Natural Refrigerants Market Size is USD 1366.04 million in 2022 and grow with a CAGR of 3.05% through 2028
Global Natural Refrigerants Market is expected to grow in the forecast period 2024-2028 due to growing awareness towards 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. A
significant factor fueling the growth of Global Natural Refrigerants Market is
the growing awareness towards global warming and ozone depletion. Synthetic
refrigerants has strong potential to cause global warming and ozone depletion
due to 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 of natural refrigerants leading to the growth
of market in the forecast period.
Furthermore, the market is being further
stimulated by adoption of strict environmental regulations and high potential
of natural refrigerants.
However, limited
availability and high cost can slow down the market growth. Also, flammability
& toxicity issues can further slowdown the market growth.
Browse over 118 market data Figures
spread through 209 Pages and an in-depth TOC on the "Natural Refrigerants Market"
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 increasing demand of freezing and chilling
process in various industries to maintain their product quality during the
storage.
Major companies operating
in the Global Natural 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.
Download Free Sample Report
Customers
can also request for 10% free customization on this report.
“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 hydrofluorocarbon
(HFC) and hydrochlorofluorocarbons (HCFC) refrigerants. Additionally,
rise in the commercial industry and a thriving automotive industry creates
lucrative opportunities for market growth. Furthermore, in North America, complete
ban on production and import of HCFs by U.S. Environmental Protection Agency increasing
the demand of natural refrigerants create 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 Natural 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.”
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web: https://www.techsciresearch.com