Competitive Analysis: —
The leading players in the global low GWP refrigerants market are Daikin industries, Ltd. (Japan), Honeywell International Inc (U.S.), The Linde Group (Ireland), The Chemours Company (U.S.), Arkema (France), GTS SPA (Italy), SOL Spa (Italy), Mexichem S.A.B de C.V. (Mexico), ), Harp International Ltd (UK), HyChill (Australia), Tazzetti S.p.A (Italy), Puyang Zhongwei Fine Chemical Co. Ltd (China), Airgas, Inc (U.S.), A-Gas International (UK), The natural refrigerants company Pty ltd (Australia), Brothers Gas (UAE), engas Australasia (Australia), Sinochem Lantian co., Ltd (China) and E.F. International (U.S.)
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The global low GWP refrigerants market has been segregated on the basis of types, application, and region.
By types, the global low GWP refrigerants market is divided into inorganics, fluorocarbons and hydrocarbons. The hydrocarbons segment held significant market share in 2017 and is expected to lead during the forecast period owing to its low environmental impact compared to fluorocarbons.
On the basis of application, the global low GWP refrigerants market has been divided into industrial refrigeration, domestic refrigeration, commercial refrigeration, mobile air-conditioning, stationary air-conditioning, and others. In 2017, the commercial refrigeration segment held the largest share of this market. Commercial refrigeration is mostly used in large capacity freezer to store food and beverage. Thus, rising in demand for oversized freezers in hotels and restaurants is projected to fuel the commercial refrigeration segment by 2023.
The global low GWP refrigerants was valued at USD 17.2 Billion in 2018 growing with the CAGR of 11.12% during the forecast period. The market is driven by limited environmental impact of low GWP refrigerants coupled with increasing demand for air conditioners and refrigeration. According to the Japan Refrigeration and Air Conditioning Industry Association (JRAIA) the demand for air conditioner has increased from 2012 to 2017 with around 110.56 million units in 2017. Major countries such as Japan, China, US and France have been positively contributing towards global demand for air conditioners. Thus, rising air conditioner demand across the globe is expected to boost low GWP refrigerant market during the review period.
Global low (GWP) refrigerants are essential fluid for absorbing heat. An increase in extreme weather condition such as severe droughts and heat waves owing to global warming has propel market demand for low GWR refrigerants. According to the National Oceanic and Atmospheric Administration (NOAA), average earth surface temperatures increased around 1.71 degrees Fahrenheit in between 1880 and 2016. Burning of fossil fuels has resulted in such temperature change, negatively impacting the environment. Thus, environment friendly attributes of low GWP refrigerants is expected to boost the market.
Changing consumer living habits demanding comfortable lifestyle is increasing the need for refrigerants and air conditioners at home. For instance, Japan Refrigeration and Air Conditioning Industry Association (JRAIA) reported that world room air conditioners demand reached 96.05 million units in 2017 increased to 8.2% from previous year. Increase in number of air conditioners sale to household is a key factor driving the market.
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TABLE OF CONTENTS:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Forecast Model
4 Market Landscape
4.1 Supply Chain Analysis
4.1.1 Raw Material Suppliers
4.1.3 Distributors/Retailers/Wholesalers/E-Commerce Merchants
4.2 Porter’s Five Forces Analysis
4.2.1 Threat Of New Entrants
4.2.2 Bargaining Power Of Buyers
4.2.3 Bargaining Power Of Suppliers
4.2.4 Threat Of Substitutes
4.2.5 Intensity Of Competitive Rivalry
5 Industry Overview of Global Low GWP Refrigerants Market
6 Market Trends
6.2 Growth Trends
6.3 Impact Analysis
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