Next Generation Refrigerants Global Market Report 2023: Growing Concerns Around Global Warning Boost Sector

Company Logo

Dublin, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The "Next Generation Refrigerants Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Natural Refrigerants, Hydrofluoro Olefins & Others), By Application, By End-Use, By Region and Competition" report has been added to ResearchAndMarkets.com's offering.

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

14. Porter's Five Forces Analysis

15. Competitive Landscape

16. Strategic Recommendations

Companies Mentioned

• Honeywell International Inc

• Zhejiang Juhua Co Ltd

• Arkema Daikin Advanced Fluorochemicals Co. Ltd.

• The Chemours Company Fc LLC

• SRF Limited

• Tazzetti S.p.A

• ASPEN Refrigerants Inc

• The Linde Group

• Harp International Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/cp35zf

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900