Natural Refrigerant Market Report

Natural refrigerant market has been steadily growing in response to environmental concerns and regulatory measures aimed at reducing greenhouse gas emissions.

WILMINGTON, DELAWARE, UNITED STATES, November 23, 2023 /EINPresswire.com/ -- The natural refrigerant market has been steadily growing in response to environmental concerns and regulatory measures aimed at reducing greenhouse gas emissions. Natural refrigerants, such as ammonia, carbon dioxide (CO2), hydrocarbons like propane and isobutane, and certain hydrofluoroolefins (HFOs), are gaining traction due to their lower global warming potential (GWP) compared to synthetic refrigerants like hydrofluorocarbons (HFCs).

According to the report, the global natural refrigerant market was valued at $1.5 billion in 2022 and is projected to reach $2.7 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/61953

𝐒𝐞𝐯𝐞𝐫𝐚𝐥 𝐟𝐚𝐜𝐭𝐨𝐫𝐬 𝐚𝐫𝐞 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐧𝐠 𝐭𝐨 𝐭𝐡𝐞 𝐞𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐦𝐚𝐫𝐤𝐞𝐭:

𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭𝐚𝐥 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬: The Montreal Protocol and subsequent agreements have targeted the phase-out of ozone-depleting substances and high-GWP refrigerants. This has led to increased interest in natural refrigerants, which have lower or no impact on ozone depletion and global warming.

Europe held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global natural refrigerant market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. In Europe, regulations and policies promoting environmentally friendly solutions, such as the F-Gas Regulation, phase-out of high global warming potential refrigerants, energy efficiency goals, and increasing consumer awareness of the environmental impact of synthetic refrigerants are driving the demand for the natural refrigerant market in Europe. The Asia-Pacific region is projected to manifest the highest CAGR of 7.2% from 2023 to 2032

𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲: Natural refrigerants are often more energy-efficient than their synthetic counterparts, offering cost savings and aligning with global sustainability goals.

The global natural refrigerant market is experiencing growth due to several factors such as growing demand for frozen food and dairy products and the properties of natural refrigerants such as being non-toxic, high efficiency, environment friendly, and compatibility with a wide range of equipment. However, the presence and wide acceptance of synthetic refrigerants hinder market growth to some extent. Moreover, technological developments in green cooling offer remunerative opportunities for the expansion of the natural refrigerant market.

𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬: Ongoing research and development efforts are improving the efficiency, safety, and applicability of natural refrigerants across various industries, including HVAC systems, food processing, and automotive air conditioning.

𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐀𝐰𝐚𝐫𝐞𝐧𝐞𝐬𝐬: Growing environmental consciousness among consumers and businesses is driving demand for eco-friendly products, encouraging the adoption of natural refrigerants.

The carbon dioxide segment held the highest market share in 2022, accounting for more than three-fifths of the global natural refrigerant market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that carbon dioxide is nontoxic, which enhances its safety profile for both operators and consumers. This characteristic makes it suitable for various applications, including commercial and industrial refrigeration. Carbon dioxide refrigeration systems are commonly used in commercial applications, particularly in supermarkets. However, the ammonia segment is projected to manifest the highest CAGR of 6.8% from 2023 to 2032. The growth is attributed to the fact that Ammonia exhibits excellent thermodynamic properties, making it an efficient refrigerant.

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧: Industries seeking to comply with regulations and reduce their carbon footprint are increasingly opting for natural refrigerants, leading to a rise in their use in commercial and industrial settings.

The refrigerators segment held the highest market share in 2022, accounting for more than half of the global natural refrigerant market revenue and is likely to retain its dominance throughout the forecast period. The same segment is projected to manifest the highest CAGR of 6.4% from 2023 to 2032. This can be attributed to the fact refrigerants have the ability to absorb heat from the interior of the refrigerator, which includes both the air and the items stored inside. As the refrigerant evaporates, it takes in heat energy, causing the temperature within the refrigerator to decrease.

This market's growth potential depends on various factors, including ongoing technological advancements, regulatory developments, availability of alternatives, and consumer acceptance. However, challenges like upfront costs, retrofitting existing systems, and safety concerns in handling certain natural refrigerants also exist.

The natural refrigerant market is poised for continued expansion as industries and consumers alike prioritize environmental sustainability and seek alternatives to conventional high-GWP refrigerants.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: -

- DANFOSS AS

- LINDE PLC

- A-GAS INTERNATIONAL LTD

- EVONIK INDUSTRIES AG

- AGC INC.

- AIR LIQUIDE

- HYCHILL AUSTRALIA PTY LTD

- JOHNSON CONTROLS INTERNATIONAL PLC

- PUYANG ZHONGWEI FINE CHEMICAL CO., LTD

- DAIKIN INDUSTRIES LTD.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/natural-refrigerant-market/purchase-options

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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