The market is gaining immense growth on account of stringent regulations imposed by the EPA and other regulatory authorities on carbon emissions leading to ozone depletion. Natural refrigerant provides minimum leakage, and high-energy efficiency at a cheaper cost is driving the market growth. Owing to eco-friendly substitutes over environmentally hazardous refrigerants such as HCFC and HFC is further fueling the market growth. Also, the rise in disposable income, ongoing urbanization, and soaring demand for HVAC and consumer electronics are some of the prominent factors contributing to the market growth.
The latest report by Value Market Research expects the Global Natural Refrigerant Market to reach USD 8.71 BN by 2030. It was valued at USD 3.3 BN in 2022. The report foresees a 12.9% CAGR from 2023 to 2030.
Ammonia led the product segment
In 2018, ammonia dominated the segment by accounting for the major market share. Rising demand for ammonia owing to energy efficient, eco-friendly, cost-effective, refrigerant that offers better heat transfer is driving the segment growth. Apart from these, ammonia posse’s excellent thermodynamic properties and low global warming potential have again upsurged the segment demand.
The commercial sector dominated the application segment
By application, the commercial sector emerged as the leading segment in 2018. The rising usage of natural refrigerant at supermarkets, hypermarkets, and other retail stores is driving the market growth.
Europe dominated the regional market
On the basis of region, Europe has concurred major market share in 2018. New mandates imposed on the EU government on the usage of natural refrigerant as a substitute for HCFC and HFC to reduce carbon footprints are fueling the regional market growth.
Major players of the market
A-Gas International, A.S. Trust and Holdings, Airgas Inc., Engas Australasia, GTS S.P.A, Harp International Ltd., Hychill Australia Pvt. Ltd., Puyang Zhongwei Fine Chemical Co. Ltd., Shandong Yueon Chemical Industry Ltd., Sinochem Group, Tazzetti S.P.A., and The Linde Group are the players ruling the natural refrigerant market.
As per this study the Global Natural Refrigerant Market was valued at USD 3.3 BN (by revenue) in 2022 and is anticipated to reach USD 8.71 BN by 2030 with a CAGR of 12.9%. Regarding volume, the market was calculated at XX Ton in 2022 and is forecast to touch XX Ton by 2030 with a CAGR of XX% during 2023-2030.
Natural refrigerant refers to a naturally occurring substance used as a refrigerant in refrigerators and HVAC systems. These refrigerants show a much lower impact on ozone depletion and global warming. Natural refrigerants are eco-friendly alternatives to hazardous synthetic refrigerants such as hydrofluorocarbon (HFC), hydrochlorofluorocarbon (HCFC), and chlorofluorocarbon (CFC).
Market Dynamics
Increased focus on the harmful effect of refrigerants has driven the demand for natural refrigerants. Natural refrigerant offers low leakage rate, and high-energy efficiency at a relatively low cost is boosting the market growth. Favorable initiatives taken by various governments for reducing ozone depletion are again fueling the natural refrigerant market growth. Also, the growing demand for air conditioners, refrigerators, and other HVAC systems is again contributing the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of natural refrigerant.
Market Segmentation
The broad natural refrigerant market has been sub-grouped into product and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
- Ammonia
- Carbon Dioxide
- Hydrocarbons
- Others
By Application
- Refrigeration
- Industrial
- Commercial
- Domestic
- Air Conditioning
- Stationary And Mobile
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for natural refrigerant in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Natural Refrigerant Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the Natural Refrigerant market include Linde Group (Germany), Airgas Inc. (the US), A-Gas International (the UK.), Sinochem (China). Puyang Zongwel Fine Chemical Co. Ltd. (China), and Shangdong Yueon Chemical Co. Ltd. (China). An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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