Natural Refrigerants Market is estimated to be US$ 2.4 billion by 2032 with a CAGR of 5.8% over the forecast period (2022-2032)

Natural Refrigerants are substance that serve as refrigerants in refrigeration systems which includes, air conditioning, HVAC, and refrigerators. Natural Refrigerants are alternative to synthetic refrigerants such as hydro-chlorofluorocarbon, chlorofluorocarbon, and hydro-fluorocarbon based refrigerants. Synthetic refrigerants has given rise to new threat to environment like HFCs to global warming, CFCs to ozone destruction etc. Natural refrigerants can guarantee the long-term sustainability of planet. Natural refrigerants are the substance that are present in nature in significant quantities and their release in atmosphere by human being by deliberately or accidently, therefore doesn’t disrupt environmental balance. For example, ammonia originates from decomposition of organic matter is a part of natural nitrogen cycle. Ammonia R717 is an excellent refrigerant due to its high cooling performance and its unique thermodynamic properties. Recent development in ammonia chiller with micro-channel condensation, dry expansion and critical charge has achieved specific refrigerant charge as lower as 70g/kW refrigerant which is lowest in history of refrigeration. Recent advancement in electronic refrigerant expansion control system together with development of ammonia-miscible oils has solved main difficulties that new technology has ability to reduce ammonia charge in system for less than one twentieth, with safety benefits. Carbon dioxide (R744) is used as refrigerant in various applications. Carbon dioxide (R744) has become the best refrigerant for low temperature in industrial refrigeration and mainly used in Europe as secondary fluid with phase change & as refrigerant for low temperature stage in cascade cycles. The transcritical CO2 cycle in commercial refrigeration has become popular in Japan & Europe. Carbon dioxide (R744) has become the best solution for large supermarkets. Isobutane (R600a) hydrocarbon has become the standardized for domestic refrigeration and millions of units are manufactured each year. Propane (R290) is used in small compact air conditioning & refrigeration like refrigeration units with built in units and cold room mono-blocks. However, wide variety of benefits has fueled the target market growth.

The report “Natural Refrigerants Market, By Type (Hydrocarbon Refrigerant, Carbon Dioxide Refrigerant, Ammonia Refrigerant, and Others), and By End-Users (Industrial, Commercial, Domestic, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2032”

Key Highlights:

In October 2022, Daikin Commercial Refrigeration Europe has committed to natural refrigerants in all new products & has announced new sustainable cold chain solutions for Chillventa 2022. Daikin has revealed two natural refrigerator product – Monoblock of the future & CO2 ZEAS range. Monoblock of the future – is an ideal commercial refrigeration solution for limited spaces which is based on R290 (propane) that meets industrial demand for energy efficient & natural refrigeration solutions. CO2ZEAS units – is a new range of high efficiency and compact refrigeration condensing units that are based on natural refrigerant CO2, by combining performance with small footprint, low noise and low energy running cost.
In August 2022, TEKO has become the first company to receive natural refrigerants label from ATMosphere a global market accelerator of clean cooling & heating solutions. The label is designed for high-lightening best in class manufacturer of natural refrigerant systems which is based on company vision, measurable impact and customer satisfaction.
In October 2020, SWEP has launched two new product for refrigeration and air conditioning. Newly launched product are B4T Ultra (U) Pressure & V250AS, with new brazed plate heat exchangers (BPHELs) to air conditioning (AC) and refrigeration markets. New B4T-U model is developed for application in refrigeration targeting CO2 as preferred natural refrigerant choice with specific focus in small condensing units & water loop applications.

Analyst View:

The key factor driving the growth of the Natural Refrigerants market is rising demand for natural refrigerants and increasing environmental awareness among individual. For better future there is rising demand for clean refrigerants that are eco-friendly. Due to environmental awareness people in world are looking for refrigerants that do not contribute to global warming and ozone layer depletion. Use of natural refrigerants like Hydrocarbon Refrigerant, Carbon Dioxide Refrigerant, Ammonia Refrigerant, and others has become possible solution to this problem and are used efficiently in many systems. However, rising demand for natural refrigerants and increasing environmental awareness among individual is expected to boost the demand for target market growth over the forecast period. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish position in the market.

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Key Market Insights from the report:

Natural Refrigerants Market accounted for US$ 1.31 billion in 2022 and is estimated to be US$ 2.4 billion by 2032 and is anticipated to register a CAGR of 5.8%. The Natural Refrigerants Market is segmented based on Type, End-Users and Region.

Based on Type, Natural RefrigerantsMarket is segmented into Hydrocarbon Refrigerant, Carbon Dioxide Refrigerant, Ammonia Refrigerant, and others.
Based on End-Users, Natural RefrigerantsMarket is segmented into Industrial, Commercial, Domestic, and others.
By Region, the Natural RefrigerantsMarket is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Competitive Landscape & their strategies of Natural Refrigerants Market:

The prominent players operating in the Natural Refrigerants Market includes, Linde Group, Embraco LLC., Panasonic Corporation, Airgas Inc., Daikin Industries Ltd., TEKO GmbH, SWEP International AB, Mayekawa Nordic A/S, Secon GmbH, Secop GmbH, and others.