Asia-Pacific Natural Refrigerants Market to Grow with a CAGR of 3.66 % through 2028
Growing demand from industrial and commercial sector are
factors driving the Asia-Pacific Natural Refrigerants Market in the forecast
period 2024-2028
According to TechSci Research report, “Asia-Pacific
Natural Refrigerants Market - By Region, Competition, Forecast and
Opportunities, 2018-2028”, Asia-Pacific Natural Refrigerants Market Size is
USD 269.66 million in 2022 and is anticipated to increase at a CAGR of 3.66% through
2028. Natural refrigerants are the outcome of a biochemical process that
harnesses resources from the natural environment. Among these, prominent
options frequently utilized in HVAC/R (Heating, Ventilation, Air Conditioning,
and Refrigeration) applications include carbon dioxide (CO2, R-744),
hydrocarbons like propane (R-290), isobutene (R-600a), and propylene (R-1270),
as well as ammonia (NH3, R-717). Additionally, alternatives like water (H2O,
R-718) and air (R-729) fall within the realm of natural refrigerants. These
natural choices distinguish themselves as the primary solution for mitigating
the environmental harm associated with synthetic refrigerants. This distinction
primarily arises from their minimal or non-existent Global Warming Potential
(GWP) and complete absence of Ozone Depletion Potential (ODP). Due to these
compelling advantages, the demand for natural refrigerants is poised for
substantial growth in the coming years.
Furthermore, numerous manufacturers have significantly
increased their investments in research and development to create novel,
environmentally friendly refrigerants that conform to government-mandated
standards. This development is anticipated to further bolster the market's
position during the forecast period.
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Moreover, the use of synthetic refrigerants such as hydrofluorocarbons
(HFCs), hydrochlorofluorocarbons (HCFCs), and chlorofluorocarbons (CFCs) in the
HVAC sector results in the emission of harmful gases. These gases are major
contributors to ozone layer depletion and the exacerbation of global environmental
temperatures. The rise in Earth's temperature, in turn, gives rise to a
multitude of issues, including the melting of glaciers, leading to rising sea
levels and subsequent inundation of various regions. Additionally, it triggers
incidents of forest fires and contributes to deforestation, both of which
disrupt the natural climate cycle.
The Asia-Pacific Natural Refrigerants Market is
segmented into type, application, country distribution, region and company
Based on the category of type insights, the carbon
dioxide segment is expected to register the highest growth of 4.25% during the
forecast period 2024-2028. Carbon dioxide is distinguished as an eco-friendly,
non-toxic, and non-flammable natural refrigerant. It boasts an exceptionally
low Global Warming Potential (GWP) value of just 1, serving as the benchmark
against which the environmental impact of various refrigerants on global
warming is assessed. Since carbon dioxide is a by-product of numerous
production processes, it is readily accessible for use as a refrigerant. This
ready availability plays a pivotal role in stimulating the growth of the
Asia-Pacific Natural Refrigerants Market in the projected timeframe.
Based on the application, the industrial segment is
expected to register the highest growth of 3.92% during the forecast period,
2024-2028. The industrial sector encompasses the utilization of refrigeration
systems in expansive industrial settings, including chemical manufacturing,
pharmaceuticals, and food processing. Presently, carbon dioxide refrigeration
technology finds widespread application in three key areas: heat pumps,
automotive air conditioning, and multi-stage refrigeration systems. In response
to the environmentally friendly attributes of carbon dioxide, endeavors have
been undertaken to design and produce carbon dioxide compressors suitable for
diverse industries. This innovation is expected to drive the expansion of the
Asia-Pacific Natural Refrigerants Market in the anticipated timeframe.
Based on country, China will witness
fastest growth during the forecast period, 2024-2028. China witnessed a
substantial surge in the demand for natural refrigerants. The country's
commitment to reducing greenhouse gas emissions, enhancing energy efficiency,
and mitigating environmental impact has driven the adoption of natural
refrigerants across various industries. In the realm of commercial
refrigeration, Chinese supermarkets and grocery stores have increasingly
embraced natural refrigerants like carbon dioxide (CO2, R-744) and hydrocarbons
(R-290 and R-600a) due to their low Global Warming Potential (GWP) and superior
energy efficiency. This shift not only aligns with China's sustainability goals
but also caters to the growing consumer demand for environmentally friendly
products.
Moreover, the industrial sector in
China, including chemical manufacturing, pharmaceuticals, and food processing,
has recognized the advantages of natural refrigerants in reducing both
environmental impact and operational costs. The use of ammonia (NH3, R-717) in
industrial refrigeration systems is gaining prominence, offering an
eco-friendly solution that supports the country's stringent environmental
regulations. China's commitment to sustainable transportation has also fostered
the demand for natural refrigerants, particularly in the automotive sector. The
adoption of carbon dioxide (CO2) as an automotive air conditioning refrigerant
aligns with the nation's focus on reducing vehicular emissions and enhancing
fuel efficiency.
Furthermore, the Chinese government's
proactive approach in implementing regulations and standards that promote the
use of natural refrigerants has played a pivotal role in driving market demand.
Policies aimed at phasing out high-GWP synthetic refrigerants and encouraging
the transition to low-GWP alternatives have created a conducive environment for
the adoption of natural refrigerants.
Major companies operating in Asia-Pacific Natural
Refrigerants Market are:
- Natural Refrigerants Company
- HyChill Australia Pty Ltd
- Puyang Zhongwei Fine Chemical Co. Ltd.
- Air Liquide India
- Sicgil India Limited
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“Increasing awareness of environmental issues, such as
climate change and ozone depletion, has played a pivotal role in the surging
need for natural refrigerants. Both businesses and consumers have proactively
sought more environmentally friendly cooling and refrigeration solutions.
Furthermore, substantial research and development endeavors have been in
progress to improve the efficiency and appropriateness of systems reliant on
natural refrigerants. These initiatives encompass the creation of innovative components,
compressors, and system designs customized to meet the demands of natural
refrigerants, thus contributing to the advancement of sustainable cooling
technologies creates a lucrative opportunity in the market growth,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Asia-Pacific Natural Refrigerants Market, By
Type (Carbon Dioxide, Ammonia, Hydrocarbons, Others), By Application
(Industrial, Commercial, Domestic), By Country, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Asia-Pacific Natural Refrigerants Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge 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 Asia-Pacific Natural Refrigerants Market.
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