Natural Refrigerants Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
- Transparency Market Research
Natural refrigerants are synthesized through a biochemical processusing natural resources. Growing concern regarding global warming and other environmental issueshas increased the need for natural refrigerants. Natural refrigerants such as ammonia, carbon dioxide, and hydrocarbons are processed from natural resources and are more eco-friendly as compared to conventional refrigerants.On the basis of application, the natural refrigerants market can be segmented into industrial refrigeration, commercial refrigeration, domestic refrigeration, stationary air conditioning refrigerants, and mobile air conditioning refrigerants.The global natural refrigerants market can be bifurcated on the basis of type of product such as ammonia, carbon dioxide, and hydrocarbons.
On a global scale, natural refrigerants are largely consumed for refrigeration and airconditioning purpose.Currently, natural refrigerants available in the market include ammonia, carbon dioxide, and hydrocarbons. Among hydrocarbons, the commonly used refrigerants include iso-butane, propane, and propylene. Natural refrigerants are chieflyemployed in industrial, commercial, and domestic refrigeration systems. Apart from these, natural refrigerants are consumed in mobile air conditioning and stationary air conditioning. In industrial applications, ammonia holds major share among other natural refrigerants due to its higher coefficient of performance (CoP), zero ozone depletion potential (ODP), lower cost,and leakage rate. Major factor restricting growth of the natural refrigerants market is the initial high cost of installation of refrigeration systems.Other challenges faced by HVAC contractors are toxicity and flammability limits that occurdue to use of highly concentrated ammonia in smaller refrigeration systems.
Carbon dioxide is expected to hold the largest share of the global natural refrigerants market in commercial applications due to ease of handling. Recently, companies have started using ammonia along with carbon dioxide as a refrigerant in industrial applications due to its high performance. Natural refrigerants have low operating cost and are more effective than conventional refrigerants. HVAC manufacturers can focus more on employing these natural refrigerants for improving output performance of the system.
Natural refrigerants are widely used in industrial refrigeration systems for condensing, cooling, and storage of reactive chemicals. In commercial application, natural refrigerants are used insupermarkets and high-end retail outlets for refrigeration of food and beverages, household refrigerators, and other portable cold storage systems. Furthermore, natural refrigerants are employed in domestic split air conditioners and air conditioners in vehicles.
Growth in the commercial sector and flourishing automotive industry is driving growth of the natural refrigerants market in Europe and North America. Improved standards of living and high disposable income in Asia Pacific are primarily fueling growth of the natural refrigerants market. The hospitality industry is flourishing in the Middle East. This, in turn, is anticipated to boost demand for air conditioners and refrigerating systems.
Some of the Key players in the global natural refrigerants market includeAirgas, Inc.,The Linde Group, A-Gas International, Hess Corporation, Sinochem, General Utilities, Puyang Zhongwei Fine Chemical Co.Ltd., HyChill, Engas Australasia, Tazzetti SpA, Deepfreeze Refrigerants Inc., and Shandong Yuan Chemical Co., Ltd. Global companies are investing more in R&D activities to develop new substitutes for conventional refrigerants.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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