Low GWP Refrigerants Market to Reach USD 13.06 Billion by 2031, at a CAGR of 9.8% — MarketsandMarkets™

Delray Beach, FL, Nov. 10, 2026 (GLOBE NEWSWIRE) -- The global Low GWP Refrigerants market is projected to grow steadily during the forecast period, driven by stringent environmental regulations, the phase-down of high-GWP refrigerants, and rising demand for energy-efficient refrigeration and air-conditioning systems. As the global cooling industry shifts toward sustainable technologies, low GWP refrigerants are gaining momentum as alternatives to high-global-warming-potential refrigerants. Stricter environmental regulations, increasing air-conditioning demand, and expanding cold-chain infrastructure are accelerating their adoption across industrial, commercial, residential, and automotive applications.

Get PDF Brochure — Market Data & Segmentation: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=17949781

Key Market Highlights

• Market Size (2026): USD 8.17 Billion
• Projected Market Value (2031): USD 13.06 Billion
• CAGR (2026–2031): 9.8%
• Largest Region: Asia Pacific, accounting for 42.2% of the market in 2026
• Largest Type: Fluorocarbons, with a 66.6% share in 2026
• Fastest-Growing Type: Hydrocarbons
• Largest Application: Commercial refrigeration, with a 42.0% share in 2026
• Fastest-Growing Application: Mobile air conditioning

Market Overview

Low GWP refrigerants are used in refrigeration and air-conditioning systems to reduce greenhouse gas emissions while maintaining cooling performance and energy efficiency. Key categories include fluorocarbons, hydrocarbons, and inorganic refrigerants such as ammonia and carbon dioxide.

Their adoption is expanding across industrial refrigeration, commercial cooling, domestic appliances, stationary air conditioning, and automotive thermal management.

Segment Analysis

• By Type: Fluorocarbons dominated the market in 2026, supported by their widespread use and availability of lower-GWP HFOs and HFC blends. Hydrocarbons are projected to grow fastest due to their low GWP and energy efficiency.
• By Application: Commercial refrigeration held the largest share in 2026, driven by supermarkets, food retail, and cold-chain infrastructure. Mobile air conditioning is projected to be the fastest-growing application, supported by vehicle production and the shift toward lower-emission automotive cooling.
• By Region: Asia Pacific is expected to remain the fastest-growing regional market through 2031.

Speak to Our Analyst — Get Custom Insights: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=17949781

Regional Analysis

Asia Pacific accounted for 42.2% of the global market in 2026 and is projected to be the fastest-growing region. Industrialization, urbanization, rising air-conditioning penetration, and investments in cold-chain, food processing, and industrial refrigeration across China, India, Japan, and South Korea are driving regional demand.

Key Industry Trends

• Refrigerant Transition: The phase-down of high-GWP refrigerants is accelerating the shift toward lower-impact alternatives.
• Natural Refrigerants: Hydrocarbons, ammonia, and carbon dioxide are gaining attention for their environmental benefits.
• Automotive Cooling: Electric vehicle growth is increasing demand for advanced, low-GWP mobile air-conditioning and thermal-management solutions.
• Sustainable Cold Chains: Expanding refrigerated storage, food distribution, and pharmaceutical logistics are supporting adoption.

Market Dynamics

Growth Drivers

• Stringent environmental regulations and the phase-down of high-GWP refrigerants.
• Rising demand for energy-efficient refrigeration and air-conditioning systems.

Restraints

• High equipment conversion and replacement costs.
• Safety and handling requirements for certain refrigerants, particularly flammable hydrocarbons.

Opportunities

• Expansion of cold-chain infrastructure and industrial refrigeration.
• Growing adoption of low-GWP refrigerants in electric vehicles and advanced cooling systems.

Challenges

• Ensuring refrigerant compatibility with existing equipment.
• Balancing environmental performance, safety, energy efficiency, and cooling capacity.

Competitive Landscape

The market is characterized by global refrigerant manufacturers competing through product innovation, advanced formulations, production capacity, and strategic partnerships. Companies are expanding portfolios of lower-GWP refrigerants and developing solutions to support the transition from conventional refrigerants across cooling applications.

Key Players

• Solstice Advanced Materials
• The Chemours Company
• Daikin Industries, Ltd.
• Arkema
• Orbia
• Linde PLC
• AGC Inc.
• Dongyue Group
• Sinochem Holdings
• Zhejiang Juhua Co., Ltd.

Strategic Takeaway

The transition toward low-GWP refrigerants is reshaping the global refrigeration and air-conditioning industry. Companies investing in energy-efficient formulations, natural refrigerants, and application-specific solutions are positioned to benefit from regulatory changes and the growing demand for sustainable cooling.

Related Reports

Natural Refrigerants Market

Refrigerants Market

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe.

Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem.

The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter , LinkedIn and Facebook .

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/
Report Code: CH 6870 | Published: 22 Oct 2026 | Report Pages: 264 | Market Data Tables: 238 | Figures: 63