The low GWP refrigerants market size is expected to grow from USD 16.5 billion in 2018 to USD 28.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. The major factors driving the low GWP refrigerants market are the low environmental impact of low GWP refrigerants, phasing out of CFC, HCFC, and HFC refrigerants, and the increasing demand for refrigerants and air conditioners across the globe.
The low GWP refrigerants market has grown at a high pace over the past 5 years owing to the increase in demand for commercial refrigeration. Currently, the low GWP refrigerants market is dominated by various key players, such as Linde Group (Germany), Honeywell (US), Sinochem Group (China), Airgas Inc. (US), Engas Australasia (Australia), A-Gas (UK), Puyang Zhongwei Fine Chemical (China), Harp International (UK), Tazzetti (Italy), Shandong Yueon Chemical Industry (China), HyChill Australia (Australia), GTS (Italy), Chemours (US), Mexichem (Mexico), Daikin (Japan), and Arkema (France).
To know about the assumptions considered for the study download the pdf brochure
New product launches & developments was the most preferred development strategy adopted by companies to strengthen their presence in the low GWP refrigerants market. In June 2018, A-Gas launched a new total solutions packet which includes fire extinguishing agents and expert consulting services in the Australian market.
Linde manufactures refrigerants and offers a wide variety of compressed and liquefied gases, chemicals, equipment, and materials from its 3 divisions, namely, gases, engineering, and other activities. The gases division supplies refrigerants under various local brand names, such as Linde, BOC, AGA, TEGA, AFROX, SIGAS, and TIG. Linde A.G. operates globally in the fluorocarbon, hydrocarbon, and natural refrigerant business through the Linde Gases division.
In October 2018, the Linde Group joined hands in partnership with the Sinochem Group. This partnership is expected to impact growth for Linde in China and further strengthen Linde’s leading position in the global market.
The Sinochem Group manufactures refrigerants, fertilizers, rubber, medicine, and petrochemicals through its 5 reportable segments, namely, chemical, energy, agriculture, real estate, and financial services. The company produces refrigerants in its chemical division. The refrigerants are manufactured from its enterprise companies, namely, Sinochem Lantian Co. Ltd, Sinochem Modern Environmental Protection Chemicals (XI'AN) Co. Ltd, and Sinochem Taicang Chemical Industrial Park.
Honeywell is an American multinational conglomerate that manufactures a variety of products for the aerospace, energy, and chemicals sectors and addresses challenges around energy, safety, security, and global urbanization. In May 2017, Honeywell opened a new plant in Louisiana which is dedicated to the production of the next-generation auto air-conditioning refrigerant, Solstice yf.
Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=17949781
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/low-gwp-refrigerant-market-17949781.html
