United States Natural Refrigerants Market to Grow with a CAGR of 2.28% through 2028
Growing demand from industrial sector is the major driver of the United
States Natural Refrigerants Market
According to TechSci Research report, “United
States Natural Refrigerants Market - By Region, Competition, Forecast and
Opportunities, 2018-2028”, United States Natural Refrigerants Market Size
is USD 279.09 million in 2022 and is anticipated to increase at a CAGR of 2.28%
in the forecast period. A significant factor fueling the growth of United
States Natural Refrigerants Market is the growing awareness towards warming and
ozone depletion. Synthetic refrigerants have strong potential to cause United
States 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 United States warming potential (GWP)
and zero ozone depletion potential (ODP). There has been a growing interest in
the use of natural refrigerants, and carbon dioxide (CO2) has emerged as a
promising option. CO2 is a non-toxic, non-flammable, and readily available gas,
making it an attractive alternative to traditional synthetic refrigerants such
as hydrofluorocarbons (HFCs). The increased use of CO2 as a natural
Refrigerants has several benefits, including reduced environmental impact,
improved energy efficiency, and regulatory compliance. These factors increase
the demand of natural refrigerants which led to the growth of United States
Natural Refrigerants market in the forecast period.
Furthermore, the market is being further
stimulated by adoption of strict environmental regulations, high potential of natural
refrigerants.
However, limited availability of natural
refrigerants as industries and governments prioritize sustainability and
reduced carbon footprints, addressing this challenge becomes crucial for a
successful and widespread adoption of natural refrigerants and high cost can
slow down the market growth. Also, flammability & toxicity raises safety
concern issues can further slowdown the market growth.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "United States Natural Refrigerants Market"
United States 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 41.40% in 2023. This is due
to its high heat exchange, low pumping power, and has United States 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 55.94% 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 United States
Natural Refrigerants market are:
- Emerson Electric Co.
- Airgas Inc.
- Daikin U.S. Corporation
- SWEP North America, Inc.
- Copeland LP
- Messer North America, Inc.
- National Refrigerants Inc.
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“United
States natural Refrigerants Market has seen significant growth in recent years
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 and 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 United States management consulting firm.
“United States Natural Refrigerants
Market, By Type (Carbon Dioxide, Ammonia, Hydrocarbons, Others), By Application
(Industrial, Commercial, Domestic), By Region and Competition, Forecast &
Opportunities, 2018-2028F, has evaluated the future growth potential of
United States Natural Refrigerants market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge 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 United States Natural Refrigerants market.”
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