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Natural Refrigerants Market Report Scope & Overview

The Natural Refrigerants Market size was USD 1.47 billion in 2022 and is expected to Reach USD 2.4 billion by 2030 and grow at a CAGR of 6.4 % over the forecast period of 2023-2030. 

Natural refrigerants are compounds that exist naturally in the environment. Ammonia, hydrocarbons, carbon dioxide, air, and water are examples of natural refrigerants. Other natural refrigerants, such as propylene and ethane, have a more limited application.  Some natural refrigerants have been used in the marketplace for many decades, though to various degrees.

Natural Refrigerants Market Revenue Analysis

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They are regarded as the last remedy to the environmental harm caused by synthetic refrigerants because they have no ozone depletion potential (ODP) and very minimal or no global warming potential (GWP).

In comparison to synthetic refrigerants, natural refrigerants provide a variety of benefits, such as greener credentials, a lower chance of water leaks, and better system reliability. In addition, significant players' increasing expenditure in R&D activities for finding fresh and inventive natural refrigerants is projected to fuel market expansion in the upcoming years.

MARKET DYNAMICS

KEY DRIVERS

  • Increasing environmental concerns

  • Phasing out of HCFCs and HFCs Refrigerants

Natural hydrocarbons, carbon dioxide, ammonia, and water are materials with zero or net zero GWP and the capacity to reduce gas, water, and energy use. Due to significant flaws in the cooling system, refrigerants are now causing significant environmental damage. They are damaging the ozone layer, boosting the greenhouse effect in the atmosphere, and directly causing global warming. In order to reduce greenhouse emissions is to switch to refrigerants which are natural and sustainable growth for the environment.

RESTRAIN

  • lack of awareness about their benefits

  • Presence & wide acceptance of synthetic refrigerants

Synthetic refrigerants have been used extensively in the refrigeration sector. HFCs, CFCs, and HCFCs are the most commonly used synthetic refrigerants. Many existing refrigeration and air conditioning systems are built to use synthetic refrigerants. Transitioning to natural refrigerants may necessitate considerable equipment and infrastructural improvements, which can be costly and time-consuming. Transitioning to natural refrigerants frequently includes higher upfront expenses, such as equipment changes, safety precautions, and personnel retraining. Because of their flammability or toxicity, several natural refrigerants, such as ammonia and hydrocarbons, require special precautions. Proper training and safety measures are required, but corporations may be reticent to accept the accompanying responsibilities.

OPPORTUNITY

  • Natural refrigerants are less expensive than chemical refrigerants

  • Increasing applications in the food and beverage industry

The food & beverage industry is a significant end-user of natural refrigerants due to the rising demand for cold storage and refrigerated transport. In this industry, natural refrigerants are employed to maintain food safety and quality while using less electricity and releasing fewer greenhouse gas emissions. Furthermore, due to their non-toxic and non-flammable characteristics, which make them appropriate for use in crucial applications like vaccine storage, natural refrigerants are gaining popularity in the pharmaceutical business.

CHALLENGES

  • The costs of installation, maintenance, and energy

switching to natural refrigerants may necessitate considerable initial investments in order to modify current equipment, create new infrastructure, and maintain adequate safety precautions. The costs might be prohibitive, particularly for businesses with limited resources. Many industry professionals, technicians, and consumers may be unfamiliar with natural refrigerant qualities, handling, and maintenance requirements. A surge in demand for natural refrigerants could result in supply bottlenecks, affecting pricing and availability.

IMPACT OF RUSSIAN UKRAINE WAR

The European crisis between Ukraine and Russia is negative for the world economy. Several reasons contribute to a 5% decrease in HVAC effect in Asia. The international company that has stopped doing business with Russia in response to the current violence and humanitarian crisis is Chemours, a producer of refrigerants. Additionally, businesses like Johnson Controls, Mitsubishi Electric, and others have stopped operating. Over the past year, there have been considerable price increases in the white goods industry as a result of rising commodity prices, increased international freight, and shortages of raw materials. Natural refrigerants demand is mostly dependent on the HVAC market.

IMPACT OF ONGOING RECESSION

Even in difficult times, people require air conditioning, refrigerator, and heat pumps. This is a potential reason why HVAC and refrigeration service providers are among the best recession-proof professions and companies. Homes and businesses will always require efficient heating and cooling throughout the year whether economic downturns condition exists or not. Even if purchases of new systems are postponed for a while, this will only make it more important to maintain and repair current heating and cooling systems. HVACR service companies carried on their operations. They were considered necessary for employees working in the majority of places since HVAC and refrigeration service companies had to serve hospitals, supermarkets, and other vital businesses that remained open. For these enterprises to run, heating, refrigeration, and air conditioning were essential.

MARKET SEGMENTATION

By Type

  • Ammonia

  • Carbon dioxide

  • Hydrocarbons

By Application

  • Air conditioning

  • Refrigeration

  • Heat Pumps

Natural Refrigerants Market Segmentation Analysis

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REGIONAL ANALYSIS

European region held the highest share owing to the rise in the commercial business and a strong automobile industry, the Because of the high demand for air conditioners and refrigeration equipment, manufacturers in this region have increased production.

In terms of CAGR, the Asia Pacific area is the most rapidly expanding market. This is due to the increasing consumption of products in air conditioning systems. Due to the hot weather, there is a high demand for air conditioners in homes. Companies are also transferring their operations to these areas due to the low labor expenses.

The North American market is expanding as a result of strict government requirements to phase out dangerous HFCs and hydrochlorofluorocarbon refrigerants. The EPA, a federal government agency in the United States, intends to prohibit the use of HFCs such as R134a and R404A in all sectors.

In Latin America, the Middle East & Africa refrigerant use in the commercial industry has been thriving, which has increased demand for the market. In this location, refrigerants are used. Latin America is developing slowly due to the dominance of false referents

REGIONAL COVERAGE

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

KEY PLAYERS

Puyang Zongwei Fine Chemical Co. Ltd, Sinochem, A-Gas International, Airgas Inc, Linde Group, Shangdong Yueon Chemical Co Ltd, Emerson Electric Co, GEA Group AG, Cooltech Applications, Carel Industries S.P.A., Danfoss A/S, and other key players are mentioned in the final report.

Sinochem-Company Financial Analysis

RECENT DEVELOPMENTS

Danfoss- In 2023 Danfoss, a Danish HVAC&R manufacturer, collaborated with the CCI-Hub to offer special online training courses on natural refrigerants. The training will be divided into three sessions: one on propane (R290), one on ammonia/NH3 (R717) and one on CO2 (R744).

Enex Technologies- In 2023 Enex Technologies, a manufacturer of sustainable and energy-efficient cooling, and refrigeration (HVACR) equipment that aids in the reduction of global warming and its effects on the environment, has announced their purchase of EOS Refrigeration Equipment S.L.

Qvantum- In 2023 Qvantum raises €42 million in order to launch natural refrigerant heat pumps. they will use the additional funds to finish its new production facility at Astorp, near Helsingborg, which will have an annual capacity of fifty thousand heat pumps.

Natural Refrigerants Market Report Scope:
Report Attributes Details
Market Size in 2022  US$ 1.47 Bn
Market Size by 2030  US$ 2.4 Bn
CAGR   CAGR of 6.4 % From 2023 to 2030
Base Year 2022
Forecast Period  2023-2030
Historical Data  2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Ammonia, Carbon dioxide, Hydrocarbons)
• By Application (Air conditioning, Refrigeration, Heat Pumps)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Company Profiles Puyang Zongwei Fine Chemical Co. Ltd, Sinochem, A-Gas International, Airgas Inc, Linde Group, Shangdong Yueon Chemical Co Ltd, Emerson Electric Co, GEA Group AG, Cooltech Applications, Carel Industries S.P.A., Danfoss A/S
Key Drivers • Increasing environmental concerns
• Phasing out of HCFCs and HFCs Refrigerants
Market Restraints • lack of awareness about their benefits
• Presence & wide acceptance of synthetic refrigerants

 

Frequently Asked Questions

Ans. Opportunity are natural refrigerants are less expensive than chemical refrigerants and increasing applications in the food and beverage industry

Ans. USD 2.41 billion is the projected Natural Refrigerants Market size of the market by 2030.

Ans. Europe is the fastest-growing region of the Natural Refrigerants Market.

Ans. The CAGR of the Natural Refrigerants Market over the forecast period is 6.4%.

Ans. USD 1.47 billion is the projected value in 2022 for Natural Refrigerants Market.

Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 Impact of Ukraine- Russia War
4.2 Impact of Ongoing Recession
4.3. Introduction
4.3.1 Impact on major economies
4.3.1.1 US
4.3.1.2 Canada
4.3.1.3 Germany
4.3.1.4 France
4.3.1.5 United Kingdom
4.3.1.6 China
4.3.1.7 Japan
4.3.1.8 South Korea
4.3.1.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Natural Refrigerants Market Segmentation, By Type
8.1 Ammonia
8.2 Carbon dioxide
8.3 Hydrocarbons

9. Natural Refrigerants Market Segmentation, By Application
9.1 Air conditioning
9.2 Refrigeration
9.3 Heat Pumps

10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Natural Refrigerants Market by Country
10.2.2North America Natural Refrigerants Market by Type
10.2.3 North America Natural Refrigerants Market by Application
10.2.4 USA
10.2.4.1 USA Natural Refrigerants Market by Type
10.2.4.2 USA Natural Refrigerants Market by Application
10.2.5 Canada
10.2.5.1 Canada Natural Refrigerants Market by Type
10.2.5.2 Canada Natural Refrigerants Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Natural Refrigerants Market by Type
10.2.6.2 Mexico Natural Refrigerants Market by Application
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Natural Refrigerants Market by Country
10.3.1.2 Eastern Europe Natural Refrigerants Market by Type
10.3.1.3 Eastern Europe Natural Refrigerants Market by Application
10.3.1.4 Poland
10.3.1.4.1 Poland Natural Refrigerants Market by Type
10.3.1.4.2 Poland Natural Refrigerants Market by Application
10.3.1.5 Romania
10.3.1.5.1 Romania Natural Refrigerants Market by Type
10.3.1.5.2 Romania Natural Refrigerants Market by Application
10.3.1.6 Hungary
10.3.1.6.1 Hungary Natural Refrigerants Market by Type
10.3.1.6.2 Hungary Natural Refrigerants Market by Application
10.3.1.7 Turkey
10.3.1.7.1 Turkey Natural Refrigerants Market by Type
10.3.1.7.2 Turkey Natural Refrigerants Market by Application
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Natural Refrigerants Market by Type
10.3.1.8.2 Rest of Eastern Europe Natural Refrigerants Market by Application
10.3.2 Western Europe
10.3.2.1 Western Europe Natural Refrigerants Market by Country
10.3.2.2 Western Europe Natural Refrigerants Market by Type
10.3.2.3 Western Europe Natural Refrigerants Market by Application
10.3.2.4 Germany
10.3.2.4.1 Germany Natural Refrigerants Market by Type
10.3.2.4.2 Germany Natural Refrigerants Market by Application
10.3.2.5 France
10.3.2.5.1 France Natural Refrigerants Market by Type
10.3.2.5.2 France Natural Refrigerants Market by Application
10.3.2.6 UK
10.3.2.6.1 UK Natural Refrigerants Market by Type
10.3.2.6.2 UK Natural Refrigerants Market by Application
10.3.2.7 Italy
10.3.2.7.1 Italy Natural Refrigerants Market by Type
10.3.2.7.2 Italy Natural Refrigerants Market by Application
10.3.2.8 Spain
10.3.2.8.1 Spain Natural Refrigerants Market by Type
10.3.2.8.2 Spain Natural Refrigerants Market by Application
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Natural Refrigerants Market by Type
10.3.2.9.2 Netherlands Natural Refrigerants Market by Application
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Natural Refrigerants Market by Type
10.3.2.10.2 Switzerland Natural Refrigerants Market by Application
10.3.2.11 Austria
10.3.2.11.1 Austria Natural Refrigerants Market by Type
10.3.2.11.2 Austria Natural Refrigerants Market by Application
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Natural Refrigerants Market by Type
10.3.2.12.2 Rest of Western Europe Natural Refrigerants Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Natural Refrigerants Market by Country
10.4.2 Asia Pacific Natural Refrigerants Market by Type
10.4.3 Asia Pacific Natural Refrigerants Market by Application
10.4.4 China
10.4.4.1 China Natural Refrigerants Market by Type
10.4.4.2 China Natural Refrigerants Market by Application
10.4.5 India
10.4.5.1 India Natural Refrigerants Market by Type
10.4.5.2 India Natural Refrigerants Market by Application
10.4.6 Japan
10.4.6.1 Japan Natural Refrigerants Market by Type
10.4.6.2 Japan Natural Refrigerants Market by Application
10.4.7 South Korea
10.4.7.1 South Korea Natural Refrigerants Market by Type
10.4.7.2 South Korea Natural Refrigerants Market by Application
10.4.8 Vietnam
10.4.8.1 Vietnam Natural Refrigerants Market by Type
10.4.8.2 Vietnam Natural Refrigerants Market by Application
10.4.9 Singapore
10.4.9.1 Singapore Natural Refrigerants Market by Type
10.4.9.2 Singapore Natural Refrigerants Market by Application
10.4.10 Australia
10.4.10.1 Australia Natural Refrigerants Market by Type
10.4.10.2 Australia Natural Refrigerants Market by Application
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Natural Refrigerants Market by Type
10.4.11.2 Rest of Asia-Pacific Natural Refrigerants Market by Application
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Natural Refrigerants Market by Country
10.5.1.2 Middle East Natural Refrigerants Market by Type
10.5.1.3 Middle East Natural Refrigerants Market by Application
10.5.1.4 UAE
10.5.1.4.1 UAE Natural Refrigerants Market by Type
10.5.1.4.2 UAE Natural Refrigerants Market by Application
10.5.1.5 Egypt
10.5.1.5.1 Egypt Natural Refrigerants Market by Type
10.5.1.5.2 Egypt Natural Refrigerants Market by Application
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Natural Refrigerants Market by Type
10.5.1.6.2 Saudi Arabia Natural Refrigerants Market by Application
10.5.1.7 Qatar
10.5.1.7.1 Qatar Natural Refrigerants Market by Type
10.5.1.7.2 Qatar Natural Refrigerants Market by Application
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Natural Refrigerants Market by Type
10.5.1.8.2 Rest of Middle East Natural Refrigerants Market by Application
10.5.2 Africa
10.5.2.1 Africa Natural Refrigerants Market by Country
10.5.2.2 Africa Natural Refrigerants Market by Type
10.5.2.3 Africa Natural Refrigerants Market by Application
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Natural Refrigerants Market by Type
10.5.2.4.2 Nigeria Natural Refrigerants Market by Application
10.5.2.5 South Africa
10.5.2.5.1 South Africa Natural Refrigerants Market by Type
10.5.2.5.2 South Africa Natural Refrigerants Market by Application
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Natural Refrigerants Market by Type
10.5.2.6.2 Rest of Africa Natural Refrigerants Market by Application
10.6 Latin America
10.6.1 Latin America Natural Refrigerants Market by Country
10.6.2 Latin America Natural Refrigerants Market by Type
10.6.3 Latin America Natural Refrigerants Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Natural Refrigerants Market by Type
10.6.4.2 Brazil Natural Refrigerants Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Natural Refrigerants Market by Type
10.6.5.2 Argentina Natural Refrigerants Market by Application
10.6.6 Colombia
10.6.6.1 Colombia Natural Refrigerants Market by Type
10.6.6.2 Colombia Natural Refrigerants Market by Application
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Natural Refrigerants Market by Type
10.6.7.2 Rest of Latin America Natural Refrigerants Market by Application

11 Company Profile
11.1 Puyang Zongwei Fine Chemical Co. Ltd
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 GEA Group AG
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Emerson Electric Co
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Shangdong Yueon Chemical Co Ltd
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Linde Group
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Airgas Inc
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Cooltech Applications
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 A-Gas International
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Sinochem
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Carel Industries S.P.A.
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View

12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions

13. USE Cases and Best Practices

14. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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