Natural Refrigerant Market to Show Robust Growth in Upcoming Years by 2023-2032

The global natural refrigerant market, valued at $1.5 billion in 2022, is projected to reach $2.7 billion by 2032, with a CAGR of 6.2% during 2023-2032. Key growth factors include increasing demand for frozen food and dairy products and the advantages of natural refrigerants, such as being non-toxic, highly efficient, environmentally friendly, and compatible with various equipment. However, the presence and widespread acceptance of synthetic refrigerants pose a hindrance to market growth, albeit technological advancements in green cooling present lucrative opportunities for market expansion.

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The conflict between Russia and Ukraine could disrupt the supply chain of natural refrigerants, impacting production and transportation routes, potentially leading to supply shortages or increased prices. This conflict caused shifts in demand and supply patterns for natural refrigerants, prompting industries to seek alternative suppliers and adjust sourcing strategies to mitigate risks.

The carbon dioxide segment is anticipated to lead the market by 2032, owing to its non-toxic nature and suitability for various applications, especially in commercial and industrial refrigeration. Additionally, the ammonia segment is expected to exhibit the highest CAGR of 6.8% from 2023 to 2032 due to its excellent thermodynamic properties and energy efficiency.

In terms of application, the refrigerators segment dominated the market in 2022 and is forecasted to maintain its dominance throughout the forecast period. Refrigerants play a crucial role in absorbing heat from refrigerators, thereby decreasing the temperature inside.

Geographically, Europe held the largest market share in 2022 and is projected to continue leading in terms of revenue, driven by regulations promoting environmentally friendly solutions and increasing consumer awareness. On the other hand, the Asia-Pacific region is expected to witness the highest CAGR from 2023 to 2032.

Key players in the natural refrigerant market include DANFOSS AS, LINDE PLC, A-GAS INTERNATIONAL LTD, EVONIK INDUSTRIES AG, AGC INC., AIR LIQUIDE, HYCHILL AUSTRALIA PTY LTD, JOHNSON CONTROLS INTERNATIONAL PLC, PUYANG ZHONGWEI FINE CHEMICAL CO., LTD, and DAIKIN INDUSTRIES LTD. These players have adopted various strategies such as new product launches, collaborations, and expansions to enhance their market share and maintain dominance.

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