Selbyville, Delaware , Jan. 23, 2025 (GLOBE NEWSWIRE) -- Natural Refrigerants Market was valued at USD 1.6 billion in 2024 and is projected to be worth USD 2.9 billion by the end of 2034, as per a recent study by Global Market Insights Inc.
A key factor driving this growth is the increasing demand for eco-friendly refrigerants. As more industries and consumers prioritize sustainable solutions to reduce their environmental impact, natural refrigerants are gaining traction. These substances, such as carbon dioxide, ammonia, and hydrocarbons, are known for their low Global Warming Potential (GWP) and zero or near-zero Ozone Depletion Potential (ODP), making them a preferred alternative to synthetic refrigerants like HFCs and CFCs. The global shift toward natural refrigerants is further reinforced by government regulations and international agreements, which promote the phaseout of high-GWP refrigerants.
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Sectors such as food processing, cold storage, and retail are leading the charge in adopting natural refrigerants to meet sustainability targets, lower carbon footprints, and comply with evolving regulations. With increasing awareness about the environmental benefits of these refrigerants, the demand for energy-efficient cooling systems is expected to grow. This trend positions natural refrigerants as a preferred choice across various industries and regions.
The natural refrigerants market is divided into different types, with ammonia leading the way, generating USD 706.7 million in 2024. Ammonia is a top choice due to its high energy efficiency and minimal environmental impact. As a non-ozone-depleting substance with a low global warming potential, ammonia is widely used in industrial refrigeration. However, it requires careful handling due to its toxicity and flammability.
When it comes to applications, cold storage accounts for the largest market share, driven by its adoption of sustainable refrigerants. These natural refrigerants not only meet regulatory standards but also offer better energy efficiency, which reduces operational costs in the long run. Despite the initial investment in updated technologies, cold storage facilities benefit from enhanced sustainability and compliance with green standards.
In terms of end users, the industrial sector dominates the market, accounting for over 50% of the share. Natural refrigerants are highly favored in industries such as food processing, pharmaceuticals, and chemicals because of their energy efficiency and low environmental impact. The increasing pressure to comply with environmental regulations is accelerating this transition.
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The U.S. natural refrigerants market, valued at USD 255 million in 2024, is experiencing rapid growth driven by regulatory requirements and a shift toward greener solutions. As industries adopt these sustainable alternatives, the market in North America is benefiting from both government support and growing consumer demand for eco-friendly products.
Natural Refrigerants Market Players
Companies including A-Gas International, AGC, Air Liquide, Danfoss, engas Australasia, HyChill Australia, Linde plc, Puyang Zhongwei Fine Chemical, Shandong Yuean Chemical Industry, Tazzetti S.p.A. are some firms working in natural refrigerants industry.
The natural refrigerants market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) & volume (Kilo Tons) from 2021 to 2034, for the following segments:
Market, By Type
- Ammonia
- Carbon dioxide
- Hydrocarbon
- Others (chlorofluorocarbon and hydrochlorofluorocarbon)
Market, By Application
- Cold storage
- Freezers
- Food processing
- Air conditioners
- Others (heat pumps, data centers)
Market, By End User
- Industrial
- Commercial
- Residential
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
