Global Green Refrigerants Market was valued at US$ 18.8 billion in 2022. According to the Global Green Refrigerants Market report, 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) as published by Coherent Market Insights.
Refrigerants are fluids that are capable of changing their state from liquid to vapour and vice versa at low temperatures. and are used in cooling systems for air conditioning, ventilating, heating, and product-preserving purposes. Initially natural occurring refrigerants such as hydrocarbons, ammonia, and carbon dioxide were used for cooling and refrigeration purposes, then synthetic refrigerants such as Chlorofluorocarbons (CFCs), Hydrochlorofluorocarbons (HCFCs), and Hydrofluorocarbons (HFCs) were widely used in refrigeration industry, but due to its high-ozone depleting potential (ODP), synthetic refrigerants were a major threat to the ozone layer and led to its depletion.
However, HFCs do not cause ozone depletion, but still have a significant global warming potential (GWP), as it can contribute to global warming by trapping heat in the atmosphere. These factors lead to increasing demand for next generation low-GWP refrigerants with minimum ozone depleting potential (ODP). This refrigerants possess a very Low-GWP, and thus, provides a sustainable alternative to synthetically manufactured refrigerants, and this is expected to drive the market growth over the forecast period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/green-refrigerants-market-3266
Key Trends and Analysis of the Global Green Refrigerants Market:
- According to the U.S. Office of Energy efficiency & renewable energy, in Heating, ventilation, air-conditioning, and refrigeration (HVAC&R) industrial sector, data centers play an important role in eliminating usage of these synthetic refrigerants as their cooling and ventilation systems represents around 25-40% of their total electricity usage
- Increasing demand for storage and energy intensive data centers globally, due to rising adoption of cloud storage facilities in emerging economies is expected to drive the market growth. For instance, according to the U.S. Department of Energy, there are around 3 million data centers in U.S. and these contribute over 2% to the total electricity demand of the country. Chilled water is used as a replacement for the synthetic refrigerants in cooling systems for data centers as it provides a cheaper, more efficient, and sustainable refrigeration solution.
Key Takeaways of the Market:
- Key players are focusing on investing in development of different natural refrigerants that are capable of matching the efficiency of synthetic refrigerants. For instance, SRF Limited, an Indian Fluorochemicals manufacturer, developed R467A, a low-GWP refrigerant blend with non-toxic and lower flammability properties, in September 2019. This refrigerant is designed for Stationary Air conditioning systems to provide a superior stability and performance.
- Asia Pacific has witnessed sales growth around 20% for air conditioning system in the recent past, owing to rapid urbanization and rising technological support services in the region. For instance, according to the United Nations Framework Convention on Climate Change (UNFCCC), China led the global energy demand for commercial cooling requirement in buildings across the last two decades. Currently, China manufactures around 70% of all air-conditioners across the globe, which is also reflected by its 25% of contribution in global CO2
- Moreover, Honeywell, a global leader in production and development of high-performance thermal working fluids and fluorocarbon refrigerants, developed Genetron Performax LT series as replacement for R134A in mobile air conditioning systems. It is low-GWP blend with hydrofluorocarbons (HFC), and has non-flammable properties.
Key players operating in the global green refrigerants market include AGC Inc., The Linde Group, ASPEN Refrigerants Inc., Tazzetti S.p.A, Global Refrigerants, Daikin Industries Ltd, Honeywell International Inc, Harp International Ltd., Arkema SA, SRF Limited, and The Chemours Company.
