Global Natural Refrigerants Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Natural refrigerants are created through a biochemical process that utilises natural resources. Concerns about global warming and other environmental issues have increased the demand for natural refrigerants. Natural refrigerants, such as ammonia, carbon dioxide, and hydrocarbons, are derived from natural resources and are therefore more environmentally friendly than conventional refrigerants.

Data Bridge Market Research analyses that the natural refrigerants market to grow at a CAGR of 12.10% during the forecast period of 2022 to 2029, and would reach an estimated value of 4.08 billion by 2029. Data Bridge Market Research report on natural refrigerants market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.

Market Definition

Natural refrigerants are natural substances that are used in cooling systems as refrigerants. Ammonia refrigerants, hydrocarbon refrigerants, CO2 refrigerants, and others are examples of common natural refrigerants.

Report Scope and Market Segmentation

Natural refrigerants Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

• Environmentally friendly

These natural refrigerants are more environmentally friendly than traditional refrigerants, which are expected to boost market growth.

• Technological advancement as well as high disposable income

Factors such as increased commercial and automotive sector growth, lower environmental impact, rising demand for air conditioning and refrigeration applications, and high disposable income are expected to drive the natural refrigerants market during the forecast period.

• High cost as well as presence of alternatives

The high investment cost and complexity associated with toxicity and flammability are expected to stymie market growth during the forecast period.

This Natural refrigerants market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Natural refrigerants market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Natural refrigerants Market

Due to a lack of resources in various parts of the world, the COVID-19 pandemic has caused innumerable disruptions to the manufacturing or production industries. Lockdowns around the world have had a significant impact on distribution chains. COVID-19 has had an impact on foreign commerce, exports, and imports, as well as contributing to a significant decrease in industry demand. The market's major players try to clear their stock and focus on maintaining their cash balances. Companies have also stopped investing in newer R&D and are instead relying on existing products. As a result, the natural refrigerant market has declined during this period.

Recent Development

• Linde AG, a German industrial gases company, completed the sale of its South India business to Air Water Inc. (AWI) of Japan in August 2019 as part of a plan to complete its global merger with Praxair Inc. of the United States.
• In March 2019, Airgas acquired TA Corporate Holdings, Inc. ("Tech Air"), a large independent distributor of industrial gases and welding supplies across several geographies in the United States.

Global Natural refrigerants Market Scope

The Natural refrigerants market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Cable track cable
• Torsion cables

On the basis of type, the natural refrigerants market is segmented into cable track cables, and torsion cables. On the basis of type, the natural refrigerants market is segmented into ammonia refrigerant, hydrocarbon refrigerant, CO2 refrigerant and others refrigerant such as water and air. Hydrocarbon refrigerants are further divided into propane (R-290), butane (R-600), iso- butane (R-600a) and other hydrocarbons.

Application

• Commercial
• Industrial
• Domestic
• Stationary conditioning
• Mobile air conditioning

The application segment of the natural refrigerants market is divided into commercial refrigeration, industrial refrigeration, domestic refrigeration, domestic refrigeration, stationary air conditioning, mobile air conditioning and others. 

Natural refrigerants Market Regional Analysis/Insights

The natural refrigerants market is analysed and market size insights and trends are provided by country type and application as referenced above.

The countries covered in the Natural refrigerants market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa.

Europe was dominant, accounting for a large portion of the overall market share in terms of revenue. In terms of market share, it is expected to remain the leading regional market during the forecast period, growing at a healthy CAGR percent. The increased demand for natural refrigerants can be attributed to stricter environmental regulations in Europe, which have limited the use of hydrofluorocarbon (HFC) and hydrochlorofluorocarbon (HCFC) refrigerants. Europe is expected to be the fastest-growing region in the market due to the region's high rate of natural refrigerant adoption by end-users.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Natural refrigerants Market Share Analysis

The Natural refrigerants market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Natural refrigerants market.

Some of the major players operating in the Natural refrigerants market are:

• LG Electronics
• Haier Group
• Sony Corporation
• Sichuan Changhong Electronics Co. Ltd
• Samsung Electronics Co. Ltd.
• Koninklijke Philips N.V.
• Sharp Corporation
• VIZIO Inc.
• Hisense Co., Ltd.
• Panasonic Corporation

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