According to Natural Refrigerants Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Global Natural Refrigerants market is anticipated to grow at 3.05% CAGR and reach to approximately USD 1619.79 million in 2028. The Natural Refrigerants market is highly consolidated with few well-established players and various emerging regional market players. However, the market will witness fragmentation due to entry of many manufacturers since government across the globe is focusing on sustainability.
Natural refrigerants are a promising solution for the refrigeration industry, which has been a significant contributor to greenhouse gas emissions. Synthetic refrigerants such as hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs) have a high global warming potential (GWP) and ozone depletion potential (ODP), which make them unsuitable for use in a sustainable future. Natural refrigerants, on the other hand, have a low GWP and ODP, and are therefore a more sustainable alternative.
One of the natural refrigerants that is gaining popularity is carbon dioxide (CO2). CO2 is an abundant natural resource that is readily available, and it has a very low GWP. It is also non-toxic, non-flammable, and non-corrosive, making it a safe option for use in refrigeration systems, CO2 is used in transcritical refrigeration system, which operate at a higher pressure and temperature than traditional refrigeration systems.
Global Natural Refrigerants Market is segmented based on type, application, and region. Based on the type, the market is categorized into carbon dioxide, ammonia, hydrocarbons, and others. Based on application, the market is segmented into industrial, commercial, and domestic. Based on region, the market is divided into Europe, North America, Asia-Pacific, South America, Middle East & Africa.
In the regional segment Europe holds the largest market share. The European Union (EU) has implemented strict regulations on the use of synthetic refrigerants that reduce their environmental impact, resulting in a significant shift towards natural Refrigerants.
The need for energy-efficient solutions has been a significant driver of the natural refrigerants market. Natural refrigerants are energy-efficient, making them a cost-effective alternative to synthetic refrigerants.
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., are some of the key players of Global Natural Refrigerants Market.
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