Natural Refrigerants Market Size, Share & Industry Analysis, By Type (Ammonia (R-717), Carbon Dioxide (R-744), Hydrocarbons, Others) By End-Use (Commercial, Industrial, Domestic)And Regional Forecast 2022-2029

Natural refrigerants are created through biochemical processes. Ammonia refrigerants, CO₂ refrigerants, hydrocarbon refrigerants, and others are examples of simple natural refrigerants. Concerns about environment have created the potential demand for natural refrigerants. These natural refrigerants are derived from natural resources and are therefore more environmentally friendly than conventional refrigerants. Artificial refrigerants cause heavy toll on ozone layer and escalate global warming. Due to higher efficiency of natural refrigerants, they can be effectively adopted as an excellent alternative for CFC’s, HCFC’s and HFC’s.

Increase in demand for natural refrigerants due to the negative effects caused by the use of hydro chlorofluorocarbon (HCFC) as well as Hydrofluorocarbon (HFC) based refrigerants is fuelling growth of the market. Natural refrigerants are widely used for refrigeration and air conditioning on a global level. Because of its relatively high performance, lower cost, zero or no ozone depletion, and lesser leakage rate, ammonia holds a significant share among natural refrigerants. However, the dominance of artificial refrigerants in developing economies, and the health hazards associated with the refrigerants are limiting growth of the natural refrigerants market.

Key Market Driver -

Increased awareness of environment friendly refrigerants is expected to drive the market.

Key Market Restraint -

Presence & wide acceptance of artificial refrigerants to restrict the market growth.

Market Segmentation:

Based on type the market for natural refrigerants is further segmented into ammonia (R-717), carbon dioxide (R-744), hydrocarbons, and others. Based on end use industries the market is segmented into commercial, industrial, and domestic. From a geographical standpoint, the market is categorized to North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Players Covered:

The global & regional players operating in the natural refrigerants market includes, Airgas, Inc. The Linde Group, A-Gas International, Hess Corporation, Sinochem, General Utilities, Puyang Zhongwei Fine Chemical Co.Ltd., HyChill, Engas Australasia, Tazzetti SpA, Deepfreeze Refrigerants Inc., and Shandong Yuan Chemical Co., Ltd

Key Insights

• New Advancements in Production Technologies


• Key Trends in the natural refrigerants market


• New Product Launches, Expansions, Key Players


• Ranking of Key Players in the Market

Regional Analysis:

Europe secures the highest share in the market. Growth in the commercial industry and a thriving automotive industry are boosting the growth in the European regions. The manufacturers in the region have scaled up their production of natural refrigerants owing to the strong demand in the air conditioners and refrigerating systems. Asia Pacific holds the second largest share in the global market. This is attributable to the increased adoption in the air-conditioning systems. Owing to the hot climate, there is a strong demand for air-conditioners in the households. Also, owing to the cheap labour costs, companies are shifting their businesses to these regions. In North America, the market is anticipated to rise due to stringent government regulations to phase out harmful hydrofluorocarbons and hydro-chlorofluorocarbons refrigerants. In the Middle East, commercial industry has been prospering, which has fuelled the demand for natural refrigerants. Latin America is emerging at a slow rate owing to the dominance of artificial refrigerants in the region.

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Segmentation

Natural Refrigerants Industry Developments

• In April 2021, TEGA GmbH acquired Austrian refrigerants business of Linde. With this acquisition, TEGA is aimed to form a closer relationship with Austrian natural refrigerants consumers.