will grow at a faster pace and why?
  • Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
  • Q.5. What are the business risks and competitive threats in this market?
  • Q.6. What are the emerging trends in this market and the reasons behind them?
  • Q.7. What are some of the changing demands of customers in the market?
  • Q.8. What are the new developments in the market? Which companies are leading these developments?
  • Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
  • Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
  • Q.11. What M&A activity has occurred in the last 8 years and what has its impact been on the industry?

Table of Contents

1. Executive Summary

2. Market Overview

  • 2.1 Background and Classifications
  • 2.2 Supply Chain

3. Market Trends & Forecast Analysis

  • 3.2 Industry Drivers and Challenges
  • 3.3 PESTLE Analysis
  • 3.4 Patent Analysis
  • 3.5 Regulatory Environment

4. Global Low GWP Refrigerant Market by Type

  • 4.1 Overview
  • 4.2 Attractiveness Analysis by Type
  • 4.3 Fluorocarbons: Trends and Forecast (2019-2035)
  • 4.4 Hydrocarbons: Trends and Forecast (2019-2035)
  • 4.5 Inorganics: Trends and Forecast (2019-2035)

5. Global Low GWP Refrigerant Market by Application

  • 5.1 Overview
  • 5.2 Attractiveness Analysis by Application
  • 5.3 Commercial Refrigeration: Trends and Forecast (2019-2035)
  • 5.4 Industrial Refrigeration: Trends and Forecast (2019-2035)
  • 5.5 Domestic Refrigeration: Trends and Forecast (2019-2035)
  • 5.6 Stationary Air-conditioning: Trends and Forecast (2019-2035)
  • 5.7 Mobile Air-conditioning: Trends and Forecast (2019-2035)
  • 5.8 Others: Trends and Forecast (2019-2035)

6. Regional Analysis

  • 6.1 Overview
  • 6.2 Global Low GWP Refrigerant Market by Region

7. North American Low GWP Refrigerant Market

  • 7.1 Overview
  • 7.2 North American Low GWP Refrigerant Market by Type
  • 7.3 North American Low GWP Refrigerant Market by Application
  • 7.4 United States Low GWP Refrigerant Market
  • 7.5 Mexican Low GWP Refrigerant Market
  • 7.6 Canadian Low GWP Refrigerant Market

8. European Low GWP Refrigerant Market

  • 8.1 Overview
  • 8.2 European Low GWP Refrigerant Market by Type
  • 8.3 European Low GWP Refrigerant Market by Application
  • 8.4 German Low GWP Refrigerant Market
  • 8.5 French Low GWP Refrigerant Market
  • 8.6 Spanish Low GWP Refrigerant Market
  • 8.7 Italian Low GWP Refrigerant Market
  • 8.8 United Kingdom Low GWP Refrigerant Market

9. APAC Low GWP Refrigerant Market

  • 9.1 Overview
  • 9.2 APAC Low GWP Refrigerant Market by Type
  • 9.3 APAC Low GWP Refrigerant Market by Application
  • 9.4 Japanese Low GWP Refrigerant Market
  • 9.5 Indian Low GWP Refrigerant Market
  • 9.6 Chinese Low GWP Refrigerant Market
  • 9.7 South Korean Low GWP Refrigerant Market
  • 9.8 Indonesian Low GWP Refrigerant Market

10. ROW Low GWP Refrigerant Market

  • 10.1 Overview
  • 10.2 ROW Low GWP Refrigerant Market by Type
  • 10.3 ROW Low GWP Refrigerant Market by Application
  • 10.4 Middle Eastern Low GWP Refrigerant Market
  • 10.5 South American Low GWP Refrigerant Market
  • 10.6 African Low GWP Refrigerant Market

11. Competitor Analysis

  • 11.1 Product Portfolio Analysis
  • 11.2 Operational Integration
  • 11.3 Porter's Five Forces Analysis
    • Competitive Rivalry
    • Bargaining Power of Buyers
    • Bargaining Power of Suppliers
    • Threat of Substitutes
    • Threat of New Entrants
  • 11.4 Market Share Analysis

12. Opportunities & Strategic Analysis

  • 12.1 Value Chain Analysis
  • 12.2 Growth Opportunity Analysis
    • 12.2.1 Growth Opportunities by Type
    • 12.2.2 Growth Opportunities by Application
  • 12.3 Emerging Trends in the Global Low GWP Refrigerant Market
  • 12.4 Strategic Analysis
    • 12.4.1 New Product Development
    • 12.4.2 Certification and Licensing
    • 12.4.3 Mergers, Acquisitions, Agreements, Collaborations, and Joint Ventures

13. Company Profiles of the Leading Players Across the Value Chain

  • 13.1 Competitive Analysis
  • 13.2 Linde Group
    • Company Overview
    • Low GWP Refrigerant Business Overview
    • New Product Development
    • Merger, Acquisition, and Collaboration
    • Certification and Licensing
  • 13.3 Honeywell
    • Company Overview
    • Low GWP Refrigerant Business Overview
    • New Product Development
    • Merger, Acquisition, and Collaboration
    • Certification and Licensing
  • 13.4 Sinochem
    • Company Overview
    • Low GWP Refrigerant Business Overview
    • New Product Development
    • Merger, Acquisition, and Collaboration
    • Certification and Licensing
  • 13.5 Airgas
    • Company Overview
    • Low GWP Refrigerant Business Overview
    • New Product Development
    • Merger, Acquisition, and Collaboration
    • Certification and Licensing
  • 13.6 Engas Australasia
    • Company Overview
    • Low GWP Refrigerant Business Overview
    • New Product Development
    • Merger, Acquisition, and Collaboration
    • Certification and Licensing
  • 13.7 A-Gas
    • Company Overview
    • Low GWP Refrigerant Business Overview
    • New Product Development
    • Merger, Acquisition, and Collaboration
    • Certification and Licensing
  • 13.8 Puyang Zhongwei Fine Chemical
    • Company Overview
    • Low GWP Refrigerant Business Overview
    • New Product Development
    • Merger, Acquisition, and Collaboration
    • Certification and Licensing
  • 13.9 Harp International
    • Company Overview
    • Low GWP Refrigerant Business Overview
    • New Product Development
    • Merger, Acquisition, and Collaboration
    • Certification and Licensing
  • 13.10 Tazzetti
    • Company Overview
    • Low GWP Refrigerant Business Overview
    • New Product Development
    • Merger, Acquisition, and Collaboration
    • Certification and Licensing
  • 13.11 Shandong Yueon Chemical Industry
    • Company Overview
    • Low GWP Refrigerant Business Overview
    • New Product Development
    • Merger, Acquisition, and Collaboration
    • Certification and Licensing

14. Appendix

  • 14.1 List of Figures
  • 14.2 List of Tables
  • 14.3 Research Methodology
  • 14.4 Disclaimer
  • 14.5 Copyright
  • 14.6 Abbreviations and Technical Units
  • 14.7 About Us
  • 14.8 Contact Us
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