Green Refrigerants Market Size and Trends

Green Refrigerants Market, By Product Type (Hydrocarbons, Ammonia, Carbon dioxide, Water, Low-GWP Refrigerants, and Hydrofluoroolefins (HFOs)), By Application (Domestic Refrigeration, Commercial Refrigeration, Industrial Refrigeration, Stationary Air Conditioning, Mobile Air Conditioning, and Transportation Refrigeration), and By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa)

Published In : Apr 2023

Code : CMI3266

Pages :160

Formats :

Excel and PDF

Industry : Consumer Goods

Green Refrigerants MarketSize and Trends

Global green refrigerants market was valued at US$ 18.8 Billion in 2022 and is expected to reach US$ 32.1 Billion by 2030, exhibiting CAGR of 6.92% over the forecast period (2023-2030).

The collaborative efforts by countries worldwide is contributing to process of suppressing the consumption of synthetic refrigerants such as Chlorofluorocarbons (CFCs) and Hydrochlorofluorocarbons (HCFCs) that leads to depletion of the ozone layer and made climatic changes due to global warming. Moreover, Montreal Protocol, an international treaty finalized in 1987 by nations to protect the ozone layer from depletion, restricted the usage of these synthetic refrigerants and encouraged development of refrigerants with minimal global warming potential (GWP) and ozone depleting potential (ODP).

Figure 1. Global Green Refrigerants Market, By Application,2022

Figure 2. Global Green Refrigerants Market, By Region, 2022

Market- Trends

Among product type, carbon dioxide segment held a dominant position due to its demand, as major companies in commercial refrigeration sector are encouraging the development of efficient CO₂ based refrigeration technology. CO₂ is used in transcritical refrigeration systems especially in large supermarkets and energy-efficient buildings, owing to its properties such as odorless, non-toxic, and non-flammable. For instance, in October 2019, Huurre Group Oy, a manufacturer of CO₂ based refrigeration systems, was acquired by Caverion, a Finland-based refrigeration business firm involved in providing sustainable and energy-efficient building solutions.

Among application, transportation refrigeration has high demand due to rising trading of perishable commodities, food, and medical supplies. Green refrigerants are cheap and efficient solutions for transportation across countries. Technological developments in green refrigerants-based systems helps in avoiding harmful effects of synthetic refrigerants. The main aim of this refrigerated transport carriers is to maintain the product quality and minimalize losses due to food spoilage. According to an International Institute of Refrigeration (IIR) report, around 4 million refrigerated vehicles function across the globe. However, lack of infrastructure in emerging economies, expensive product maintenance, and inflation in fuel costs are expected to hamper the segment growth over the forecast period.