Global Natural Refrigerants Market to Reach 1,408.20 million by 2020, Growing at CAGR of 11.0% by 2020

Natural refrigerants are extensively used in different applications including cold storage, freezing, commercial and industrial refrigeration etc. In earlier days, synthetic refrigerants like fluorocarbon were used for cooling process. Fluorocarbon refrigerants are synthetic chemicals which generally have a high global warming prospective, and also have the possibility to cause damage to the ozone layer when it released to the atmosphere. Due to hazardous effects of fluorocarbon natural refrigerants are used as alternative. The environment concern is greatly reduced due to zero ozone depletion potential (ODP) of natural refrigerants which results into zero global warming.

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The major driving factor for natural refrigerants market is growing awareness about global warming and other environmental issues caused due to the synthetic refrigerants. Increasing consumption of natural refrigerants as alternatives for synthetic refrigerant is expected to grow this market rapidly. Natural refrigerants such as ammonia, carbon dioxide, hydrocarbons has number of advantages like low replacement cost, easy availabilit which would have significant impact on market.  Various regulations exists for disposing ozone depleting substances (ODSs) or synthetic greenhouse gases (SGGs) in the refrigeration and air conditioning (RAC) for domestic and industrial use. Such regulation shifts the preferences of industry towards natural refrigerant. Ammonia, carbon dioxide, hydrocarbons and others are the product segment of natural refrigerants market. Out of all products, ammonia accounted for the largest share of the natural refrigerants market in 2014. Growing refrigeration applications in various industries worldwide is expected to fuel the demand of natural refrigerants during the estimated period.

Natural refrigerants find extensive application in a variety of area including industrial, commercial, domestic, stationary air conditioning and other refrigeration.  Natural refrigerants are widely used in commercial refrigeration industry across the globe. Therefore commercial refrigeration applications segment emerged as attractive segment with significant market share of global natural refrigerants market.

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In 2014, Europe dominated the global natural refrigerant industry due to the strict government regulation on the use of HCFC and HFC refrigerants in this region. Refrigeration industry in European countries is moving towards hydrocarbons and natural refrigerants such as carbon dioxide. Asia Pacific is also expected to witness significant rise in the usage of natural refrigerants.

Some of the key player in global natural refrigerants market includes Sinochem Group, Tazzetti S.P.A., Harp International Ltd., The Linde Group, Airgas Inc., Engas Australasia, Shandong Yueon Chemical Industry Ltd., Puyang Zhongwei Fine Chemical Co. Ltd., A-Gas International, Hychill Australia Pvt. Ltd., A.S. Trust and Holdings and GTS S.P.A.

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