Press Release

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

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

 

According to TechSci Research report, “Asia-Pacific Natural Refrigerants Market - By Region, Competition, Forecast and Opportunities, 2018-2028”, Asia-Pacific Natural Refrigerants Market Size is USD 269.66 million in 2022 and is anticipated to increase at a CAGR of 3.66% through 2028. Natural refrigerants are the outcome of a biochemical process that harnesses resources from the natural environment. Among these, prominent options frequently utilized in HVAC/R (Heating, Ventilation, Air Conditioning, and Refrigeration) 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, alternatives like water (H2O, R-718) and air (R-729) fall within the realm of natural refrigerants. These natural choices distinguish themselves as the primary solution for mitigating the environmental harm associated with synthetic refrigerants. This distinction primarily arises from their minimal or non-existent Global Warming Potential (GWP) and complete absence of Ozone Depletion Potential (ODP). Due to these compelling advantages, the demand for natural refrigerants is poised for substantial growth in the coming years.

Furthermore, numerous manufacturers have significantly increased their investments in research and development to create novel, environmentally friendly refrigerants that conform to government-mandated standards. This development is anticipated to further bolster the market's position during the forecast period.

 

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Moreover, the use of synthetic refrigerants such as hydrofluorocarbons (HFCs), hydrochlorofluorocarbons (HCFCs), and chlorofluorocarbons (CFCs) in the HVAC sector results in the emission of harmful gases. These gases are major contributors to ozone layer depletion and the exacerbation of global environmental temperatures. The rise in Earth's temperature, in turn, gives rise to a multitude of issues, including the melting of glaciers, leading to rising sea levels and subsequent inundation of various regions. Additionally, it triggers incidents of forest fires and contributes to deforestation, both of which disrupt the natural climate cycle.

The Asia-Pacific Natural Refrigerants Market is segmented into type, application, country distribution, region and company

Based on the category of type insights, 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.

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, endeavors 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.

Based on country, 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.

 

Major companies operating in Asia-Pacific Natural Refrigerants Market are:

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

 

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“Increasing awareness of environmental issues, such as climate change and ozone depletion, has played a pivotal role in the surging need for natural refrigerants. Both businesses and consumers have proactively sought more environmentally friendly cooling and refrigeration solutions. Furthermore, substantial research and development endeavors have been in progress to improve the efficiency and appropriateness of systems reliant on natural refrigerants. These initiatives encompass the creation of innovative components, compressors, and system designs customized to meet the demands of natural refrigerants, thus contributing to the advancement of sustainable cooling technologies creates a lucrative opportunity in the market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Asia-Pacific Natural Refrigerants Market, By Type (Carbon Dioxide, Ammonia, Hydrocarbons, Others), By Application (Industrial, Commercial, Domestic), By Country, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Asia-Pacific 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 Asia-Pacific Natural Refrigerants Market.


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