Natural Refrigerants Industry Expected to Reach $2.24 Billion by 2029 at 8.3% CAGR

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Natural Refrigerants Market Value Projection: How Much Will the Market Size by 2025?
The market size of natural refrigerants has seen a robust growth lately. The future predictions show an increase from $1.52 billion in 2024 to $1.63 billion in 2025 with a Compound Annual Growth Rate (CAGR) of 6.9%. Factors such as environmental laws, increasing awareness about the environment, concerns over energy efficiency, competitive pricing, and an escalating demand for HVAC systems have contributed to this growth during the historical period.

What Will Be the Market Growth Forecat for Natural Refrigerants in 2029?
We anticipate robust expansion of the natural refrigerants market in the forthcoming years as it is projected to ascend to $2.24 billion in 2029, having a compound annual growth rate (CAGR) of 8.3%. This expansion in the prediction period is predicted to result from factors such as global warming potential (GWP) regulations, inclination of consumers towards eco-friendly products, the enlargement of cold chain logistics, and initiatives towards awareness and education. Notable trends for the forecasted period encompass developments in cooling systems technology, the rise in the usage of CO2 as a coolant, revolution in system designs, the integration of the Internet of Things (IoT) in refrigeration systems, and the drive towards a circular economy.

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What Are the Core Competitive Drivers in the Natural Refrigerants Industry?
The growth of the natural refrigerants market is anticipated to be propelled by the escalating utilization of natural refrigerants. Derived from natural sources, these refrigerants are used in cooling systems and are less damaging to the environment compared to synthetic ones. The decision to switch to natural refrigerants in production plants is becoming increasingly attractive due to their enduring and eco-friendly qualities, which lead to less energy usage and lower maintenance costs compared to chemical refrigerants. In the case of Emerson, a company rooted in natural refrigerants in the US, it revealed data in February 2022 showing how widely CO2 refrigeration is used in Europe. This habit is only growing, with the uptake of CO2 refrigeration on the rise in the US and other countries, seen by the 46,500 CO2 transcritical booster systems now in operation around the world, including 900 in the US, 40k in the EU, and 5k in Japan. Even in the US alone, they forecast an upsurge in CO2 usage of up to 50% by 2025. As a result, the growth of the natural refrigerants market is being fueled by the rising use of natural refrigerants.

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Which Natural Refrigerants Market Segment Is Projected to See the Fastest Growth?
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

Which Trends Are Opening New Opportunities in the Natural Refrigerants Market?
The trend of product innovation is rapidly growing in the natural refrigerant market. To consolidate their market standing, leading firms in the natural refrigerant market are putting a strong emphasis on new and innovative products. ATMOsphere, a natural refrigerant products and services provider based in the US, exemplified this trend in June 2022 by launching the natural refrigerants label. This move is aimed at supporting top-tier manufacturers of natural refrigerant systems and components in their marketing efforts towards newer customers and regions within the rapidly expanding and intensely competitive natural refrigerant industry, with a special emphasis on ammonia/NH3 (R717) products. Moreover, the label seeks to help customers identify best-in-class suppliers, and unauthorized usage of this label mandates prompt reporting.

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Who Are the Leaders 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.

Which Regional Natural Refrigerants Markets Offer the Greatest Growth Potential?
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.

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