The growing concerns pertaining to environmental hazards caused by HFC refrigerants and regulations against its usages, coupled with technological breakthroughs that invent new use cases of natural refrigerants, are enforcing the market demand.
New York, Aug. 06, 2020 (GLOBE NEWSWIRE) — The Global Natural Refrigerants Market is projected to reach USD 2.88 billion by 2027. The market is estimated to be powered by the increasing demand for the natural refrigerants concerning the adverse effects on the environment created by the exertions of the Hydrochlorofluorocarbon (HCFC) & Hydrofluorocarbon (HFC) based refrigerants. Lower cost deployment, wide availability, high thermal conductivity, and high gas phase density, a significant rate of heat transfer, and reduce harmful effects are the grounds many organic and inorganic natural ingredients are widely being preferred. Besides, regulations & compliances set by the governing bodies around the world obligates the discontinuation of many harmful fluorocarbon-based refrigerants.
Prioritizing the natural refrigerants will benefit the direct emissions saving in the world of nearly 70 percent by 2030. With the current technology available, nearly 75 percent of the overall refrigeration and air-conditioning (RAC) sector can be converted into the natural refrigerants and closely in the forthcoming future, the entire usage of the harmful refrigerants can be eradicated. The RAC usage in transportation has been a major drawback here as the natural refrigerants can still not be used in many such applications used in transport refrigeration.
Natural refrigerant refrigerator, inorganic refrigerants, natural refrigeration, true T-24-GC, undercounter freezer, residential beverage center, refrigerant properties, Freon refrigerant, ac refrigerant, natural refrigerant air conditioners, organic refrigerant, hydrocarbon refrigerant, R290 refrigerant, and ammonia refrigerant, to name a few are some of the most crucial corresponding factors and topics that have been influencing the market growth in many ways, have been additionally discussed in details in the report.
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COVID-19 Impact Analysis:
The COVID-19 pandemic has created endless disruptions to the manufacturing or production industries due to a shortage of resources in different parts of the world. The leading players in the industry are skeptical about the market’s future and try to redesign their strategies to support the challenge. The pandemic had a serious impact on the distribution chains as a result of regular lockdowns. COVID-19 has influenced foreign commerce, exports and imports, and has also contributed to a major decrease in demand in the industry. The major companies operating on the market try to clear their stock and concentrate on keeping their cash balances. The companies have stopped investing in the newer R&Ds and relying on the existing products. It is likely that people’s average disposable income is reduced, and producers are trying to develop innovative solutions at an affordable price, which can meet customer requirements at a much lower cost.
Further key findings from the report suggest
- Hydrocarbons (HCs) like iso-butane (R600a) and propane (R290) are some of the Eco-Friendly refrigerants which provide zero Ozone depilation, extremely low global warming potential, excellent thermodynamic properties for higher efficiency and also good compatibility with component.
- Due to ammonia’s zero ozone depletion potential (ODP) & zero global warming potential (BWP), and excellent thermodynamic properties with reduced risk & charge, it is considered an alternative type of refrigerants that can exhibit a vast usage in the near future.
- Newer trend of using a packaged or modular refrigeration system, which is built off-site, having mounted on a structural metal base and creates a plug-and-play system, is creating enforcement in the industry.
- North America is projected to grow at a CAGR of 11.5% throughout the period 2020 to 2027, owing to its wide usage of the natural refrigerants. The Unites states hold an impressive market share as the EPA (The United States Environmental Protection Agency), a US federal government agency, is all set to ban most of the commercial applications of HFCs like R404a & R134a by 2020.
- Devices that incorporate eco-friendly refrigerants have been widely in demand by the end-users due to the rise in concerns related to environmental safety. The consumers can blindly rely on the eco-friendly appliances, which drives the refrigerant market and increases the use of the eco-friendly refrigerants.
- Key participants include Airgas Refrigerants Inc., Puyang Zhongwei Fine Chemical Co. Ltd., The Linde Group, Shangdong Yueon Chemical Co. Ltd., Tazzetti S.p.A, A-Gas International, Engas Australasia, Sinochem Group, Asahi Glass Corporation, and SRF Limited, among others.
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For the purpose of this report, Reports and Data has segmented the global market on the basis of product, type, end-use verticals, and region:
Product Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Ammonia (R-717)
- Carbon Dioxide (R-744)
- Methane (R-50)
- Ethane (R-170)
- Propane (R-290)
- Butane (R-600)
- Isobutane (R-600a)
- Ethylene (R-1150)
- Propylene (R-1270)
- Water (R-718)
End-Use Verticals Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Commercial RAC
- Industrial RAC
- Domestic RAC
- Mobile RAC
Type Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/natural-refrigerants-market
Regional Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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