USD 1.6 Billion
Natural Refrigerants Market Size, Share, Growth Analysis, By Type (Ammonia Refrigerant, Hydrocarbon Refrigerant), By Application (Commercial Refrigeration, Industrial Refrigeration), By End Use (Residential, Commercial), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG30D2004 |
Region:
Global |
Published Date: December, 2024
Pages:
198
|Tables:
66
|Figures:
75
Natural Refrigerants Market Insights
Natural Refrigerants Market size was valued at USD 1.6 Billion in 2023 and is poised to grow from USD 1.7 Billion in 2024 to USD 2.81 Billion by 2032, growing at a CAGR of 6.5% during the forecast period (2025-2032).
The global natural refrigerants market is experiencing significant growth due to several key factors. One major driver is the increasing environmental concerns and regulations regarding the use of synthetic refrigerants that contribute to ozone depletion and global warming.
Natural refrigerants, such as ammonia, carbon dioxide, and hydrocarbons, offer a more sustainable and eco-friendlier alternative. The market is also driven by the growing demand for energy-efficient cooling solutions in various industries, including food and beverage, HVAC, and automotive.
Additionally, technological advancements and the development of new refrigeration systems using natural refrigerants are fueling market growth. However, the market still faces challenges such as high initial costs and the need for specialized equipment and safety measures. Overall, the global natural refrigerants market is expected to continue its growth trajectory in the coming years.
US Natural Refrigerants Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Ammonia
Fastest Growth
Ammonia
Growth Rate
6.5% CAGR
Global Natural Refrigerants Market ($ Bn)
Country Share for Europoe Region (%)
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Natural Refrigerants Market Segmental Analysis
Global Natural Refrigerants Market is segmented by type, application, end use and region. Based on type, the market is segmented into ammonia refrigerant, hydrocarbon refrigerant, CO2 refrigerant and other refrigerants. Based on application, the market is segmented into commercial refrigeration, industrial refrigeration, domestic refrigeration, stationary air-conditioning, mobile air-conditioning and others. Based on end use, the market is segmented into residential, commercial, industrial and transportation. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Type
The dominant sub-segment in the Type category is Carbon Dioxide (CO2). Carbon dioxide is widely used as a natural refrigerant due to its low environmental impact and excellent thermodynamic properties. It is commonly used in commercial refrigeration systems, heat pumps, and transportation refrigeration.
The fastest-growing sub-segment in the Type category is Hydrocarbons. Hydrocarbons, such as propane and butane, have gained significant attention as natural refrigerants due to their low global warming potential and ozone depletion potential. They are commonly used in small-scale refrigeration applications, including domestic refrigerators, freezers, and vending machines.
Analysis by Application
The dominant sub-segment in the Application category is Commercial Refrigeration. Natural refrigerants are extensively used in supermarkets, convenience stores, restaurants, and other commercial establishments for refrigeration and cooling purposes. The demand for natural refrigerants in commercial refrigeration is driven by their low environmental impact and regulatory restrictions on synthetic refrigerants.
The fastest-growing sub-segment in the Application category is Transportation. Natural refrigerants are increasingly being used in the transportation sector, including refrigerated trucks, shipping containers, and refrigerated railcars. This growth is attributed to the rising demand for sustainable and environmentally friendly solutions in the cold chain logistics industry.
Global Natural Refrigerants Market By Type
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Natural Refrigerants Market Regional Insights
One dominant region in the global natural refrigerants market is Europe. Europe has been at the forefront of adopting and implementing regulations aimed at reducing the use of synthetic refrigerants due to their harmful environmental impact. The region has witnessed a significant shift towards natural refrigerants such as ammonia, carbon dioxide, and hydrocarbons in various applications, including commercial refrigeration, industrial refrigeration, and air conditioning.
One of the fastest growing regions in the global natural refrigerants market is the Asia-Pacific region. The increasing population, urbanization, and rising disposable income levels in countries like China and India have led to a surge in demand for cooling and refrigeration systems. Moreover, the growing awareness about environmental sustainability and the implementation of stringent regulations have accelerated the adoption of natural refrigerants in the region. The expanding food retail industry, cold chain logistics, and commercial and industrial sectors are driving the growth of the natural refrigerants market in the Asia-Pacific region.
Global Natural Refrigerants Market By Region
- Largest
- Fastest
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Natural Refrigerants Market Dynamics
Natural Refrigerants Market Drivers
Increasing Awareness And Adoption Of Environmentally Friendly Solutions
- One key driver of the global natural refrigerants market is the increasing awareness and adoption of environmentally friendly solutions. Natural refrigerants, such as hydrocarbons, ammonia, and carbon dioxide, have low global warming potential (GWP) and ozone depletion potential (ODP), making them attractive alternatives to synthetic refrigerants. The growing concerns about climate change and the need to reduce greenhouse gas emissions have led to stringent regulations and policies promoting the use of natural refrigerants. Additionally, the energy efficiency and cost-effectiveness of natural refrigerants further drive their adoption in various industries.
Natural Refrigerants Market Restraints
High Initial Cost Of Transitioning
- One restraint of the global natural refrigerants market is the high initial cost of transitioning from synthetic refrigerants to natural refrigerants. Retrofitting existing refrigeration systems or designing new systems to accommodate natural refrigerants can involve significant expenses. This includes the cost of equipment modification, installation, and safety measures required for handling flammable or toxic natural refrigerants. Moreover, the availability and accessibility of natural refrigerants can also be a challenge, especially in remote or underdeveloped regions. These factors can pose financial and logistical barriers, inhibiting the widespread adoption of natural refrigerants in certain markets.
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Natural Refrigerants Market Competitive Landscape
The global Natural Refrigerants market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Natural Refrigerants. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Top Player’s Company Profiles
- Airgas Inc.
- The Linde Group
- Sinochem Group
- Engas Australasia
- Harp International Ltd.
- Tazzetti S.P.A.
- Puyang Zhongwei Fine Chemical Co. Ltd.
- Shandong Yueon Chemical Industry Ltd.
- A-Gas International
- Hychill Australia Pvt. Ltd.
- GTS S.P.A
- A.S. Trust and Holdings
- Air Liquide
- Danfoss
- Engie Refrigeration
- Emerson Electric Co.
- Bitzer
- Parker Hannifin Corporation
- Mayekawa
- Baltimore Aircoil Company
Recent Developments
- In March 2023, A global initiative was launched to promote the adoption of natural refrigerants in developing countries, providing financial incentives and technical support for the transition.
- In June 2023, A collaboration between government and industry partners resulted in the development of a comprehensive regulatory framework for natural refrigerants, ensuring their safe and efficient use in various applications.
Natural Refrigerants Key Market Trends
- One key market trend in the global natural refrigerants market is the increasing adoption of environmentally-friendly and energy-efficient refrigeration solutions. With growing concerns about climate change and the phase-out of synthetic refrigerants due to their high global warming potential, there is a shift towards natural refrigerants such as hydrocarbons, carbon dioxide (CO2), and ammonia. Governments and regulatory bodies are implementing stricter regulations and phasing out the use of synthetic refrigerants to reduce greenhouse gas emissions. This has led to the increased demand for natural refrigerants and the development of new technologies and applications to support their use. Additionally, consumer awareness and preferences for eco-friendly products are driving market growth. Consumers are becoming more conscious of the environmental impact of their purchasing decisions and are demanding sustainable and environmentally-friendly alternatives, including natural refrigerants. This trend is expected to continue as businesses and individuals prioritize sustainability and seek to reduce their carbon footprint.
Natural Refrigerants Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global natural refrigerants market is experiencing significant growth due to the increasing demand for environmentally friendly cooling solutions. Natural refrigerants such as ammonia, carbon dioxide, and hydrocarbons are being adopted as alternatives to synthetic refrigerants because of their lower impact on climate change and ozone depletion. Factors such as stringent regulations, growing concerns about global warming, and the need for energy-efficient cooling systems are driving the market's expansion. Key players in the industry are investing in research and development activities to enhance the performance and safety of natural refrigerants. The market is expected to witness sustained growth as businesses and consumers embrace sustainable refrigeration solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.6 Billion |
| Market size value in 2032 | USD 2.81 Billion |
| Growth Rate | 6.5% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Natural Refrigerants Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Natural Refrigerants Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Natural Refrigerants Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Natural Refrigerants Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Natural Refrigerants Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Natural Refrigerants Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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