Global Natural Refrigerants Market to Grow Steadily at 11.0% CAGR from 2014 - 2020

Press Release   •   Aug 03, 2017 02:01 EDT

Zion Market Research has published a new report titled “Natural Refrigerants (Ammonia, Hydrocarbons, Carbon dioxide and Others) Market for Commercial, Industrial, Domestic, Stationary Air Conditioning and Other Refrigeration Applications – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020” According to the report, global natural refrigerants market was valued at around USD 750.2 million in 2014 and is expected to reach USD 1,418.20 million in 2020, growing at a CAGR of around 11.0% between 2015 and 2020.

Natural refrigerants are the best alternatives used for fluorocarbon refrigerants. Natural refrigerants can be found naturally as well as manufactured industrially. Most of the refrigeration and air-conditioning equipment use fluorocarbon refrigerants for the cooling process. Fluorocarbon refrigerants are synthetic chemicals which have a high global warming potential, and also cause damage to the ozone layer. Such environmental risk is greatly reduced due to the advantages like zero ozone depletion potential (ODP) of natural refrigerants which results into zero global warming.

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Growing awareness about global warming and other environmental issues created due to the synthetic refrigerants like fluorocarbon has overcome by the use of natural refrigerants. Natural refrigerants such as ammonia, carbon dioxide, hydrocarbons are available easily and not that harmful to the environment. This is one of the important factors propelling the adoption of natural refrigerants in various industries worldwide. However, the need of very large compressor to use as the sole refrigerant in the industry put a challenge for the natural refrigerant market.

On the basis of product type natural refrigerants market can be segmented as ammonia, carbon dioxide, hydrocarbons and others. Ammonia was the largest product segment in 2014 and accounted for over 60% share of the total volume consumed. Based on application segment, natural refrigerants market can be segmented into industrial, commercial, domestic, stationary air conditioning and other refrigeration applications. 

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Commercial refrigeration application emerged as the leading application segment for natural refrigerants market. It is expected to maintain its dominance over the forecast period. Increasing consumption and trade of food items which need refrigeration has lead to rise in demand for refrigeration across commercial sector. The changing food consumption patterns and the rapid growth of the frozen foods market is prominent factor responsible for fuelling the commercial refrigeration industry worldwide.

Natural refrigerants market was dominated by Europe with account significant share in 2014. According to the European commission, rising demand for fresh food products and stringent European food law requirements fuels the food refrigeration in this region. Europe is followed by Asia Pacific. Asia Pacific is expected to witness a significant rise in natural refrigerants market due to the large demand from rapidly developing refrigeration industry in emerging countries.

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Key players operating in this market include The Linde Group, Airgas Inc., Engas Australasia, Sinochem Group, Tazzetti S.P.A., Harp International Ltd., Shandong Yueon Chemical Industry Ltd., Puyang Zhongwei Fine Chemical Co. Ltd., Hychill Australia Pvt. Ltd., A-Gas International, A.S. Trust and Holdings and GTS S.P.A.

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