Next-Generation Refrigerants: Can a Single Step Take Us Closer to a Greener, Sustainable World?
The heating, ventilation and air conditioning (HVAC) industry has throughout been making use of refrigerants for its applications in air conditioners, heat pumps, refrigeration systems, and others, and for other technological advancements. However, in the recent years, governments have imposed strict regulations and laws on manufacturing environment-friendly products unlike the conventional refrigerants such as R134a, R410A, R407A, and R544, among others, which play a major role in global warming. With consumer activism and rising demand for environment-friendly chemicals, leading organizations are increasingly utilizing next-generation refrigerants such as 1,3,3,3-Tetrafluoropropene (R-1234ze), Propane (R-290), and 2,3,3,3-Tetrafluoropropene (R-1234yf), among others, which have negligible to zero ozone depletion potential (ODP) and global warming potential (GWP).
The growth of the next-generation refrigeration market is highly dependent on international organizations and government bodies around the globe. Several regulations by the European Union and the Significant New Alternative Policy (SNAP) Programme implemented by the United States Environmental Protection Agency (US EPA) have been enforced to limit the use of conventional refrigerants, emphasizing sustainability and the need to save the environment from this silent killer.
In a research report by BIS Research on the next-generation refrigerants, the global market is expected to reach $33.64 billion by 2029 while growing at a CAGR of 3.22% over the period 2019–2029. Several factors have been driving the market, such as the rising adoption of eco-friendly refrigerants amid the global warming crisis, increasing end-user base for refrigerants, stringent government regulations for maintaining energy efficiency standards, and others. Various industries utilize refrigerants such as Chlorofluorocarbons (CFCs), Hydrochlorofluorocarbons (HCFCs), and Hydrofluorocarbons (HFCs), which account for rising pollution levels and are limited by governments. Several countries have come together to sign the Montreal Protocol and others, which encourage the use of environment-friendly chemicals such as natural refrigerants and HFOs, over others.
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Due to its minimal impact on global warming and its low ozone-depleting potential, several companies have shifted their focus toward producing HFOs as an alternative to the traditional refrigerants. Out of all the next-generation refrigerants available, HFCs held a strong market dominance in 2018 and are estimated to grow at a high rate by 2029. Various companies are taking initiatives to adopt these next-generation refrigerants while focusing on their long-term sustainable growth and becoming energy efficient. Prominent market players are focussing on expanding their product portfolio and technologies and on sustaining in the market while tackling tough competition. In terms of application, air conditioning takes most of the market share during the forecast period.
Region-wise, countries in the Asia-Pacific region such as China, India, South Korea, and Japan, accounted for the highest market share in 2018. Due to the modifying government policies, abundant use in industries, and significant growth in research and development, the region is bound to thrive in the coming years. Apart from this, North America and Europe are also growing notably due to the presence of major market players and increasing awareness to move toward a greener world.
