PUBLISHER: Orion Market Research | PRODUCT CODE: 1159352
PUBLISHER: Orion Market Research | PRODUCT CODE: 1159352
Global Natural Refrigerant Market Size, Share & Trends Analysis Report by Refrigerant Type (Inorganic Refrigerants and Hydrocarbon Refrigerant), and by Application (Refrigeration, and Air-Conditioning) Forecast Period (2022-2028)
The global natural refrigerant market is anticipated to grow at a substantial CAGR of 12.8% during the forecast period. Growing concern about global warming and other environmental issues are the major factor driving the growth of the global natural refrigerant market. Natural refrigerants, such as ammonia, carbon dioxide, propane, ethane and N-butane are derived from natural resources and are hence more environmentally friendly than conventional refrigerants. These natural refrigerants make no or only a minor contribution to global warming (Global Warming Potential), as compared to conventional refrigerants. These refrigerants have very low impact on the environment in regards to ozone depletion and global warming on the other hand artificial refrigerants cause heavy toll on ozone layer and escalate global warming. Due to this efficiency of natural refrigerants, they can be successfully adopted as an alternative for CFC's, HCFC's and HFC's. Growing concerns about environment have created the potential demand and has increased the need for natural refrigerants. However, Factors that restrain the market include strict rules and regulations, regular choices of refrigerant, less awareness within individuals in the developing nations, and so on.
Global natural refrigerant market is segmented on the basis of, refrigerant type, and application. Based on the refrigerant type, the market is segmented into inorganic refrigerants and hydrocarbon refrigerant. Further, the inorganic refrigerant market has been classified into carbon dioxide, ammonia, water and others. The hydro carbons refrigerant has been further segmented into ethane, propane, n-Butane and others. Based on, the application the market is sub-segmented into refrigeration, and air-conditioning. The above two applications are further segmented into domestic, commercial, transportation and industrial applications. The above-mentioned segments can be customized as per the requirements. On the basis of refrigerant type, the carbon dioxide is projected to hold considerable share of the global natural refrigerants market owing to its wide use in commercial applications due to ease of handling. Carbon Dioxide (CO2) is one of the most efficient refrigerants attributable to its heat exchange, low pumping power, and ability to operate with low condensing pressure during colder months with zero ODP and a GWP of 1. Natural refrigerants have low operating cost and are more effective than conventional refrigerants which are making them more favorable among HVAC manufacturers.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific is anticipated to carter fastest growth in the global natural refrigerant market after North America owing to rising cold chain market and high rate of natural refrigerant adoption by end-users in the region. The cold chain sector in India is experiencing the development and use of low-GWP refrigerants including CO2 (R744) and other natural refrigerants. In 2021, Danfoss Industries launched a new center of excellence for green refrigerants at its facility in Chennai, India, to encourage the sustainable development and to accelerate green transformation of India's cold chain sector.
The major companies serving the global natural refrigerant market include A-Gas International Ltd., Ajay Air Products Pvt. Ltd., ENGAS Australasia, Harp International Ltd., Linde plc, HyChill Australia, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in 2019, Air Liquide announced that Airgas has completed the acquisition of TA Corporate Holdings, Inc., a large independent distributor of industrial gases and welding supplies in the US. The transaction supports Airgas to further strengthen its network in the US with a complementary footprint to better serve customers.
Research Methodology
The market study of the global natural refrigerant market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: