The Business Research Company’s report on the Natural Refrigerants Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the natural refrigerants industry?
The increasing use of natural refrigerants is expected to propel the growth of the natural refrigerants market going forward. Natural refrigerants are substances derived from natural sources that are used in cooling systems as refrigerants and are less harmful to the environment than synthetic refrigerants. Many production plants are opting to use natural refrigerants in their cooling systems due to their more sustainable and future-proof properties, which aid in less energy utilization and reduced maintenance expenses than chemical refrigerants. For instance, in February 2022, statistics shared by Emerson, a US-based company operating in natural refrigerants, CO2 refrigeration has been widely employed in Europe, and currently, that tendency is continuing, with adoption in the United States and other nations rapidly expanding with 46,500 CO2 transcritical booster systems are currently in use across the world, including 900 in the United States (1,400 in North America if Canada is included), 40k in the EU, and 5k in Japan. Moreover, it expects CO2 adoption to increase by up to 50% by 2025 in the US. Therefore, the increasing use of natural refrigerants is driving the growth of the natural refrigerants market.
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What is the estimated market size of the natural refrigerants sector by 2029, based on current forecasts?
The natural refrigerants market size has grown strongly in recent years. It will grow from $1.52 billion in 2024 to $1.65 billion in 2025 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to environmental regulations, growing environmental awareness, energy efficiency concerns, cost competitiveness, and rising demand for HVAC systems
The natural refrigerants market size is expected to see strong growth in the next few years. It will grow to $2.29 billion in 2029 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to global warming potential (GWP) regulations, consumer preference for sustainable products, expansion of cold chain logistics, awareness, and education campaigns. Major trends in the forecast period include advancements in refrigeration technologies, adoption of CO2 as a refrigerant, innovative system designs, IoT integration in refrigeration, and circular economy initiatives.
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Who are the top players in the natural refrigerants market?
Major companies operating in the natural refrigerants market include Sinochem Corporation, Linde Plc, Air Liquide, Emerson Electric Co., Evonik Industries AG, Airgas Inc., Alfa Laval AB, TEKO, Carel Industries S.P.A, True Manufacturing Co. Inc., Secop Group Holding GmbH, A-Gas international, Güntner GmbH & Co KG, Casale SA, Tazzetti SpA, Westermeyer Industries, Puyang Zhongwei Fine Chemical Co. Ltd., HyChill Australia Pty Ltd., Natural Refrigerants Company, Shandong Shing Chemical Co Ltd., M&M Carnot, Engas Industries Pty. Ltd., A.S. Trust and Holdings, Nel Hydrogen, GTS S.p.A., Harp International Ltd.
What are the major trends in the natural refrigerants market?
Product innovation has emerged as a key trend gaining popularity in the natural refrigerant market. Major companies operating in the natural refrigerant market are concentrating on creating innovative products to strengthen their position in the market. For instance, in June 2022, ATMOsphere, a US-based natural refrigerant products and IT & Communication Technology provider, introduced the natural refrigerants label to offer best-in-class manufacturers of natural refrigerant systems and components. The label is intended to assist qualified producers in marketing goods to new consumers and areas in the fast-growing and highly competitive natural refrigerant sector, including ammonia/NH3 (R717) products. Furthermore, the badge is intended to assist end consumers in identifying best-in-class providers, and any unauthorized usage must be notified.
Which geography holds the highest natural refrigerants market share?
Europe was the largest region in the natural refrigerants market in 2024. Asia-Pacific is expected to be the fastest-growing region in the natural refrigerants market report during the forecast period. The regions covered in the natural refrigerants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How do different segments contribute to the overall expansion of the natural refrigerants market?
The natural refrigerants market covered in this report is segmented –
1) By Type: Ammonia (R-717), Carbon Dioxide (R-744), Hydrocarbons, Other Types
2) By Application: Refrigerators, Air Conditioning Systems, Other Applications
3) By End-Use Industry: Industrial, Commercial, Domestic
Subsegments:
1) By Ammonia (R-717): Industrial Refrigeration, Commercial Refrigeration, Heat Pumps
2) By Carbon Dioxide (R-744): Transcritical Systems, Cascade Systems, Secondary Loop Systems
3) By Hydrocarbons: Propane (R-290), Isobutane (R-600a), Other Hydrocarbons
4) By Other Types: Water, Air, Other Natural Substances
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How is the natural refrigerants market defined?
Natural refrigerants are compounds produced from natural sources and utilized in cooling systems. These refrigerants are more eco-friendly and have a low to no ozone depletion potential (ODP) and a shallow global warming potential (GWP), making them more environmentally friendly.
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