Natural Refrigerants Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Natural Refrigerants Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Natural Refrigerants market is anticipated to grow significantly through 2028 due to the increased concerns about global warming around the world. In 2020, the earth's surface temperature was around 0.98 Celsius degrees warmer than the 20th-century average.

Currently, conventional refrigerants have a strong potential to cause global warming and ozone depletion, including R407A, R410A, R134a, and R544. Growing concern about global warming and other environmental issues are the major factors driving the global natural refrigerant market growth. Natural refrigerants are created using a biochemical process that utilizes natural resources. The best prevalent natural refrigerants used in HVAC/R applications are carbon dioxide (CO2, R-744), hydrocarbons such as propane (R-290), isobutene (R-600a), and propylene (R-1270), and ammonia (NH3, R-717). Other natural refrigerants are water (H2O, R-718) and air (R-729). They are regarded as the sole remedy for the environmental harm caused by synthetic refrigerants since they have very low or no global warming potential (GWP) and zero ozone depletion potential (ODP). These factors propel the demand for Natural Refrigerants in the upcoming years.

Furthermore, different manufacturers have increased their R&D investments and formulated new environment-friendly refrigerants to meet the standards imposed by the government, which enhance the market during the forecast period.

Increasing Awareness Regarding Eco-Friendly Refrigerants

In both developed and developing nations worldwide, the refrigerants utilized in the HVAC sector were mostly hydrofluorocarbons (HFCs), hydrochlorofluorocarbons (HCFCs), and chlorofluorocarbons (CFCs). Compared to the current generation of environmentally friendly refrigerants, CFCs and HCFCs represent a danger to the ozone layer. Organizations have launched new environmentally friendly refrigerants with the assistance of the government to lessen the total carbon footprint as people's awareness of pollution levels rises. Thus, the worldwide natural refrigerants market is anticipated to witness substantial growth in the upcoming years.

Adoption of Strict Environmental Regulations

Ozone-depleting substances (ODS) are classified as either class I or class II prohibited chemicals in the United States, according to the EPA (United States Environmental Protection Agency). With a few exceptions, class I compounds have been phased out in the United States because of their increased potential to deplete the ozone layer. As a result, no one is allowed to produce or import class I substances. Hydrochlorofluorocarbons (HCFCs), a transitional replacement for several class I compounds, are all considered class II substances. As of 2020, most HCFCs were phased out of new manufacturing and import. In addition to this, the energy efficiency and heating, ventilation, and air conditioning (HVAC) standards and regulations have been standardized globally by organizations like the American Society of Heating, Refrigeration, and Air Conditioning (ASHRAE), American Council for Energy-Efficient Economy (ACEEE), Air Conditioning Contractors of America (ACCA), and Heating and Refrigeration Institute (AHRI). In light of this, market growth for natural refrigerants is anticipated in the upcoming years.

CO2 Will Continue to Be a Key Type

Due to its widespread usage in commercial applications and simplicity of handling, carbon dioxide is predicted to account for a sizeable portion of the worldwide market for natural refrigerants. Due to its high heat exchange, low pumping power, and capacity to perform at reduced condensing pressure during the winter season, Carbon Dioxide (CO2) has a Global Warming Potential (GWP) of 1 and zero Ozone Depletion Potential (ODP), among the most efficient refrigerants. Thus, all such factors and trends are expected to drive the demand for natural refrigerants in the upcoming years.

Recent Developments

• In December 2022, A-Gas’ new separators will be operational in early 2023 and will more than double the separation capacity at the current site- addressing a critical need highlighted by the NGO report.
• In January 2022, Honeywell launched a new non-flammable energy-efficient Solstice N71 (R-471A) refrigerant to meet the stringent regulations regarding reducing greenhouse gas emissions.
• In April 2021, TEGA GmbH acquired the Austrian refrigerants business of Linde. With this acquisition, TEGA is aimed to form a closer relationship with Austrian natural refrigerants consumers.
• In February 2020, The Chemours Company announced the successful installation of the Opteon refrigerant at the Pepsi Center, home of the Colorado Avalanche.

Market Segmentation

Global Natural Refrigerants Market is segmented based on type, application, and region. Based on the type, the market is categorized into ammonia, hydrocarbon, CO2, and others. Based on application, the market is segmented into industrial, commercial, domestic, and others. Based on region, the market is divided into North America, Europe, Asia Pacific, South America, Middle East & Africa, By Company.

Market Players

Natural Refrigerants Company, Natural Storage Solutions Pvt. Ltd., Linde plc., Secop Group Holding GmbH, Rhodia Chemicals Ltd., Refrigerants, Naturally e.V., True Manufacturing Co., Inc., Shandong Shing Chemical Co., Ltd., Emerson Electric Co., Güntner GmbH & Co. KG are some of the key players of Global Natural Refrigerants Market.

Report Scope:

In this report, the global Natural Refrigerants market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

• Natural Refrigerants Market, By Type:
• Ammonia
• Hydrocarbon
• CO2
• Others
• Natural Refrigerants Market, By Application:
• Industrial
• Commercial
• Domestic
• Others
• Natural Refrigerants Market, By Region:
• North America

United States

Mexico

Canada

• Europe

France

Germany

United Kingdom

Italy

Spain

Russia

• Asia-Pacific

China

India

South Korea

Japan

Indonesia

Australia

Vietnam

• South America

Brazil

Argentina

Colombia

• Middle East & Africa

South Africa

Saudi Arabia

UAE

Competitive landscape

Company Profiles: Detailed analysis of the major companies in the global natural refrigerants market.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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