Global Next Generation Refrigerants Market is anticipated to witness robust growth in the forecast period, 2024-2028 due to the increased concerns about global warming around the world. In 2020, the earth's surface temperature was around 0.98 Celsius degrees warmer than the 20th-century average.
Next-generation refrigerants with little to no global warming potential (GWP) and ozone depletion potential include ammonia and tetrafluoro propene. Due to the growing demand for environmentally friendly production processes, the need for next-generation refrigerants is growing rapidly. The two next-generation refrigerants with zero ozone depletion potential (ODP) and global warming potential are natural refrigerants and hydrofluoroolefins and Others. These factors are expected to boost market expansion.
Growing Uses of Next Generation Refrigerants in a Variety of End-Use Industries
The use of Next Generation Refrigerants in a wide range of end-user industries, for instance, food & beverage, pharmaceuticals, personal care, and industrial, is expected to increase the growth of the overall market at a substantial rate. Moreover, HFCs are frequently used as refrigerants because they are more effective at cooling and heating than other refrigerants. HFCs don't include chlorine; hence, they impact the ozone layer less. In addition, HFCs produce polymer foams as blowing agents, fire retardants, solvents in cleaning products, and plasma etching to manufacture semiconductors. All these factors are propelling the growth rate of the market.
Mergers & Acquisitions
In 2021, Honeywell and Trane Technologies launched the eco-friendly next-generation refrigerant N41, an alternative to the highly flammable and toxic R-410A. N41 has the same efficiency level as R-410A, while it also reduces the global warming impact by 65 percent. N41 has widespread applications like commercial air conditioning in variable refrigerant flow, rooftops, and residential air conditioning in unitary ducted equipment.
Recent Developments
A new technology called life-cycle climate performance (LCCP), developed by the University of Maryland College Park (UMCP) in collaboration with the Air Conditioning, Heating, and Refrigeration Technology Institute (AHRTI) can estimate the effectiveness and performance of a typical commercial refrigeration system with alternative refrigerants and minor system modifications to provide lower-GWP refrigerant solutions with improved LCCP in comparison to baseline systems.
New Product Launches
Daikin introduced the first R-32 refrigerant-powered residential air conditioner. R-32 transfers heat at a much higher rate and can reduce energy consumption by up to 10% compared to R-22 and R-410A. Moreover, R-32 reduces global warming and the carbon footprint and has a significantly lower environmental impact. They have only 1/3 of the global warming potential (GWP) of R-410A and an ozone depletion of 0.
Koura recently developed two refrigerants, Koura Klea 473A and Koura Klea 456A. Koura Klea 473A can reduce at an overwhelming rate of +85% global warming potential (GWP) and perform efficiently even in adverse conditions like low temperatures. In contrast, Koura Klea 456A is economical and a substitute for 134a, which can reduce global warming potential (GWP) by up to 50%.
Market players
Honeywell International, Zhejiang Juhua, Arkema, Daikin, Chemours, SRF Limited, Tazzetti S.p.A, ASPEN Refrigerants, The Chemours Company, and The Linde Group are some of the key players operating in the market.
Report Scope:
In this report, Global Next Generation Refrigerants Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Next Generation Refrigerants Market, By Type:
Natural Refrigerants
Hydrofluoro Olefins
Others
Next Generation Refrigerants Market, By Application:
Air Conditioning
Refrigeration
Heat Pump
Others
Next Generation Refrigerants Market, By End-Use:
Residential
Industrial
Commercial
Transportation
Next Generation Refrigerants Market, By Region:
Europe
France
Germany
United Kingdom
Russia
Sweden
Denmark
Switzerland
North America
United States
Canada
Mexico
Asia-Pacific
China
India
Japan
Australia
South Korea
Middle East and Africa
Saudi Arabia
UAE
Qatar
South America
Brazil
Argentina
Colombia
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Next Generation Refrigerants Market Outlook
6. Europe Next Generation Refrigerants Market Outlook
7. North America Next Generation Refrigerants Market Outlook
8. Asia-Pacific Next Generation Refrigerants Market Outlook
9. Middle East and Africa Next Generation Refrigerants Market Outlook
10. South America Next Generation Refrigerants Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Global Microcrystallline Market: SWOT Analysis
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