The chlorofluorocarbons and hydro chlorofluorocarbons
abolish the ozone layer which shields the earth’s surface from aggressive ultraviolet rays. This radiation is perilous and creates genetic destruction in the cells of plants, people, and animals. So, the international Montreal Protocol introduced the phase-out of ozone depleting substances. Natural refrigerants are going to be extensively used commercially so that the ozone layer could recover to a large extent. Some of the major factors which fuel the growth of natural refrigerants include growing commercial segment along with booming automotive industry in Europe and North America. Moreover, enhanced life style and high disposable income in APAC are mainly driving growth of the natural refrigerants market. Additionally, the hospitality industry is also burgeoning in the Middle East which will result in boosting the demand for air conditioners and refrigerating systems.
Natural refrigerants are the most crucial constituent for the automotive industry. Since past few years, the market is experiencing developments in automation and technology along with assimilating the complete value chain of the industry. Escalating urbanization, growing awareness has also catalyzed the evolution of natural refrigerants market. Major types of natural refrigerants commercially available are ammonia, carbon dioxide, hydrocarbons and more. The report also focuses on different geographic regions and the key countries in terms of changing trends in natural refrigerants market in various fields.
Owing to numerous benefits such as high coefficient of performance and lower price, natural refrigerants are being extensively used across various industry verticals. However, automotive and commercial industry is the key end user segments for the global natural refrigerants market. The global market for natural refrigerants market was anticipated to be $XX billion in 2015. The market it is projected to grow at a CAGR of XX % and is forecast to reach $XX billion by 2021. Automotive and chemical industries are the major end-users for natural refrigerants market.
The end user industry is the major driver for the natural refrigerants market
to grow. Natural refrigerants find their applications in various segments like refrigeration, air-conditioning, heat pumps and more. Europe dominated the global natural refrigerants market. The industrial development in this region is all set to drive the demand of natural refrigerants. Major players involved in this market are mainly concentrating on R&D initiatives and new product developments to cater the needs of customers. Moreover, booming automotive industry will directly impact the demand of the natural refrigerants over the foreseeable period.
Europe is the leading market for natural refrigerants market. European region is forecast to have highest growth in the next few years owing to growing adoption of natural refrigerants market in industrial applications. European natural refrigerants market accounts to XX% of the global market in terms of revenue in 2015 followed by APAC which is the fastest growing region in adoption of natural refrigerants market.
The global natural refrigerant market is evaluated based on key attributes such type, application and others. Each of the segmentations in the report has been studied to give comprehensive analysis of global natural refrigerant market. The overall market has also been consolidated from the perspective of different geographic locations into standard geographic regions and key economies for this market. Additionally, this report encompasses opportunity analysis, porter analysis, pricing analysis and market forces such as drivers, constraints and challenges that are involved to drive the overall market.The key players profiled in this report are:
- Airgas Inc.
- A-Gas International
- A.S. Trust
- Holdings and others.
This report gives detailed information about the product value chain right from the beginning which includes raw materials till end-use. The market is analyzed based on the key attributes such as the power in the hands of producers and consumers, analysis on the degree of competition, and threats from substitutes and new entrants. The study includes the demand of this particular market on a global and regional scale for a six year period of 2016-2021, both in terms of volume(kilo tons) and revenue($ million).