About Green Refrigerants
Green Refrigerants use green cooling technologies that help to protect the environment. These refrigerants reduce the direct emissions of flammable gases that harm the ozone layer and the climate. These refrigerants are being widely used in hot climatic areas to provide a cooling environment. The increasing demand for environment-friendly products is driving the market growth of green refrigerants.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The green refrigerants market is fragmented and it has been observed that most of the manufacturers are upgrading or introducing innovative with eco-friendly befits. These manufacturers rely on strategies such as mergers & acquisitions, product development, geographical expansion, technological innovation and sourcing strategies to enhance their market share. Analyst at AMA Research estimates that North America and Europe Vendors will contribute the maximum growth to Global Green Refrigerants market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AGC Inc.(Japan), The Linde Group (Ireland), Tazzetti S.p.A (Italy), Daikin Industries, Ltd. (Japan), Honeywell International Inc. (United States), Arkema SA (France), SRF Limited (India), The Chemours Company (United States), Huayi Compressor Barcelona (Spain) and True Manufacturing Co., Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Advanced Technologies (India), The Chemours Company (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Green Refrigerants market by Type (Hydrocarbons, Ammonia, Carbon dioxide, Water, Low-GWP Refrigerants and Hydrofluoroolefins (HFOs)), Application (Home Refrigeration, Commercial Refrigeration, Industrial Refrigeration, Stationary Refrigeration, Mobile Air Refrigeration and Transportation Refrigeration) and Region.
On the basis of geography, the market of Green Refrigerants has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Component, the sub-segment i.e. Refrigerant will boost the Green Refrigerants market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Trend for Ammonia and Carbon Dioxide based Green Refrigerants
Market Growth Drivers:
Low Environmental Impact and Growing Use of Synthetic Refrigerants such as CFCs, HCFCs, and HFCs
Challenges:
Ongoing Consumption of Non-green Refrigerants
Restraints:
Lack of Green Refrigerant-Based Technology
Opportunities:
Increase in Environmental Concerns Worldwide Over Ozone Depletion and Green House Effects: {The global concern for the depletion of the ozone layer and greenhouse effects problem is promoting the use of natural resources. The refrigerants also part of these as it is a source of depletion of the ozone layer. The increasing use of eco-friendly refrigerants to reduce the harm to ozone is expected to open new market opportunities}
Market Leaders and their expansionary development strategies
In June 2023, Johnson Controls, the global leader for smart, healthy and sustainable buildings, announced the acquisition of M&M Carnot, a leading provider of natural refrigeration solutions with ultra-low global warming potential (GWP), which can help customers meet their sustainability goals while meeting and exceeding environmental regulations.
In November 2018, The Linde Group, an industrial gases and engineering company signed an agreement with NLMK Group, a steel company for the long-term supply of industrial gases to the Novolipetsk Steel site in Russia. This strategic partnership is expected to create opportunity for Linde to expand its business in Russia.
The Montreal Protocol, Kigali Amendment, Convention on Climate Change (COP21), and other environment protection organization have been adopted eco-friendly hydrofluorocarbons (HFCs) to lower or eliminate the impact of these Global Warming Potential (GWP) and Ozone Depletion Potential (ODP) refrigerants.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Green Refrigerants Providers, Raw Material Suppliers, Dealers, Suppliers, Traders, and Distributors of Green Refrigerants, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.