Natural Refrigerant Market 2023-2032 | Closer Look at the Industry Opportunities and Challenges

The global natural refrigerant market is experiencing growth due to several factors such as growing demand for frozen food and dairy products.

PORTLAND, OREGON, UNITED STATES, August 4, 2023/EINPresswire.com/ -- According to the report, the global natural refrigerant market was valued at $1.5 billion in 2022 and is projected to reach $2.7 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.

The global natural refrigerant market is experiencing growth due to several factors such as growing demand for frozen food and dairy products and the properties of natural refrigerants such as being non-toxic, high efficiency, environment friendly, and compatibility with a wide range of equipment. However, the presence and wide acceptance of synthetic refrigerants hinder market growth to some extent. Moreover, technological developments in green cooling offer remunerative opportunities for the expansion of the natural refrigerant market.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝟓𝟏𝟔 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) @ https://bit.ly/3DEFZbI

𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐑𝐮𝐬𝐬𝐢𝐚-𝐔𝐤𝐫𝐚𝐢𝐧𝐞 𝐖𝐚𝐫 𝐨𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐚𝐥 𝐑𝐞𝐟𝐫𝐢𝐠𝐞𝐫𝐚𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭

The conflict between Russia and Ukraine could disrupt the supply chain of natural refrigerants, as both countries are major producers and suppliers of refrigerants such as ammonia (NH3). Any disruptions in production or transportation routes could lead to supply shortages or increased prices.

The conflict disrupted regional trade dynamics, causing shifts in demand and supply patterns for natural refrigerants. Industries in the affected regions sought alternative suppliers or adjusted their sourcing strategies to mitigate risks. This led to a reconfiguration of supply chains and changes in market dynamics.

Overall, the Russia-Ukraine conflict caused disruption and uncertainty in the natural refrigerant market. Businesses in this sector had to closely monitor the situation, diversify their supply chains where possible, and adapt their strategies to mitigate risks.

Based on gas, the carbon dioxide segment held the highest market share in 2022, accounting for more than three-fifths of the global natural refrigerant market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that carbon dioxide is nontoxic, which enhances its safety profile for both operators and consumers. This characteristic makes it suitable for various applications, including commercial and industrial refrigeration. Carbon dioxide refrigeration systems are commonly used in commercial applications, particularly in supermarkets. However, the ammonia segment is projected to manifest the highest CAGR of 6.8% from 2023 to 2032. The growth is attributed to the fact that Ammonia exhibits excellent thermodynamic properties, making it an efficient refrigerant. It has high heat transfer capabilities and offers high energy efficiency in cooling systems. It is also known for its high energy efficiency, which contributes to reduced energy consumption in refrigeration applications.

Based on the application, the refrigerators segment held the highest market share in 2022, accounting for more than half of the global natural refrigerant market revenue and is likely to retain its dominance throughout the forecast period. The same segment is projected to manifest the highest CAGR of 6.4% from 2023 to 2032. This can be attributed to the fact refrigerants have the ability to absorb heat from the interior of the refrigerator, which includes both the air and the items stored inside. As the refrigerant evaporates, it takes in heat energy, causing the temperature within the refrigerator to decrease.

Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global natural refrigerant market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. In Europe, regulations and policies promoting environmentally friendly solutions, such as the F-Gas Regulation, phase-out of high global warming potential refrigerants, energy efficiency goals, and increasing consumer awareness of the environmental impact of synthetic refrigerants are driving the demand for the natural refrigerant market in Europe. The Asia-Pacific region is projected to manifest the highest CAGR of 7.2% from 2023 to 2032

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: -

DANFOSS AS

LINDE PLC

A-GAS INTERNATIONAL LTD

EVONIK INDUSTRIES AG

AGC INC.

AIR LIQUIDE

HYCHILL AUSTRALIA PTY LTD

JOHNSON CONTROLS INTERNATIONAL PLC

PUYANG ZHONGWEI FINE CHEMICAL CO., LTD

DAIKIN INDUSTRIES LTD.

The report provides a detailed analysis of these key players in the global natural refrigerant market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

𝐖𝐚𝐧𝐭 𝐭𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐚𝐥 𝐃𝐚𝐭𝐚 𝐚𝐧𝐝 𝐆𝐫𝐚𝐩𝐡𝐬, 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬' 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬: https://www.alliedmarketresearch.com/natural-refrigerant-market/purchase-options

Allied Market Research
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn