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Natural Refrigerants Market size is forecast to reach $1.3 billion by 2026, after growing at a CAGR of 4.5% during 2021-2026.
HYDERABAD, TELANGANA, INDIA, November 29, 2022 /EINPresswire.com/ — Natural refrigerants market 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.
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This IndustryARC report on the Natural refrigerants market highlights the following areas –
1. Asia-Pacific dominates the natural refrigerants market owing to increasing demand from various applications in domestic, industrial refrigerators.
2. The growing concerns towards global warming are likely to aid in the market growth of natural refrigerants market.
3. 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.
4. The risk with flammable natural refrigerants will create hurdles for the natural refrigerants market.
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1. Natural Refrigerants Market Segment Analysis – By Gas : The carbon dioxide segment holds the largest share in the natural refrigerants market in the year 2020 and is expected to grow at a CAGR of 4.6% during the forecast period. Carbon dioxide (CO2) is a colorless fluid, heavier than air at normal conditions and odorless at low concentrations. Being a non-flammable and non-toxic substance, it is classified as a high-quality refrigerant.
2. Natural Refrigerants Market Segment Analysis – By Application : The refrigerators sector has been the primary market for natural refrigerants in the year 2020 and is expected to grow at a CAGR of 4.9% during the forecast period. It consists various types such as Industrial, domestic, and others. For a better future, there is an immediate demand to look for clean refrigerants which are eco-friendly.
3. 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.
The top 5 players in the Natural Refrigerants industry are:
1. Airgas, Inc.,
2. The Linde Group,
3. A-Gas International,
4. Hess Corporation,
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