Market Size of Low GWP Refrigerant Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 189.81 kilotons |
| Market Volume (2029) | 276.96 kilotons |
| CAGR (2024 - 2029) | 7.85 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Low GWP Refrigerants Market Analysis
The Low GWP Refrigerant Market size is estimated at 189.81 kilotons in 2024, and is expected to reach 276.96 kilotons by 2029, growing at a CAGR of 7.85% during the forecast period (2024-2029).
The low GWP refrigerant market was negatively impacted by the COVID-19 pandemic. However, the market recovered significantly in 2021, owing to rising applications in pharmaceuticals, residential, commercial, and others.
- The low environmental impact and stringent regulations are likely to be the main driver of the low GWP refrigerant market's growth over the medium term.
- However, the higher flammability and other toxicity characteristics are expected to limit the growth of the low GWP refrigerant market.
- Nevertheless, developments for promoting low GWP refrigerants are likely to create lucrative growth opportunities for the global market soon.
- Europe represents the largest market,with the largest consumption coming from countries such as Germany,United Kingdom, etc.
