The research study conducted by Report Ocean on the “ Natural Refrigerants Market” spans over 100+ pages and delves into various facets of this market. It analyses the business strategies adopted by emerging industry players, examines the geographical scope, dissects market segments, evaluates the product landscape, and investigates price and cost structures. This research report facilitates market segmentation based on the latest Market trends, geographical market, and technological advancements. Each section of the report is meticulously prepared to scrutinize key aspects of the market. Moreover, it includes a detailed analysis of current applications, comparing them while focusing on opportunities, threats, and conducting a competitive analysis of major companies.
Global Natural Refrigerants Market is valued at approximately USD 1.50 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 6.5% over the forecast period 2023-2030. Natural refrigerants are substances that are used as cooling agents in refrigeration and air conditioning systems. Biochemical techniques are used to produce natural refrigerants. Some basic natural refrigerants are ammonia, carbon dioxide (CO2), and hydrocarbons. Potential demand for the product has been generated by growing concerns about the environment. These refrigerants are more ecologically friendly than traditional refrigerants because they are made from natural resources. Artificial refrigerants deplete the ozone layer severely and accelerate global warming. It is efficiently used as an ideal substitute for hydrofluorocarbons (HFC), hydrochlorofluorocarbons (HCFC), and chlorofluorocarbons (CFC) because the product is more effective. The growing awareness regarding environment-friendly refrigerants, low environmental impact, effects of global warming, and surging demand for refrigeration and air-conditioning applications are the factors that are attributing to the market growth across the globe.
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In addition, the rising number of government initiatives and protocols to control greenhouse gas emissions, along with eliminating the utilization of synthetic refrigerants is acting as a catalyzing factor for market growth across the globe. For instance, in August 2021, The Union Cabinet of India has given its consent for the indorsement of the Kigali Amendment to the Montreal Protocol on Substances that Deplete the Ozone Layer for the phase down of Hydroflurocarbons (HFCs) by India, implemented by the Parties to the Montreal Protocol on October 2016 at 28th Meeting of the Parties to the Montreal Protocol held at Kigali, Rwanda. The elimination of HFCs is anticipated to stop the release of greenhouse gases, which helps in preventing climate change and is advantageous to the public. Thus, these aforementioned factors are propelling the growth of the Natural Refrigerants Market during the estimated period. Moreover, the surging technological advancements in green cooling, as well as the increasing number of government initiatives present various lucrative opportunities over the forecast years. However, the higher initial capital cost requirement and the lack of education and awareness of HVAC contractors and technicians are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Natural Refrigerants Market study include: Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Europe dominated the market in 2022 owing to the rising environmental concerns and emission regulations, as well as strong demand for air conditioners and refrigerating systems. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The growing emphasis on controlling greenhouse gas emissions, and the imposition of stringent government regulations to phase out harmful hydrofluorocarbon and hydro-chlorofluorocarbon refrigerants are significantly propelling the market demand across the region.
Major market players included in this report are:
Air Liquide (France)
Linde plc (Ireland)
A-Gas International Ltd. (U.K.)
HyChill Australia Pty Ltd (Australia)
engas Australasia (Australia)
Tazzetti S.p.A. (Italy)
Shandong Yuean Chemical Industry Co., Ltd. (China)
AGC Inc. (Japan)
Puyang Zhongwei Fine Chemical Co., Ltd. (China)
Danfoss (Denmark)
Recent Developments in the Market:
In March 2023, Danfoss announced that the company acquired BOCK GmbH, a producer of low-GWP and carbon dioxide compressors. For natural refrigerants such as hydrocarbons, CO2 (R744), and other low-GWP refrigerants, BOCK GmbH has one of the broadest product ranges of compressors. The agreement aims to accelerate the shift to natural and low-GWP refrigerants worldwide and increase energy efficiency.
In February 2023, Linde signed a long-term deal and made an investment of about USD 1.8 billion in order to deliver clean hydrogen and nitrogen to OCI’s new, massive blue ammonia factory in Beaumont, Texas. The Beaumont plant is focusing on expanding and solidifying the industry’s premier blue ammonia and clean fuels platform.
Global Natural Refrigerants Market Report Scope:
Historical Data: 2020 – 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Type, End-Use Industry, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Type:
Hydrocarbons
Ammonia
Carbon Dioxide
By End-Use Industry:
Industrial
Commercial
Domestic
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Key Questions Answered in the Market Report:
• How did the COVID-19 pandemic have an impact on the adoption of via a range of pharmaceutical and existence sciences companies?
• What is the outlook for the affect market all through the forecast length 2023-2032?
• What are the key developments influencing the have an impact on market? How will they have an impact on the market in short-, mid-, and long-term duration?
• What is the give up person appreciation toward?
• What are the key elements impacting the have an effect on market? What will be there have an impact on in short-, mid-, and long-term duration?
• What are the key possibilities areas in the influence market? What is their workable in short-, mid-, and long-term duration?
• What are the key techniques adopted via groups in the have an effect on market?
• What are the key utility areas of the influence market? Which utility is predicted to keep the very best increase attainable all through the forecast duration 2023-2033?
• What is the favoured deployment mannequin for the impact? What is the boom conceivable of quite a number deployment fashions existing in the market?
• Who are the key cease customers of pharmaceutical quality? What is their respective share in the affect market?
• Which regional market is predicted to maintain the easiest boom possible in the have an impact on market at some stage in the forecast length 2023-2032?
• Which are the key gamers in the have an impact on market?
Growth Hampering Factors in the Market:
- Environmental regulations: Stricter environmental regulations on the production and use of fossil fuels can limit the availability and use of traditional market.
- Safety concerns: Safety concerns regarding the storage and transportation of can limit their use.
- Supply chain disruptions: Disruptions in the global supply chain due to natural disasters, pandemics, or other factors can impact the availability and cost of market.
- Security concerns: Security concerns regarding the transportation and storage of market can limit their use and availability.
- Technological obsolescence: Advances in technology can make existing systems obsolete, leading to reduced demand.
- Competition from alternative fuels: The development of alternative fuels such as biofuels and hydrogen-based fuels can compete with traditional market.
- Volatility in oil prices: Fluctuations in oil prices can affect the cost of market, making it difficult for industry players to predict and plan for costs.
- Economic downturns: Economic downturns can result in reduced demand for air travel and air cargo transportation, leading to a reduction in demand for market.
- Geopolitical tensions: Political instability and tensions between nations can impact the global supply chain for market, leading to supply disruptions and price fluctuations.
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