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 market demand for air conditioners and refrigerating systems.
Natural refrigerants are the most crucial constituent for the automotive industry. Natural refrigerants are defined as natural as it has been obtained from natural bio- chemical process itself. The global warming potential of natural refrigerator is negligible as compared to hfcs, HCFC and CFC. Natural Refrigerants can also be used in place of fluorocarbon refrigerants. In terms of cost of it is less than fluorocarbon refrigerants. 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 size for natural refrigerants market has been expected to be $XX billion in 2015. The global market is estimated to grow at a CAGR of XX % and is forecasted 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 industrial refrigeration, commercial refrigeration, domestic refrigeration, air-conditioning, heat pumps and more. Europe has been dominating the global natural refrigerants market. The industrial progress in this region is all set to increase the market demand of natural refrigerants. Some of the major players involved in this industry are mainly focusing on R&D initiatives and new product developments to accommodate the needs of customers. Moreover, growing automotive industry will directly influence the demand of the natural refrigerants over the forecast period.
Europe is the leading market for natural refrigerants market. Stringency on HCFC and HFCs by European Government led to the growth of Natural Refrigerants market share. European region is forecast to have highest growth in the next few years. 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, market trends 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 provides detailed analysis and outlook on 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. This report also provides precise study on key players and also provides a depth analysis on each players in terms of company overview. 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).