According to TechSci Research report, “North America Natural Refrigerants Market – By Country, Competition, Forecast, and Opportunities, 2018-2028”, the North America Natural Refrigerants Market Size is USD 377.71 million in 2022 and is anticipated to increase at a CAGR of 2.75%. Natural refrigerants are generated through a biochemical process that harnesses resources from the natural environment.
Among the most prominent natural refrigerants commonly applied in HVAC/R (Heating, Ventilation, Air Conditioning, and Refrigeration) applications, we find carbon dioxide (CO2, R-744), hydrocarbons like propane (R-290), isobutene (R-600a), and propylene (R-1270), as well as ammonia (NH3, R-717).
Additionally, there are other natural refrigerants such as water (H2O, R-718) and air (R-729). These natural refrigerants are hailed as the primary solution to counteract the environmental harm inflicted by synthetic refrigerants, primarily due to their minimal or non-existent Global Warming Potential (GWP) and complete absence of Ozone Depletion Potential (ODP). As a result of these compelling advantages, the demand for natural refrigerants is expected to experience growth in the coming years.
Moreover, various manufacturers have significantly increased their research and development investments to formulate new, eco-friendly refrigerants that align with government-imposed standards. This development is poised to further bolster the market during the forecast period.
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Furthermore, the use of artificial refrigerants like hydrofluorocarbons (HFCs), hydrochlorofluorocarbons (HCFCs), and chlorofluorocarbons (CFCs) within the HVAC sector leads to the production of detrimental gases. These gases contribute to ozone layer depletion and the escalation of environmental temperatures. The rise in the Earth’s temperature, in turn, gives rise to a range of issues, including the thawing of glaciers, resulting in elevated ocean levels and subsequent flooding in various regions. Additionally, it leads to forest fires and deforestation, both of which disrupt the natural climate cycle.
The North America Natural Refrigerants Market is segmented into type, application, country distribution, and company
Based on the category of type insights, the carbon dioxide segment is expected to register the highest growth of 3.24% during the forecast period 2024-2028. Carbon dioxide functions as an environmentally friendly, non-toxic, and non-flammable natural refrigerant. With a Global Warming Potential (GWP) value of 1, carbon dioxide stands as the reference point for assessing the relative environmental effects of different refrigerants on global warming. Given that carbon dioxide is a by-product of numerous production processes, it is easily obtainable for refrigeration purposes. This ready availability plays a role in the anticipated growth of the North America Natural Refrigerants Market during the forecasted period.
Based on the application, the industrial segment is expected to register the highest growth of 2.97% during the forecast period, 2024-2028. The industrial sector covers refrigeration systems used extensively in various industrial environments, such as chemical manufacturing, pharmaceuticals, and food processing.
At present, carbon dioxide refrigeration technology is primarily employed in three crucial domains: heat pumps, automotive air conditioning, and multi-stage refrigeration systems. Due to the environmentally friendly attributes of carbon dioxide, efforts have been made to develop and manufacture carbon dioxide compressors for a wide range of industries. This advancement is poised to be a catalyst for the growth of the North America Natural Refrigerants Market in the expected timeframe.
Based on country, the United States will witness the fastest growth during the forecast period, 2024-2028. This can be credited to the extensive acceptance of natural refrigerants, driven by government actions aimed at reducing the use of high-global Warming Potential (GWP) synthetic refrigerants. For instance, the American Innovation and Manufacturing Act (AIM Act) aligns the nation with the Kigali Amendment to the Montreal Protocol, establishing objectives for lowering emissions of hydrofluorocarbons (HFCs). Consequently, there is a growing impetus to embrace natural refrigerants as substitutes in response to these regulatory initiatives.
Major companies operating in North America Natural Refrigerants Market are:
- Emerson Electric Co.
- Airgas Inc.
- Daikin U.S. Corporation
- SWEP North America, Inc.
- Messer North America, Inc.
- National Refrigerants Inc.
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“Increasing awareness of environmental issues, such as climate change and ozone depletion, was driving demand for natural refrigerants. Businesses and consumers alike were seeking more sustainable and environmentally friendly cooling and refrigeration solutions. Furthermore, ongoing research and development efforts aimed to improve the efficiency and applicability of natural refrigerant-based systems that included the development of new components, compressors, and system designs tailored to natural refrigerants creates a lucrative opportunity in the market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“North America Natural Refrigerants Market, By Type (Carbon Dioxide, Ammonia, Hydrocarbons, Others), By Application (Industrial, Commercial, Domestic), By Country, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of North America Natural Refrigerants Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in North America Natural Refrigerants Market.
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Table of Content-North America Natural Refrigerants Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions
3.5. Overview of Market Drivers, Challenges, Trends
- Voice of Customer
- Impact of COVID-19 of North America Natural Refrigerants Market
- North America Natural Refrigerants Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Type (Carbon Dioxide, Ammonia, Hydrocarbons, Others)
6.2.2. By Application (Industrial, Commercial, Domestic)
6.2.3. By Country (United States, Mexico, Canada)
6.2.4. By Company (2022)
6.3. Market Map
6.3.1. By Type
6.3.2. By Application
6.3.3. By Country
- United States Natural Refrigerants Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value & Volume
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Application
- Mexico Natural Refrigerants Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value & Volume
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Application
- Canada Natural Refrigerants Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value & Volume
9.2. Market Share & Forecast
9.2.1. By Type
9.2.2. By Application
- Market Dynamics
10.1. Drivers
10.2. Challenges
- Market Trends & Developments
- North America Natural Refrigerants Market: SWOT Analysis
- Porter’s Five Forces Analysis
13.1. Competition in the Industry
13.2. Potential of New Entrants
13.3. Power of Suppliers
13.4. Power of Customers
13.5. Threat of Substitute Products
