Global Natural Refrigerants Market: Industry Analysis and Forecast (2021-2027) by Type, Application, and Region

By 2027, the Global Natural Refrigerants Market is expected to reach US $1.80 billion, thanks to growth in the refrigerators segment. The report analyzes market dynamics by region and end-user industries.

Global Natural Refrigerants Market Overview:

The global natural refrigerants market was valued at US $1.35 Bn. in 2020, and it is expected to reach US $1.80 Bn. by 2027 with a CAGR of 4.95% during the forecast period. Natural refrigerants are chemicals that are used in refrigeration systems as refrigerants like refrigerators, HVAC (Heating, Ventilation, and air conditioning), and portable air conditioners. They are substitutes for synthetic refrigerants like chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), and hydrofluorocarbons (HFCs). Natural refrigerants, unlike other refrigerants, are non-synthetic and found in nature. Carbon dioxide, ammonia, and water are among the most prominent of them. Natural refrigerants are chosen over synthetic refrigerants because they are more environmentally friendly. Global Natural Refrigerants Market To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2016 to forecast the market through 2027. 2020 is considered a base year however 2020's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Global Natural Refrigerants Market Dynamics:

The cost-effective and eco-friendly nature of natural refrigerants is expected to drive the market.

When compared to the fluorinated refrigerants commonly available on the market, natural refrigerants such as ammonia, carbon dioxide, propane, and isobutane produce no or only a minor contribution to global warming i.e., GWP (Global Warming Potential) = 0 to roughly 5.5. Global Natural Refrigerants Market 1 Also, natural refrigerants are inexpensive to maintain, have a long shelf life, and allow refrigeration and air-conditioning systems to operate efficiently.

Stringent environmental regulations.

Ozone-depleting substances (ODS) are classified as class I or class II-controlled substances in the United States, according to the USEPA (the United States Environmental Protection Agency). Class I substances, such as chlorofluorocarbons (CFCs) and halons, have a higher ozone depletion potential and, with a few exceptions, have been phased out in the United States. This means that no one can produce or import class I substances. Hydrochlorofluorocarbons (HCFCs), which are transitional alternatives for numerous class I compounds, are all classified as class II substances. Most HCFCs were phased out of new manufacture and import by 2020. As a result, regulations like these are expected to uplift the demand for natural refrigerants over the forecast period.

Ongoing research and development activities.

The ongoing research and development activities by key players to develop safe, and durable products complying with government rules and regulations are expected to provide lucrative growth opportunities for the market over the forecast period. Also, manufacturers are majorly focusing on expanding their existing businesses to fulfill the rising demand for natural refrigerants from various industries, which is also expected to generate a lucrative opportunity for market growth throughout the forecast period.

Flammable nature of refrigerants.

Using a combustible gas almost always comes with a risk. Flammable gases, such as propane or natural gas, are used in many houses across the world for cooking and warmth. The goal of a heat pump that uses a flammable refrigerant is to keep the refrigerant contained in a hermetically sealed system. Heat pumps with a charge of more than 150 grams have no practical regulations compared to refrigerators with IEC specifications permitting up to 150 grams of flammable refrigerant. According to certain authorities, the risk of using flammable refrigerants is acceptable if specific measures are implemented. The charge may be limited depending on the size of the room. The heat pump installation room's ventilation must be ensured. There may not be any components that can ignite under normal conditions if there is a leak. Thus, the flammable nature of some natural refrigerants is expected to challenge market growth.

Global Natural Refrigerants Market Segment Analysis:

Based on Type, the global natural refrigerants market is segmented into six types as follows, Ammonia (R-717), Carbon Dioxide (R-744), Methane (R-50), Ethane (R-170), Propane (R-290), Butane (R-600), Isobutane (R-600a), Ethylene (R-1150), Propylene (R-1270), Water (R-718), and Others. In 2020, the carbon dioxide (R-744) segment was dominant and held xx% of the overall market share. This segment is anticipated to grow at a CAGR of 4.6% during the forecast period. CO2 is a colorless gas that is heavier than air at normal amounts and odorless at lower concentrations. It is classified as a high-quality refrigerant because it is non-flammable and non-toxic. CO2-based refrigerants do not affect the ozone layer, with an ODP (Ozone Depletion Potential) of 0. However, because it is obtained as a by-product of industrial processes and would otherwise be discharged into the atmosphere, it is not considered to contribute to climate change. As a result of the rising need for refrigeration, the market for carbon dioxide refrigerant is expected to grow rise over the forecast period. Based on Application, the global natural refrigerants market is segmented into five types as follows, Refrigerators (Industrial, Commercial, and Domestic), and Air Conditioning Systems (Stationary, Chillers, Heat Pumps, and Others). In 2020, the refrigerators segment was dominant and held xx% of the overall market share in terms of revenue. The segment is expected to experience a growth at a CAGR of 4.9% over the forecast period. It comes in a variety of forms, including industrial, household, and other. There is an acute demand for clean, environmentally acceptable refrigerants to ensure a better future. The global search for refrigerants that do not deplete the ozone layer or contribute to global warming has influenced the demand for natural refrigerants such as CO2, NH3 (Ammonia), and hydrocarbons, which are widely used in refrigerators. Global Natural Refrigerants Market 2

Global Natural Refrigerants Market Regional Insights:

In 2020, Europe was dominant and held xx% of the overall market share in terms of revenue. In terms of market share, it is anticipated to remain the leading regional market growing at a CAGR of 4.7% over the forecast period. The rising demand for natural refrigerants can be ascribed to stricter environmental laws in Europe, which have limited the usage of hydrofluorocarbon (HFC) and hydrochlorofluorocarbon (HCFC) refrigerants. Thanks to the high rate of natural refrigerant adoption by end-users in the region, Europe is expected to be the fastest-growing region in the market. The refrigerants market is also predicted to increase in this region because of people's better financial situation compared to other regions. Natural refrigerants are more energy-efficient, have a lower leakage rate, and are less expensive than fluorocarbons. According to the Air Conditioning and Refrigeration European Association (AREA), a European association of refrigeration, air conditioning, and heat pump (RACHP) contractors, annual turnover was expected to reach US $26.27 billion in 2020. Thus, natural refrigerants are in more demand, as seen by the rising turnover. Global Natural Refrigerants Market 3

Recent Advancements:

• In August 2019, Linde AG, a German industrial gases company, has completed the sale of its South India business to Air Water Inc. (AWI) of Japan as part of a plan to complete its global merger with Praxair Inc. of the United States. • In March 2019, TA Corporate Holdings, Inc. (“Tech Air”), a big independent distributor of industrial gases and welding supplies covering several geographies in the United States, has been acquired by Airgas. The objective of the report is to present a comprehensive analysis of the global market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global market dynamics, structure by analyzing the market segments and project the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.

Global Natural Refrigerants Market Scope: Inquire before buying

Global Natural Refrigerants Market 4

Global Natural Refrigerants Market, by Region

• North America • Europe • Asia Pacific • The Middle East and Africa • South America

Global Natural Refrigerants Market Key Players

Airgas Refrigerants Inc. • Puyang Zhongwei Fine Chemical Co. Ltd. • The Linde Group • Shangdong Yueon Chemical Co. Ltd. • Tazzetti S.P.A • A-Gas International • Engas Australasia • Sinochem Group • Asahi Glass Corporation • SRF Limited • Hess Corporation • General Utilities • HyChill • Cooling India • Cool Tech System • The Chemours • Mexfluor India Pvt. Ltd. • Gujarat Fluorochemicals Limited • Others

Frequently Asked Questions:

1. What is the forecast period considered for the Natural Refrigerants market report? Ans. The considered forecast period for the natural refrigerants market is 2021-2027. 2. Which key factors are challenging the growth of the Natural Refrigerants market? Ans. The flammable nature of natural refrigerants is the key factor expected to hinder the growth of the market during the forecast period. 3. What is the compound annual growth rate (CAGR) of the Natural Refrigerants market for the next 6 years? Ans. The global natural refrigerants market is expected to grow at a CAGR of 4.95% during the forecast period (2021-2027). 4. What are the key factors driving the growth of the Natural Refrigerants market? Ans. The cost-effective and eco-friendly nature of natural refrigerants is the key factor expected to drive the growth of the natural refrigerants market during the forecast period. 5. Which are the worldwide major key players covered for the Natural Refrigerants market report? Ans. Airgas Refrigerants Inc., Puyang Zhongwei Fine Chemical Co. Ltd., The Linde Group, Shangdong Yueon Chemical Co. Ltd., Tazzetti S.P.A, A-Gas International, Engas Australasia, Sinochem Group, Asahi Glass Corporation, SRF Limited, Hess Corporation, General Utilities, HyChill, Cooling India, Cool Tech System, The Chemours, Mexfluor India Pvt. Ltd., Gujarat Fluorochemicals Limited, and Others.
1. Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Global Natural Refrigerants Market Size, by Market Value (US $Bn.) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2020 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Natural Refrigerants Market 3.4. Geographical Snapshot of the Natural Refrigerants Market, By Manufacturer share 4. Global Natural Refrigerants Market Overview, 2020-2027 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porter Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Global Natural Refrigerants Market 5. Supply Side and Demand Side Indicators 6. Global Natural Refrigerants Market Analysis and Forecast, 2020-2027 6.1. Global Natural Refrigerants Products Market Size & Y-o-Y Growth Analysis. 7. Global Natural Refrigerants Market Analysis and Forecasts, 2020-2027 7.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 7.1.1. Ammonia (R-717) 7.1.2. Carbon Dioxide (R-744) 7.1.3. Methane (R-50) 7.1.4. Ethane (R-170) 7.1.5. Propane (R-290) 7.1.6. Butane (R-600) 7.1.7. Isobutane (R-600a) 7.1.8. Ethylene (R-1150) 7.1.9. Propylene (R-1270) 7.1.10. Water (R-718) 7.1.11. Others 7.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 7.2.1. Refrigerators 7.2.1.1. Industrial 7.2.1.2. Commercial 7.2.1.3. Domestic 7.2.2. Air Conditioning Systems 7.2.2.1. Stationary Chillers 7.2.2.2. Heat Pumps 7.2.2.3. Others 8. Global Natural Refrigerants Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2020-2027 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Natural Refrigerants Market Analysis and Forecasts, 2020-2027 9.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 9.1.1. Ammonia (R-717) 9.1.2. Carbon Dioxide (R-744) 9.1.3. Methane (R-50) 9.1.4. Ethane (R-170) 9.1.5. Propane (R-290) 9.1.6. Butane (R-600) 9.1.7. Isobutane (R-600a) 9.1.8. Ethylene (R-1150) 9.1.9. Propylene (R-1270) 9.1.10. Water (R-718) 9.1.11. Others 9.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 9.2.1. Refrigerators 9.2.1.1. Industrial 9.2.1.2. Commercial 9.2.1.3. Domestic 9.2.2. Air Conditioning Systems 9.2.2.1. Stationary Chillers 9.2.2.2. Heat Pumps 9.2.2.3. Others 10. North America Natural Refrigerants Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2020-2027 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Natural Refrigerants Market Analysis and Forecasts, 2020-2027 11.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 11.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 12. Canada Natural Refrigerants Market Analysis and Forecasts, 2020-2027 12.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 12.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 13. Mexico Natural Refrigerants Market Analysis and Forecasts, 2020-2027 13.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 13.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 14. Europe Natural Refrigerants Market Analysis and Forecasts, 2020-2027 14.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 14.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 15. Europe Natural Refrigerants Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2020-2027 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Natural Refrigerants Market Analysis and Forecasts, 2020-2027 16.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 16.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 17. France Natural Refrigerants Market Analysis and Forecasts, 2020-2027 17.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 17.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 18. Germany Natural Refrigerants Market Analysis and Forecasts, 2020-2027 18.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 18.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 19. Italy Natural Refrigerants Market Analysis and Forecasts, 2020-2027 19.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 19.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 20. Spain Natural Refrigerants Market Analysis and Forecasts, 2020-2027 20.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 20.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 21. Sweden Natural Refrigerants Market Analysis and Forecasts, 2020-2027 21.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 21.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 22. CIS Countries Natural Refrigerants Market Analysis and Forecasts, 2020-2027 22.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 22.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 23. Rest of Europe Natural Refrigerants Market Analysis and Forecasts, 2020-2027 23.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 23.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 24. Asia Pacific Natural Refrigerants Market Analysis and Forecasts, 2020-2027 24.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 24.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 25. Asia Pacific Natural Refrigerants Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2020-2027 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Natural Refrigerants Market Analysis and Forecasts, 2020-2027 26.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 26.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 27. India Natural Refrigerants Market Analysis and Forecasts, 2020-2027 27.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 27.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 28. Japan Natural Refrigerants Market Analysis and Forecasts, 2020-2027 28.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 28.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 29. South Korea Natural Refrigerants Market Analysis and Forecasts, 2020-2027 29.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 29.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 30. Australia Fungicide Market Analysis and Forecasts, 2020-2027 30.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 30.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 31. ASEAN Natural Refrigerants Market Analysis and Forecasts, 2020-2027 31.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 31.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 32. Rest of Asia Pacific Natural Refrigerants Market Analysis and Forecasts, 2020-2027 32.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 32.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 33. Middle East Africa Natural Refrigerants Market Analysis and Forecasts, 2020-2027 33.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 33.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 34. Middle East Africa Natural Refrigerants Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2020-2027 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Natural Refrigerants Market Analysis and Forecasts, 2020-2027 35.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 35.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 36. GCC Countries Natural Refrigerants Market Analysis and Forecasts, 2020-2027 36.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 36.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 37. Egypt Natural Refrigerants Market Analysis and Forecasts, 2020-2027 37.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 37.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 38. Nigeria Natural Refrigerants Market Analysis and Forecasts, 2020-2027 38.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 38.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 39. Rest of ME&A Natural Refrigerants Market Analysis and Forecasts, 2020-2027 39.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 39.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 40. South America Natural Refrigerants Market Analysis and Forecasts, 2020-2027 40.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 40.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 41. South America Natural Refrigerants Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2020-2027 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Natural Refrigerants Market Analysis and Forecasts, 2020-2027 42.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 42.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 43. Argentina Natural Refrigerants Market Analysis and Forecasts, 2020-2027 43.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 43.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 44. Rest of South America Natural Refrigerants Market Analysis and Forecasts, 2020-2027 44.1. Market Size (Value) Estimates & Forecast By Type, 2020-2027 44.2. Market Size (Value) Estimates & Forecast By Application, 2020-2027 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Global Natural Refrigerants Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Application, and R&D Investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment, and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures, and Strategic Alliances/ Sales Agreements 45.3. Company Profile: Key Players 45.3.1. Airgas Refrigerants Inc. 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.3.2. Puyang Zhongwei Fine Chemical Co. Ltd. 45.3.3. The Linde Group 45.3.4. Shangdong Yueon Chemical Co. Ltd. 45.3.5. Tazzetti S.P.A. 45.3.6. A-Gas International 45.3.7. Engas Australasia 45.3.8. Sinochem Group 45.3.9. Asahi Glass Corporation 45.3.10. SRF Limited 45.3.11. Hess Corporation 45.3.12. General Utilities 45.3.13. HyChill 45.3.14. Cooling India 45.3.15. Cool Tech System 45.3.16. The Chemours 45.3.17. Mexfluor Pvt. Ltd. 45.3.18. Gujarat Fluorochemicals Limited 45.3.19. Others 46. Primary Key Insights

About This Report

Report ID118102
Category Material & Chemical
Published DateAug 2021
Updated Date
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