Natural Refrigerants Market Overview
Natural Refrigerants Market accounted for USD 1.5 Billion in 2024 and is estimated to be USD 5.3 Billion by 2034 and is anticipated to register a CAGR of 15.1%.
Natural Refrigerants are the substance that occurs directly in nature. 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. Natural Refrigerants exist naturally in environment with zero ozone depletion potential & zero global warming potential. Natural Refrigerants are considered as definitive solution to environmental damage that are caused by synthetic refrigerants. Natural Refrigeration takes place due to cold spots and are eco-friendly.
Hydrocarbon refrigerant are flammable and thus require higher safety. GWP (global warming potential) value indicates the contribution to global warming. GWP refers to value of carbon dioxide (GWP=1) as a benchmark. Natural Refrigerants has GWP value of 0 to 5.5. ODP (ozone depletion potential) value used for measuring effectiveness of chemical compound in degradation to ozone layer. Natural Refrigerants has ODP value of 0. However, rising environmental awareness and demand for natural refrigerants has given positive impact on target market growth.
Attributes |
Details |
Natural Refrigerants Market Value (2024) |
US$ 1.5 Bn |
Natural Refrigerants Market Projected Value (2034) |
US$ 5.3Bn |
Natural Refrigerants Market CAGR (2024 – 2034) |
15.10% |
Natural Refrigerants Market Drivers & Restraints
Rising demand for natural refrigerants and increasing environmental awareness
Rising demand for natural refrigerants and increasing environmental awareness among individual is one of the leading factors for the Natural Refrigerants Market growth. Natural Refrigerants are not synthetic chemicals and thus occurs in nature’s biochemical process. Natural Refrigerants do not deplete the ozone layer and make zero contribution in global warming. Natural Refrigerants are sustainable, inexpensive and cost effective. For the better future and due to environmental awareness among individual Natural Refrigerants are in demand as they are eco-friendly in nature. Artificial refrigerants causes ozone layer depletion and escalates global warming. Natural Refrigerants are more sustainable and has zero ozone depletion potential. Natural Refrigerants perform better than artificial refrigerants in hot conditions. Natural Refrigerants helps in enabling the refrigeration units and air conditioner for operating more efficiently and thus, are more cost effective.
Natural Refrigerants provides lots of benefits like – they help in reducing cost of heating and cooling by up to 38%. Hydrocarbon refrigerants are inexpensive, than synthetic refrigerants. Hydrocarbon refrigerants are more energy efficient and result in cutting cost by 17% to 38% on energy consumption and thus provides more saving opportunities in business. Hydrocarbon refrigerants help in reducing cost of repairing and maintenance on air-con & refrigeration units. Natural refrigerants help in extending life of refrigeration units and air-con because they are eco-friendly and works more efficiently. Natural refrigerants last for longer time compared to synthetic refrigerants. Natural refrigerants are better for environment because they have zero ozone depletion potential & negligible global warming potential. Artificial refrigerants are threat to environment due to their high ozone depletion potential and global warming potential. However, rising demand for natural refrigerants and increasing environmental awareness among individual has boosts the demand for Natural Refrigerants.
Restrains:
Natural refrigerant has some challenges and limitations like hydrocarbon refrigerants are extremely flammable and thus, additional safety requires like gas detectors, safety instructions for personnel. Carbon dioxide refrigerants operates at high pressure. Ammonia refrigerants are toxic. Ammonia alkalinity is extremely corrosive and components used in applications thus, requires careful consideration of material compatibility. However, some challenges and its toxicity has somewhat restrain the Natural Refrigerants Market growth.
Natural Refrigerants Market Segmentations & Regional Insights
The Natural Refrigerants market is segmented based on type, end-users and region.
On the basis of Type, the Natural Refrigerants market is segmented into Hydrocarbon Refrigerant, Carbon Dioxide Refrigerant, Ammonia Refrigerant, and others. On the basis of End-Users, the target market is segmented into Industrial, Commercial, Domestic, and others.
Regional Insights:
On region the Natural Refrigerants Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as Europe and Asia Pacific, and technological advancements. Moreover, rapid growth in urbanization, rapid economic growth in automobile industries and consumer goods, increasing demand for refrigerants for domestic and industrial purpose, rising adoption of air conditioning system, increasing environmental awareness among individual, is anticipated to increase demand for Natural Refrigerants in the region.
Natural Refrigerants Market Report Scope:
Attribute |
Details |
Base year for estimation |
2023 |
Forecast period |
2024 – 2034 |
Market representation |
Revenue in USD Billion & CAGR from 2024 to 2034 |
Market Segmentation |
By Type - Hydrocarbon Refrigerant, Carbon Dioxide Refrigerant, Ammonia Refrigerant, and others By End-Users - Industrial, Commercial, Domestic, and others |
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Natural Refrigerants Market report based on type, end-users, and region:
Natural Refrigerants Market, By Type:
- Hydrocarbon Refrigerant
- Carbon Dioxide Refrigerant
- Ammonia Refrigerant
- Others
Natural Refrigerants Market, By End-Users:
- Industrial
- Commercial
- Domestic
- Others
Natural Refrigerants Market, By Region:
- North America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- U.S.
- Canada
- Middle East & Africa
Natural Refrigerants Market Competitive Landscape & Key Players
The key players operating 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.
Natural Refrigerants Market Recent News
- In January 2022, Embraco has showcased the main product launch at AHR. Embraco launched multiple solutions for refrigeration at AHR show in Las Vegas from 31st January to 2nd February. Each product launch has brought innovation to fulfill the commercial refrigeration needs for food service and food retail segments. Newly developed Embraco’s new condensing units portfolio is the ‘Evaporative Drain Pan’ (EDP) lineup which is designed for reach-ins and under counters in food service segments. EDP is equipped with highly energy efficient, Embraco compressors a new line up has wide array of options in natural refrigerant (R290) – which are designed with all global warming potential regulations and include options by using variable speed compressors.
- In October 2022, Panasonic Corporation has released new product for homes by using natural refrigerant. The company has announced that its Heating & Ventilation A/C Company is expediting its growth strategy for A2W (air to water) heat pumps business in Europe. The Company has planned to release three new eco-friendly models for homes with different heating capacities by using natural refrigerants in Europe in May 2023. In May 2023 Panasonic will become the first Japanese manufacturer for releasing three new home models of A2W by using R290 natural refrigerant with extremely low greenhouse effect.
Natural Refrigerants Market Company Profile
- Embraco LLC.
- Linde Group
- Panasonic Corporation
- Airgas Inc.
- Daikin Industries Ltd.
- TEKO GmbH
- SWEP International AB
- Mayekawa Nordic A/S
- Secon GmbH
Natural Refrigerants Market Highlights
FAQs
The Natural Refrigerants Market is segmented into type, end-users, and region.
Natural Refrigerants Market is driven by factors like rising demand for natural refrigerants and increasing environmental awareness.
By region, the Natural Refrigerants market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as Europe and Asia Pacific, and technological advancements.
The key players operating 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.