Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 269.66 Million

CAGR (2023-2028)

3.66%

Fastest Growing Segment

Carbon Dioxide

Largest Market

China


Market Overview

The Asia-Pacific Natural Refrigerants Market was valued at USD 269.66 Million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 3.66% through 2028. Traditional refrigerants like R407A, R410A, R134a, and R544 have the potential to make a significant contribution to global warming and ozone depletion. The market's expansion is primarily being driven by the increasing concerns surrounding global warming and related environmental issues. Natural refrigerants are generated through a biochemical process that makes use of naturally occurring resources. Commonly used natural refrigerants in HVAC/R 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, other natural refrigerants in use include water (H2O, R-718) and air (R-729). These natural refrigerants are seen as the ultimate solution to mitigate the environmental damage caused by synthetic refrigerants, primarily because of their extremely low or nonexistent global warming potential (GWP) and zero ozone depletion potential (ODP). These factors are driving the growth of the Asia-Pacific Natural Refrigerants Market in the forecast period.

Key Market Drivers

Sustainability Demand

As the universal commitment to combat climate change and embrace sustainable practices intensifies, there is a growing demand for eco-friendly solutions across various industries. In the Asia-Pacific region, there is a rising adoption of natural refrigerants as businesses, policymakers, and consumers seek alternatives to traditional synthetic refrigerants, which have been associated with harmful environmental consequences. This shift towards natural refrigerants reflects a broader dedication to sustainability, energy efficiency, and the reduction of greenhouse gas emissions. The increasing emphasis on sustainability in refrigeration and cooling systems has brought natural refrigerants to the forefront.

These substances, sourced from naturally occurring materials, have significantly lower environmental impacts compared to synthetic refrigerants, notorious for their contribution to ozone depletion and global warming. Several factors contribute to the growing use of natural refrigerants. Concerns about the adverse environmental effects of synthetic refrigerants, particularly hydrofluorocarbons (HFCs), have triggered widespread alarm. These chemicals have been linked to ozone layer depletion and exacerbation of climate change. As a result, there is an urgent need to find greener and more environmentally responsible alternatives. International agreements have spurred action in numerous countries, leading to the phase-out of high-global warming potential (GWP) refrigerants and the promotion of low-GWP alternatives like natural refrigerants.

Furthermore, natural refrigerants often exhibit higher energy efficiency compared to their synthetic counterparts. This inherent efficiency can result in reduced energy consumption and lower operational costs for businesses, making natural refrigerants economically appealing. With an increasing number of consumers prioritizing environmentally conscious choices, there is a growing market demand for sustainable products and services, extending to refrigeration and cooling solutions. This trend encourages businesses to adopt natural refrigerants to meet consumer expectations.

Moreover, the versatility of natural refrigerants has led to their application across various sectors. Supermarkets, restaurants, and convenience stores are increasingly adopting natural refrigerants for cooling and storage, reducing their carbon footprint and showcasing environmental responsibility. Large industrial facilities are transitioning to natural refrigerants for their cooling processes, enhancing efficiency and environmental performance. Natural refrigerants are also being explored for use in residential and commercial air conditioning systems, ensuring comfortable indoor environments while minimizing ecological impact. Therefore, the heightened focus on sustainability and the utilization of natural refrigerants have been instrumental in driving the growth of the Asia-Pacific Natural Refrigerants Market.

Rising Demand of Natural Refrigerants in Commercial Sector

The commercial sector plays a pivotal role in shaping the demand for natural refrigerants, driven by a combination of factors that underscore the sector's growing commitment to sustainability and environmental stewardship. Businesses, institutions, and enterprises are actively seeking ways to diminish their carbon footprint and embrace more eco-friendly practices. Consequently, the adoption of natural refrigerants has gained prominence in the commercial sector's transition towards greener and more sustainable cooling and refrigeration systems. At the heart of this surge in demand lies a compelling environmental imperative. The detrimental effects of synthetic refrigerants, particularly hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs), are widely acknowledged. These chemicals are infamous for their role in ozone layer depletion and their substantial contributions to global warming. In response to these concerns, regulatory bodies have implemented stringent regulations aimed at phasing out refrigerants with high-global-warming-potential (GWP), prompting businesses to seek more environmentally friendly alternatives. Natural refrigerants, known for their minimal environmental impact, have emerged as the preferred choice for many commercial entities.

Furthermore, commercial refrigeration systems encompass a wide range of applications, spanning from supermarkets and grocery stores to restaurants and convenience stores. In these settings, natural refrigerants have gained widespread adoption. For instance, transcritical CO2 systems, utilizing carbon dioxide as a refrigerant, have gained popularity in large supermarkets. These systems offer both superior cooling performance and the advantage of significantly lower GWP compared to HFC alternatives. Commercial entities in the refrigeration sector have recognized that embracing natural refrigerants aligns with consumer expectations and regulatory mandates while enhancing operational efficiency.

Additionally, air conditioning systems in commercial buildings, including offices, hotels, and shopping malls, are undergoing a transition towards natural refrigerants. Technological advancements have made it increasingly feasible to incorporate natural refrigerants like hydrocarbons (R-290 and R-600a) into air conditioning units, ensuring comfortable indoor environments with minimal ecological impact. As businesses prioritize the comfort and well-being of occupants while reducing their carbon footprint, natural refrigerants have become a viable and sustainable choice for commercial air conditioning.

Supportive Regulatory Scenario

In the Asia-Pacific region, a strong emphasis on sustainability and environmental responsibility has led to the establishment of a supportive regulatory framework aimed at promoting the use of natural refrigerants. These regulations are carefully designed to achieve specific goals such as reducing greenhouse gas emissions, safeguarding the ozone layer, and enhancing energy efficiency, ultimately driving the adoption of natural refrigerants across diverse industries. This proactive approach aligns with global efforts to combat climate change and transition towards more environmentally friendly alternatives. Numerous regulatory measures have been put in place, with a primary focus on the phased reduction of high-global-warming-potential (GWP) synthetic refrigerants, particularly hydrofluorocarbons (HFCs). These measures set targets for the gradual reduction of HFC usage and encourage the transition to low-GWP alternatives, including natural refrigerants.

Furthermore, environmental protection agencies have introduced regulations under the Clean Air Act to control emissions of ozone-depleting substances and high-GWP refrigerants. These regulations mandate the use of eco-friendly alternatives, such as natural refrigerants, in various applications like air conditioning and refrigeration. Additionally, various alternative policy programs play a crucial role by evaluating and approving substitute chemicals, including refrigerants, with a strong emphasis on identifying safe and environmentally friendly alternatives. These programs act as a driving force behind the adoption of natural refrigerants as replacements for high-GWP synthetic refrigerants. Government agencies are responsible for establishing energy efficiency standards for appliances and equipment, including cooling and refrigeration systems. Natural refrigerants often exceed these standards in terms of energy efficiency, providing additional incentives for their adoption. Consequently, the multitude of government initiatives related to natural refrigerants is expected to drive demand in the Asia-Pacific Natural Refrigerants Market throughout the forecast period.

Increasing Energy Efficiency

As the Asia-Pacific region intensifies its efforts to reduce energy consumption and minimize its environmental footprint, the adoption of natural refrigerants is emerging as a strategic solution. These refrigerants not only offer environmental benefits but also play a crucial role in improving energy efficiency across various sectors. Whether it's within the commercial refrigeration or air conditioning domains, natural refrigerants are ushering in a new era of sustainable cooling that aligns with the region's dedication to conserving energy and preserving the environment. Energy efficiency stands as a fundamental pillar of sustainable development, and Asia-Pacific acknowledges its pivotal role in addressing climate change and mitigating energy costs. Sourced from environmentally friendly origins, natural refrigerants serve as a prime example of how advancements in cooling technologies can effectively address environmental concerns while concurrently achieving energy efficiency objectives.

Furthermore, natural refrigerants confer several advantages in terms of energy efficiency when compared to synthetic counterparts like hydrofluorocarbons (HFCs). They possess significantly lower Global Warming Potential (GWP), resulting in reduced contributions to global warming and aligning with the region's emissions reduction objectives. Additionally, natural refrigerants often exhibit superior thermodynamic properties, leading to more efficient heat transfer and cooling processes. Consequently, this can result in reduced energy consumption and lowered operational costs. The enhanced thermodynamic properties of natural refrigerants can play a pivotal role in curbing energy demand, which is particularly crucial in energy-intensive sectors such as air conditioning and refrigeration. Consequently, these factors are expected to drive the growth of the Asia-Pacific Natural Refrigerants Market in the forecast period.

 

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Key Market Challenges

Restricted Infrastructure & Availability

The lack of sufficient infrastructure to support the utilization of natural refrigerants poses another significant challenge. For example, the network of suppliers and charging stations for CO2 refrigerants in the Asia-Pacific region is not as extensive as that for synthetic refrigerants. This limitation has the potential to hinder the widespread adoption of natural refrigerants, particularly in remote or underserved areas. Furthermore, while the adoption of natural refrigerants holds great promise for a more sustainable and environmentally friendly approach to cooling and refrigeration, one of the hurdles in transitioning to these alternatives is their limited availability. As industries and governments increasingly prioritize sustainability and reduced carbon footprints, addressing this challenge becomes essential for the successful and widespread adoption of natural refrigerants. The constrained availability of natural refrigerants can be attributed to several factors. Firstly, the production and distribution of natural refrigerants may not be as well-established or widespread as their synthetic counterparts, resulting in supply limitations. Additionally, regulations and standards governing the use of refrigerants can vary across regions, leading to disparities in availability. Some natural refrigerants might face restrictions due to safety concerns or a lack of regulatory approval.

Moreover, existing cooling and refrigeration systems are often designed to work with specific synthetic refrigerants, making it challenging to retrofit them for the use of natural refrigerants. Lastly, the limited historical demand for natural refrigerants has resulted in a smaller market size, which, in turn, has impacted their availability in the market. Addressing these availability constraints is crucial to promoting the broader use of natural refrigerants and realizing their environmental benefits.

Safety Concern

Safety concerns related to the utilization of natural refrigerants pose a significant challenge in the Asia-Pacific Natural Refrigerants market. While natural refrigerants are generally considered safe when handled correctly, they can present risks if mishandled, especially in confined spaces or areas with inadequate ventilation. For example, ammonia is known for its toxicity and flammability, requiring strict safety precautions in its usage. Hydrocarbons can exhibit high flammability, emphasizing the importance of proper storage and preventive measures against leaks. Systems utilizing carbon dioxide operate at elevated pressures, necessitating robust equipment design and ongoing maintenance. Effectively addressing these safety concerns requires strict adherence to safety protocols, regular inspections, and continuous personnel training. Furthermore, the development and widespread promotion of enhanced safety standards and guidelines specifically tailored to natural refrigerants are essential steps in mitigating associated risks. It's important to note that while these safety considerations are crucial, they may pose challenges to the growth of the Asia-Pacific Natural Refrigerants market during the forecast period.

Key Market Trends

Governing Initiatives

A significant driving force behind the Asia-Pacific Natural Refrigerants market is the robust regulatory framework aimed at reducing the use of high-GWP synthetic refrigerants. Governments and environmental agencies have played a pivotal role in advocating for stricter regulations and standards, in line with international agreements such as the Kigali Amendment to the Montreal Protocol. This commitment has created a favorable environment for the adoption of natural refrigerants. For instance, in the Asia-Pacific region, environmental protection agencies have implemented regulations to phase out hydrofluorocarbons (HFCs) and promote the transition to low-GWP alternatives. Similarly, they are actively pursuing measures to restrict the use of synthetic refrigerants. These regulations have driven the adoption of natural refrigerants, including carbon dioxide (CO2), ammonia (NH3), and hydrocarbons (HCs), in various applications, such as commercial refrigeration, air conditioning, and industrial cooling.

Furthermore, there is a growing emphasis on energy efficiency in the cooling industry, which is spurring the demand for natural refrigerants. Natural refrigerants, particularly CO2 and ammonia, are renowned for their exceptional thermodynamic properties, leading to more energy-efficient systems. In the Asia-Pacific Natural Refrigerants market, there is an increasing recognition that environmentally friendly cooling solutions can also deliver significant energy savings and reduce operational costs. The commercial and industrial sectors are progressively adopting systems based on natural refrigerants to achieve sustainability objectives and minimize their carbon footprint. For example, supermarkets are transitioning to CO2-based refrigeration systems due to their superior energy efficiency and reduced environmental impact. The combination of emissions reduction and cost savings makes natural refrigerants an attractive choice for businesses aiming to align with green initiatives.

Innovation in Technology

The pursuit of sustainable and environmentally responsible cooling solutions has driven significant advancements in the field of natural refrigerants. As industries and researchers commit to combating climate change and reducing carbon footprints, technology has emerged as a pivotal catalyst in enhancing the efficiency, safety, and widespread availability of natural refrigerants. These breakthroughs are reshaping conventional perspectives on cooling and refrigeration, with a focus on sustainability at the forefront.

Furthermore, advanced technologies are optimizing the performance of cooling systems that rely on natural refrigerants. Innovations in components such as heat exchangers, compressors, and system controls are improving both energy efficiency and the overall effectiveness of these systems. For instance, compact and efficient microchannel heat exchangers are enhancing heat transfer and reducing refrigerant usage, thereby contributing to more energy-efficient systems. Additionally, variable-speed compressors, capable of adjusting their speed in response to cooling demands, provide precise and efficient cooling while minimizing energy consumption.

Moreover, smart controls and Internet of Things (IoT) technology are enabling remote monitoring and control of cooling systems, fine-tuning their performance, and facilitating real-time issue detection. Transcritical CO2 systems, for example, have become more efficient and cost-effective, expanding their applicability in various settings, including hot climates. Furthermore, the advancement of sophisticated heat exchangers and controls has increased the overall reliability and performance of natural refrigerant systems. This technological evolution has accelerated the acceptance of natural refrigerants across the Asia-Pacific region. The transport refrigeration sector holds particular promise, with natural refrigerants gaining momentum. The utilization of ammonia-based systems in refrigerated trucks and trailers is on the rise, offering a sustainable solution for cold chain logistics. Additionally, propane (R-290) is gaining traction in domestic refrigeration and small-scale air conditioning due to its low Global Warming Potential (GWP) and energy-efficient characteristics.

Segmental Insights

Type Insights

Based on the type, 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.

Application Insights

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, endeavours 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.

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Country Insights

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.

Recent Developments

  • In January 2021, Air Liquide and Hefei Institutes of Physical Science (HFIPS) established a joint venture to promote the development of helium refrigeration equipment in China.
  • In October 2022, Australia Retailer Coles Trials Fully NatRef-Based Heating and Cooling System.
  • In September 2020, Daikin introduced Conveni-Pack with the natural refrigerant CO2 for food retail and petrol station applications in city centers and residential areas.

Key Market Players

  • Natural Refrigerants Company
  • HyChill Australia Pty Ltd
  • Puyang Zhongwei Fine Chemical Co. Ltd.
  • Air Liquide India
  • Sicgil India Limited

  By Type

By Application

By Country

  • Carbon Dioxide
  • Ammonia
  • Hydrocarbons
  • Others
  • Industrial
  • Commercial
  • Domestic
  • China
  • Japan
  • Australia
  • South Korea
  • India
  • Vietnam
  • Thailand
  • Indonesia
  • Malaysia
  • Singapore

Report Scope:

In this report, the Asia-Pacific Natural Refrigerants Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Asia-Pacific Natural Refrigerants Market, By Type:

o   Carbon Dioxide

o   Ammonia

o   Hydrocarbons

o   Others

  • Asia-Pacific Natural Refrigerants Market, By Application:

o   Industrial

o   Commercial

o   Domestic

  • Asia-Pacific Natural Refrigerants Market, By Country:

o   China

o   Japan

o   Australia

o   South Korea

o   India

o   Vietnam

o   Thailand

o   Indonesia

o   Malaysia

o   Singapore

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Asia-Pacific Natural Refrigerants Market.

Available Customizations:

The Asia-Pacific Natural Refrigerants Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Asia-Pacific Natural Refrigerants Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]                

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Voice of Customer

5.    Impact of COVID-19 of Asia-Pacific Natural Refrigerants Market

6.    Asia-Pacific Natural Refrigerants Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value & Volume

6.2.  Market Share & Forecast

6.2.1.    By Type (Carbon Dioxide, Ammonia, Hydrocarbons, Others)

6.2.2.    By Application (Industrial, Commercial, Domestic)

6.2.3.    By Country (China, Japan, Australia, South Korea, India, Vietnam, Thailand, Indonesia, Malaysia, Singapore)

6.2.4.    By Company (2022)

6.3.  Market Map

6.3.1.    By Type

6.3.2.    By Application

6.3.3.    By Country

7.    China Natural Refrigerants Market Outlook

7.1.  Market Size & Forecast       

7.1.1.    By Value & Volume

7.2.  Market Share & Forecast

7.2.1.    By Type

7.2.2.    By Application

8.    Japan Natural Refrigerants Market Outlook

8.1.  Market Size & Forecast       

8.1.1.    By Value & Volume

8.2.  Market Share & Forecast

8.2.1.    By Type

8.2.2.    By Application

9.    Australia Natural Refrigerants Market Outlook

9.1.  Market Size & Forecast       

9.1.1.    By Value & Volume

9.2.  Market Share & Forecast

9.2.1.    By Type

9.2.2.    By Application

10. South Korea Natural Refrigerants Market Outlook

10.1.             Market Size & Forecast        

10.1.1. By Value & Volume

10.2.             Market Share & Forecast

10.2.1. By Type

10.2.2. By Application

11. India Natural Refrigerants Market Outlook

11.1.             Market Size & Forecast        

11.1.1. By Value & Volume

11.2.             Market Share & Forecast

11.2.1. By Type

11.2.2. By Application

12. Vietnam Natural Refrigerants Market Outlook

12.1.             Market Size & Forecast        

12.1.1. By Value & Volume

12.2.             Market Share & Forecast

12.2.1. By Type

12.2.2. By Application

13. Thailand Natural Refrigerants Market Outlook

13.1.             Market Size & Forecast        

13.1.1. By Value & Volume

13.2.             Market Share & Forecast

13.2.1. By Type

13.2.2. By Application

14. Indonesia Natural Refrigerants Market Outlook

14.1.             Market Size & Forecast        

14.1.1. By Value & Volume

14.2.             Market Share & Forecast

14.2.1. By Type

14.2.2. By Application

15. Malaysia Natural Refrigerants Market Outlook

15.1.             Market Size & Forecast        

15.1.1. By Value & Volume

15.2.             Market Share & Forecast

15.2.1. By Type

15.2.2. By Application

16. Singapore Natural Refrigerants Market Outlook

16.1.             Market Size & Forecast        

16.1.1. By Value & Volume

16.2.             Market Share & Forecast

16.2.1. By Type

16.2.2. By Application

17. Market Dynamics

17.1.             Drivers

17.2.             Challenges

18. Market Trends & Developments

19. Asia-Pacific Natural Refrigerants Market: SWOT Analysis

20. Porter’s Five Forces Analysis

20.1.             Competition in the Industry

20.2.             Potential of New Entrants

20.3.             Power of Suppliers

20.4.             Power of Customers

20.5.             Threat of Substitute Products

21. Competitive Landscape

21.1.             Natural Refrigerants Company

21.1.1. Business Overview

21.1.2. Product Offerings

21.1.3. Recent Developments

21.1.4. Financials (In Case of Listed Companies)

21.1.5. Key Personnel

21.2.             HyChill Australia Pty Ltd

21.2.1. Business Overview

21.2.2. Product Offerings

21.2.3. Recent Developments

21.2.4. Financials (In Case of Listed Companies)

21.2.5. Key Personnel

21.3.             Puyang Zhongwei Fine Chemical Co. Ltd.

21.3.1. Business Overview

21.3.2. Product Offerings

21.3.3. Recent Developments

21.3.4. Financials (In Case of Listed Companies)

21.3.5. Key Personnel

21.4.             Daikin Industries Ltd

21.4.1. Business Overview

21.4.2. Product Offerings

21.4.3. Recent Developments

21.4.4. Financials (In Case of Listed Companies)

21.4.5. Key Personnel

21.5.             Air Liquide India

21.5.1. Business Overview

21.5.2. Product Offerings

21.5.3. Recent Developments

21.5.4. Financials (In Case of Listed Companies)

21.5.5. Key Personnel

21.6.             Sicgil India Limited

21.6.1. Business Overview

21.6.2. Product Offerings

21.6.3. Recent Developments

21.6.4. Financials (In Case of Listed Companies)

21.6.5. Key Personnel

22. Strategic Recommendations

Figures and Tables

Frequently asked questions

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The market size of the Asia-Pacific Natural Refrigerants Market is anticipated to be USD 269.66 Million in 2022.

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Carbon Dioxide is the dominant type in the Asia-Pacific Natural Refrigerants Market accounting for a share of 40.56% in 2022.

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Industrial sector is the dominant form in the Asia-Pacific Natural Refrigerants Market accounting for a share of 54.62% in 2022.

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Growing demand from industrial and commercial sector are the major drivers for the Asia-Pacific Natural Refrigerants Market.

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Sakshi Bajaal

Business Consultant
Press Release

Asia-Pacific Natural Refrigerants Market to Grow with a CAGR of 3.66 % through 2028

Oct, 2023

Growing demand from industrial and commercial sector are factors driving the Asia-Pacific Natural Refrigerants Market in the forecast period 2024-2028