Low GWP Refrigerants Market Exhibits Ardent Revenue Gains across Major Geographical Regions during 2019 –2027
October 4, 2019 by Amanpreet
The Chemours Company, an American chemical company in low GWP refrigerants market, announced in July 2018 a US$ 20 million investment in a new low GWP technology-based chiller using Opteon™ XP10 (R-513A) refrigerant. The company declared that with the high-performance and efficient system, the company will successfully minimize the refrigerant GWP by nearly 55% and lower its carbon footprint to even a greater extent.
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The other key players profiled in the research include,
Hydrofluorocarbons (HFCs) Phase-out Likely to Propel Adoption of Low GWP Refrigerants
‘The Montreal Protocol on Substances That Deplete the Ozone Layer’ includes concerted efforts to curtail the production as well as consumption of refrigerants, including HFCs, in non-A5 countries by around 85% by the end of 2035. This is forcing end-users to shift to low GWP refrigerants.
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Furthermore, the United States’ Environment Protection Agency’s (EPA) Clean Air Act implemented the hydro chlorofluorocarbons (HCFCs), and the European Union has adopted regulations to reduce consumption of HFCs by over 79% by the end of 2030. With an increasing number of countries phasing out the production of HFCs, the adoption of low GWP refrigerants is expected to surge. This is expected to power growth of the low GWP refrigerants market in the upcoming years.
Adoption Underpinned by Alarming Environmental Consequences of Refrigeration and Air Conditioning Sectors
It has come to the fore that the energy that the refrigeration and air conditioning sector consumes and ozone-depleting chlorofluorocarbons (CFCs) and HCFCs refrigerants are a major contributor to global climate change. The commercial refrigerants that are commonly used in the refrigeration and air conditioning sector are dominated by various fluorinated chemicals, including hydrocarbons and HFCs along with inorganic compounds such as carbon dioxide and ammonia. Moreover, free chlorine molecules in CFCs and HCFCs can reach the stratosphere, which is believed to exacerbate the “hole” in the ozone layer. Thereby, increasing concerns about the severe environmental impacts of CFCs and HCFCs are boosting adoption of low GWP refrigerants in the refrigeration and air conditioning sectors.
Limited Options of Low GWP Refrigerants Remain a Challenge
Despite increasing awareness about the environmental impacts of high CWG refrigerants, end-users find switching to low GWP refrigerants as an extremely complex change. Even though a majority of stakeholders in the low GWP refrigerants market are frequently introducing innovative options, the availability of low CWG refrigerants suitable for various applications remains limited to a few options.
Flammability, coefficient of performance (COP), environmental acceptance, volumetric capacity (Qvol), and low toxicity are the main filters in the process of choosing a right low CWG refrigerant. For fluids with low toxicity and good COP, which are at mildly flammable, options for high-performance, low-GWP fluids are minimal, which impacting growth of the low GWP refrigerants market.
Global Environmental Initiatives and Regulations – The Force for Innovations in Low GWP Refrigerants Market
New global environmental initiatives, such as the Paris Agreement, are promoting to the adoption of pro-environment practices in the industrial sector. Implementation of such regulatory policies on the global level is expected support the phasing out specific ozone-depleting substances that are posing serious harm to the environment, and thereby boost the adoption of low CWG refrigerants by. Moreover, leading countries in the world are implementing legislation to reduce the negative environmental impacts of ozone-depleting refrigerants and encourage end-users to adopt low GWP refrigerants.
EPA’s Significant New Alternatives Policy (SNAP) program under Section 612 of the Clean Air Act, is aimed at evaluating the risks of existing ozone-depleting substances, including high GWP refrigerants, to human health and the environment. Furthermore, the European Union has adopted the F-gas regulation and the MAC directive to curtail the emissions from fluorinated greenhouse gases (F-gases), including hydrofluorocarbons (HFCs), to reduce global warming potential (GWP) refrigerant usage.
Growing adoption of such environmental regulations is poised encourage end-users to have an environment-friendly approach while selecting commercial refrigerants, and thereby, bolstering innovative in the low GWP refrigerants market.
Increasing Concerns about Global Warming Trigger an Industry-wide Switchover to Low GWP Refrigerants
With the recent advancements in technologies, the awareness about the earth’s reaction to industrial carbon footprint has increased across various industrial sectors. End-users have shifted their focus on reducing their carbon footprint and curb the emission of greenhouse gases by transitioning towards low GWP refrigerants. Especially in the refrigeration industry, customers are becoming conscious about the significant damage to the environment caused due to commercial refrigerants with high GWP. As environmental impact and CWP remain the important factors to impact industry players’ decision-making, the demand for low GWP refrigerants is likely to surge in the upcoming years.
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