March 27, 2023

The global natural refrigerants market size is expected to gain momentum owing to the increasing demand for environment-friendly refrigerants during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Natural Refrigerants Market, 2023-2030”. These refrigerants are created from natural resources and are environment-friendly compared to conventional refrigerants. Increasing demand for these refrigerants is expected to drive the market as conventional refrigerants affect the ozone layer and rises global warming. The high performance and efficiency of these refrigerants are anticipated to boost the global market.

COVID-19 Impact:

Halted Manufacturing Industries to Restrict Market Expansion

Natural refrigerants are used in air conditioning and refrigerating applications in the manufacturing and production sector. Due to the outbreak of the COVID-19 virus, manufacturing and production industries are halted. The restrictions imposed by the government affected market expansion and growth potential. Lack of supply and manufacturing operations by the key players highly affected sales rate and market growth during the pandemic period.

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By type, the market is segregated into ammonia (R-717), carbon dioxide (R-744), hydrocarbons, and others. On the basis of end-use, the market is trifurcated into commercial, industrial, and domestic. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage:

The report for the natural refrigerants market includes a detailed analysis of emerging technologies and new advancements in production technologies. Further, key trends in the market are highlighted in the report to assess market development scope. Business development strategies such as new product launches, business expansion, and mergers are elaborated to analyse the competitive strategies of key players in the industry. Ranking of key players in the market is given to assess the competitive environment in the industry.

Drivers & Restraints:

High Demands for Environment-Friendly Refrigerants to Stimulate Market Growth

The global natural refrigerants market growth is expected to grow due to the increasing demands for environment-friendly refrigerants during the projected period. The major properties and efficient features of these refrigerants such as high performance, low cost, zero or no ozone depletion, and less leakage rate are expected to drive the market. Whereas, the presence and high acceptance of artificial refrigerants are likely to restrict the market growth.

Regional Insights:

Growth in Industrialization and Commercialization to Hold Market Position in Europe

Europe is expected to hold the largest global natural refrigerants market share during the forecast period. Growth in automation and the commercial industry is anticipated to expand the market during the forecast period. High demands for refrigerants and air conditioners to develop market reach.

Asia Pacific holds a second-largest market share in the global market. Increasing air conditioning systems and industrialization to bolster market growth and expansion in the region. Hot and humid climate increases demand for air conditioning systems which supports market development.

Competitive Landscape:

Strategic Collaboration by Key Players to Maintain Market Position

Key players in the market focus on creating strategic alliances to acquire global market share. To develop business reach, organisations consider forming strategic alliances and partnerships with supporting industries and launching new product range with high feasibility and efficiency. A new product launch will allow the market to adopt technical advancements and implement key trends in the industry. Forming alliances and partnerships with the different sectors will ensure market expansion and global reach.

Industry Development:

  • April 2021: TEGA GmbH collaborated with Linde to acquire the Austrian refrigerants business. This acquisition allowed the company to create a closer relationship with Austrian consumers.

List of Key Players Profiled in the Global Market for Natural Refrigerants:

  • Airgas Inc. (U.S.)
  • The Linde Group (Ireland)
  • A-Gas International (U.K.)
  • Hess Corporation (U.S.)
  • Sinochem (China)
  • General Utilities (U.S.)
  • Puyang Zhongwei Fine Chemical Co. Ltd (China)
  • HyChill (Australia)
  • Engas Australasia (Australia)
  • Tazzetti SpA (Italy)
  • Deepfreeze Refrigerants Inc. (Canada)
  • Shandong Yuan Chemical Co. Ltd (China)

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