Green refrigerants are the refrigerants which have lower global warming potential and ozone depleting properties as compared to the synthetic refrigerants, which possess a major threat to the ozone layer. The collaborative efforts by countries worldwide is contributing in the process of suppressing the consumption of the widely used group of synthetic refrigerants such as Chlorofluorocarbons (CFCs) and Hydrochlorofluorocarbons (HCFCs), which resulted in depletion of the ozone layer and brought climatic changes due to global warming. Moreover, Montreal Protocol, an international treaty finalized in 1987 by nations to protect the ozone layer from depletion, restricted the usage of these synthetic refrigerants  and encouraged development of refrigerants with minimal global warming potential (GWP) and ozone depleting potential (ODP).

Among product type, Carbon dioxide-based equipment observed a rise in demand as major companies in Commercial refrigeration sector are encouraging the development of efficient CO2 based refrigeration technology. Owing to its properties such as odorless, non-toxic, and non-flammable, CO₂ is used in transcritical refrigeration systems especially in large supermarkets and energy-efficient buildings. For instance, in Oct 2019, Huurre Group Oy, a manufacturer of CO₂ based refrigeration systems, was acquired by Caverion, a Finland-based refrigeration business firm involved in providing sustainable and energy-efficient building solutions.

Top Key Players in Green Refrigerants  market: AGC, Inc., Arkema, SA, ASPEN, Refrigerants, Inc., Daikin, Industries, Ltd, Global, Refrigerants, Harp, International, Ltd., Honeywell, International, Inc., The, Linde, Group, SRF, Limited, Tazzetti, S.p.A., and, The, Chemours, Company.

Scope of the Report:

The research report concentrates on the Global Green Refrigerants  Market in the regional market such as North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. Furthermore, the report segments the market according to market type, product type, end-users, vertical sectors, product prices, new product launches, innovation, and product differentiation.

Regional Analysis:

Besides segmental breakdown, the report is highly structured into region wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the Green Refrigerants market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR. The following are the regions covered in this report.

• North America [U.S., Canada, Mexico]
• Europe [Germany, UK, France, Italy, Rest of Europe]
• Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
• South America [Brazil, Argentina, Rest of Latin America]
• Middle East & Africa [GCC, North Africa, South Africa, Rest of Middle East and Africa]

Large supermarkets and hypermarkets play a big role within the growth of green refrigerants market over the forecast period. Leading players are switching their preferences towards manufacturing green refrigerant-based cooling systems. as an example , Carrefour, Europe-headquartered multinational stores, almost shifted its HFC-based refrigeration systems to CO2 based refrigeration systems. By 2017, that they had 170 transcritical CO2 based systems functioning across 7 different countries and a complete of 418 stores operating with natural refrigerants. Furthermore, key challenge for smaller companies in Commercial refrigeration sector is that the difficulty to implement a natural refrigerant based technology especially in regions with warm and humid climate like South Asia, Middle East , and parts of Latin America thanks to the upper cost and lower energy efficiencies of green refrigerant-based technologies.

The global green refrigerants market was valued at US$ 15.00 Billion in 2018 and is predicted to double by the top of 2027, growing substantially over the forecast period (2019-2027).

Natural existing refrigerants such as CO₂, hydrocarbon, ammonia, hydrofluoroolefins (HFOs), and water are preferred in refrigeration industry especially for residential and commercial cooling and refrigeration purposes in buildings, owing to their low-GWP, minimum ODP, ease of availability, and low cost. The market is expected to record substantial growth over the forecast period (2019 to 2027), owing to rising demand for refrigeration, cooling, and heating systems.

Key companies operating in the global green refrigeration market are focused on expanding their businesses by acquisition of companies involved in green refrigerant- based technologies. For instance, in June 2019, M&M Refrigeration, LLC (M&M), a global leader in industrial refrigeration based in U.S. acquired Carnot Refrigeration (Carnot), a Canada-based company, which specializes in CO₂-based transcritical refrigeration for industrial and commercial applications.

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