[FURL=https://www.industryarc.com/Report/15239/natural-refrigerants-market.html?utm_source=freeprnow&utm_medium=Pressrelease&utm_campaign=Paidpressrelease]Natural Refrigerants Market[/FURL] size is forecast to reach $1.3 billion by 2026, after growing at a CAGR of 4.5% during 2021-2026. Natural refrigerants are chemicals that occur in nature's biochemical processes. In addition, natural refrigerants, such as ammonia, carbon dioxide, with hydrocarbons, make no or only a small contribution to global warming as compared with the fluorinated refrigerants commonly available on the market, this is driving the market growth for natural refrigerants market. Transitioning to climate-friendly natural refrigerants is one of the most effective ways to permanently reduce greenhouse gas emissions and this is considered to be one of the most cost-effective climate mitigation strategies available. However, the risk of using flammable natural refrigerants can drop the market growth for natural refrigerants.Key Takeaways
Asia-Pacific dominates the natural refrigerants market owing to increasing demand from various applications in domestic, industrial refrigerators.
The growing concerns towards global warming are likely to aid in the market growth of natural refrigerants market.
Natural Refrigerants works as alternatives for chlorofluorocarbon (CFCs), hence its demand in refrigerators and air conditions are rising, this tends to drive the market demand for natural refrigerants.
The risk with flammable natural refrigerants will create hurdles for the natural refrigerants market.
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Natural Refrigerants Market Segment Analysis – By Geography
Europe has dominated the natural refrigerants market in the year 2020 and is expected to grow at a CAGR of 4.7% during the forecast period. Europe is attributed to the stringency in environmental legislations that have restricted the use of hydrofluorocarbon (HFC) and hydrochlorofluorocarbons (HCFC) refrigerants and has increased the demand for natural refrigerants. Europe is also projected to be the fastest-growing region in the market due to the high rate of natural refrigerant adoption by the end users in the region. Whereas according to the Air Conditioning and Refrigeration European Association (AREA), the European association of refrigeration, air conditioning and heat pump (RACHP) contractors, the annual turnover has approached $26.27 (€23) billion in 2020.
Natural Refrigerants Market Drivers
Cost Effective
Implementation of Stringent Environment Regulations
Natural refrigerants market top 10 companies are Airgas, Inc.,The Linde Group, A-Gas International, Hess Corporation, Sinochem, General Utilities, Puyang Zhongwei Fine Chemical Co.Ltd., HyChill, Engas Australasia, Tazzetti SpA, among others.
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