Global Natural Refrigerants Market is expected to grow in the forecast period 2024-2028 due to growing awareness of global warming and ozone layer depletion. According to TechSci Research report, “Natural Refrigerants Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Global Natural Refrigerants Market Size is USD 1,366.04 million in 2022 and is anticipated to increase at a CAGR of 3.05% in the forecast period.
The Important Factors of the Global Natural Refrigerants Market
A significant factor fueling the growth of the Global Nature Refrigerants Market is the growing awareness of global warming and ozone depletion. Synthetic refrigerants have a strong potential to cause global warming and ozone depletion due to the emission of hazardous gases, so to overcome this issue natural refrigerants are used instead of synthetic refrigerants as they have very low or no global warming potential (GWP) and zero ozone depletion potential (ODP). Hence, these factors increase the demand for natural refrigerants leading to the growth of the market in the forecast period.
Furthermore, the market is being further stimulated by the adoption of strict environmental regulations and the high potential of natural refrigerants.
However, limited availability and high cost can slow down the market growth. Also, flammability & toxicity issues can further slow down the market growth.
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Global Natural Refrigerants Market is segmented based on type, application, and region.
Based on type, the market is categorized into carbon dioxide, ammonia, hydrocarbons, and others. Carbon Dioxide is expected to hold the largest market share in the forecast period with 42.62% in 2023. This is due to high heat exchange, low pumping power, and Global Warming Potential (GWP) of 1, and zero Ozone Depletion Potential (ODP).
Based on application, the market is segmented into industrial, commercial, and domestic. Industrial is expected to hold the largest market share in the forecast period with 55.78% in 2023. This is due to the increasing demand for freezing and chilling process in various industries to maintain their product quality during storage.
Major companies operating in the Global Nature Refrigerants market are:
- Emerson Electric Co
- Linde Plc
- Air Gas Inc.
- Evonik Industries AG
- Secop Group Holding GmbH
- Natural Refrigerants Company
- HyChill Australia Pty Ltd
- Tazzetti SPA
- A-Gas International Ltd
- Puyang Zhongwei Fine Chemical Co. Ltd.
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“Europe region is expected to grow at the highest rate during the forecast period due to strict government rules regarding the use of synthetic refrigerants such as a hydrofluorocarbon (HFC) and hydrochlorofluorocarbons (HCFC) refrigerants. Additionally, a rise in the commercial industry and a thriving automotive industry create lucrative opportunities for market growth. Furthermore, in North America, the complete ban on the production and import of HFCs by the U.S. Environmental Protection Agency increasing the demand for natural refrigerants creates huge prospects of market growth during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Natural Refrigerants Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Carbon Dioxide, Ammonia, Hydrocarbons, Others), By Application (Industrial, Commercial, Domestic), By Region and Competition, has evaluated the future growth potential of Global Nature Refrigerants market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Natural Refrigerants market.”
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