What Transformation Has the Natural Refrigerants Market Undergone?
The natural refrigerants market has seen considerable growth due to a variety of factors.
•The market size for natural refrigerants has seen substantial growth in the past few years. Predictions suggest an escalation from $1.52 billion in 2024 to $1.65 billion in 2025, showcasing a compound annual growth rate (CAGR) of 8.3%.
The surge observed in the past can be credited to elements such as environmental laws, escalating consciousness about the environment, concerns regarding energy efficiency, cost competition, and burgeoning demand for HVAC systems.
How Will The Natural Refrigerants Market Size Evolve In The Foreseeable Future?
The natural refrigerants market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of natural refrigerants is projected to see robust expansion in the ensuing years. The market is set to increase to $2.29 billion in 2029, with a compound annual growth rate (CAGR) of 8.6%.
This projected growth within the forecast period can be linked to factors such as global warming potential (GWP) regulations, the growing consumer inclination toward eco-friendly goods, the enlargement of cold chain logistics, and campaigns for awareness and education. Key trends during this forecast period encompass advancements in cooling technologies, the utilization of CO2 as a refrigerant, inventive system designs, IoT incorporation in cooling systems, and initiatives for a circular economy.
Which Drivers Are Accelerating Growth In The Natural Refrigerants Market?
The growth of the natural refrigerants market is projected to be driven by their rising utilization. Essentially, natural refrigerants are materials sourced from nature employed in cooling systems as refrigerants which are less eco-damaging compared to synthetic refrigerants. Numerous manufacturing facilities are choosing natural refrigerants for their cooling systems due to the substances' environmentally-conscientious and future-ready attributes, leading to lower energy consumption and decreased maintenance costs compared to chemical refrigerants. For example, Emerson, a U.S.-based company involved in natural refrigerants, revealed in February 2022 that CO2 refrigeration is now widely used in Europe, and this pattern is extending, with rapid adoption in the United States and elsewhere. Currently, about 46,500 CO2 transcritical booster systems are in operation worldwide, including 900 in the United States (or 1,400 in North America if we include Canada), 40k in the EU, and 5k in Japan. Furthermore, the company projects a 50% increase in CO2 usage by 2025 in the United States. As such, the growing implementation of natural refrigerants is propelling the expansion of the natural refrigerants market.
What Are The Core Segments Of The Global Natural Refrigerants Market?
The natural refrigerants market covered in this report is segmented –
1) By Type: Ammonia (R-717), Carbon Dioxide (R-744), Hydrocarbons, Other Types
2) By Application: Refrigerators, Air Conditioning Systems, Other Applications
3) By End-Use Industry: Industrial, Commercial, Domestic
Subsegments:
1) By Ammonia (R-717): Industrial Refrigeration, Commercial Refrigeration, Heat Pumps
2) By Carbon Dioxide (R-744): Transcritical Systems, Cascade Systems, Secondary Loop Systems
3) By Hydrocarbons: Propane (R-290), Isobutane (R-600a), Other Hydrocarbons
4) By Other Types: Water, Air, Other Natural Substances
Pre-Book The Natural Refrigerants Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Emerging Trends Are Reshaping The Natural Refrigerants Market Size?
The emergence of product innovation as a main trend in the natural refrigerant market is gaining traction. Major players in the natural refrigerant industry are focusing their efforts on devising innovative products to consolidate their market presence. For instance, ATMOsphere, a natural refrigerant products and services provider based in the US, rolled out the natural refrigerants label in June 2022. This initiative was targeted at top-tier manufacturers of natural refrigerant systems and components. The intention of this label is to aid eligible producers in advertising their products to fresh customers and territories within the rapidly expanding and fiercely contested natural refrigerant business, inclusive of ammonia/NH3 (R717) products. Additionally, the tag is designed to help end users identify the best providers and mandates that any unapproved usage should be reported.
Who Are the Key Players in the Natural Refrigerants Market?
Major companies operating in the natural refrigerants market include:
• Sinochem Corporation
• Linde Plc
• Air Liquide
• Emerson Electric Co.
• Evonik Industries AG
• Airgas Inc.
• Alfa Laval AB
• TEKO
• Carel Industries S.P.A
• True Manufacturing Co. Inc.
• Secop Group Holding GmbH
• A-Gas international
• Güntner GmbH & Co KG
• Casale SA
• Tazzetti SpA
• Westermeyer Industries
• Puyang Zhongwei Fine Chemical Co. Ltd.
• HyChill Australia Pty Ltd.
• Natural Refrigerants Company
• Shandong Shing Chemical Co Ltd.
• M&M Carnot
• Engas Industries Pty. Ltd.
• A.S. Trust and Holdings
• Nel Hydrogen
• GTS S.p.A.
• Harp International Ltd.
What are the Regional Insights into the Natural Refrigerants Market?
Europe was the largest region in the natural refrigerants market in 2024. Asia-Pacific is expected to be the fastest-growing region in the natural refrigerants market report during the forecast period. The regions covered in the natural refrigerants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
