Natural refrigerant market is anticipated to grow at a significant CAGR of 6.2% during the forecast period (2024-2031). The utilization of natural refrigerants is influenced by financial incentives, energy efficiency, emission requirements, and environmental laws. Natural refrigerants are energy-efficient and emit fewer greenhouse gases, which renders them useful for a variety of applications. The introduction of corporate social responsibility programs and rising consumer and business demand for sustainable products further encourage the adoption of these items. Long-term cost savings and the avoidance of future expenses have increased the demand for natural refrigerants. Growing commercial and industrial applications, the expansion of emerging markets, and technological improvements are all driving the growth of the natural refrigerant market. The process of integrating natural refrigerants with other technologies to develop hybrid systems is getting easier and is helping the market expansion. The market for natural refrigerants is largely driven by the commercial and industrial refrigeration sectors.
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Market Dynamics
Consumer awareness of environmental sustainability is driving demand for eco-friendly refrigeration and air conditioning systems, the companies are adopting natural refrigerants to demonstrate corporate responsibility. For instance, in May 2023, Hoshizaki released 68 natural refrigerant refrigerators and freezers, catering to growing interest in eco-friendly products amid the increasing global demand for non-carbon dioxide (CFC) alternatives. The company's products, which use natural refrigerants, aim to reduce greenhouse gas emissions and contribute to the United Nations Sustainable Development Goals.
Increasing Industry Standards and Certifications
Adherence to industry standards and certifications, such as LEED, is essential for businesses to promote the use of natural refrigerants, promoting environmental performance and market growth. For instance, in May 2024, Ideal Heating launched its next-generation ECOMOD heat pumps, the ECOMOD 290HT and ECOMOD CO2. The ECOMOD 290HT is a monobloc air source heat pump with an ultra-low global warming potential (GWP), rendering it appropriate for wider companies. Available in three chassis sizes and five outputs from 15kW through to 50kW, it can be installed alongside other Ideal Heating solutions to create a low-carbon hybrid heating system. It is ideal for Domestic Hot Water applications and district heating systems.
by Refrigerant Type (Inorganic Refrigerants, and Hydrocarbon Refrigerant), and
by Application (Refrigeration, and Air-Conditioning)
Market Segmentation
Based on the refrigerant type, the market is segmented into inorganic refrigerants (carbon dioxide, ammonia, water, sulfur dioxide) and hydrocarbon refrigerants (ethane, propane, N-butane, and others (Isobutane).
Based on the application, the market is segmented into refrigeration (domestic, commercial, transportation, and industrial) air-conditioning (domestic, commercial, transportation, and industrial)
Refrigeration Segment is projected to hold the Largest Market Share
Natural refrigerants offer operational efficiency and sustainability benefits, reducing operational costs and promoting the adoption of sustainable solutions, it additionally offers a curated selection of products for market growth. For instance, in April 2024, ATMOsphere launched NaturalRefrigerants.com, a one-stop shop for natural refrigerant news and products. It involves cooling and heating technologies using CO2, hydrocarbons, ammonia, water, and air. It consolidates previous platforms and offers a comprehensive view of natural refrigerant offerings in residential, commercial, and industrial sectors.
The major companies serving the natural refrigerant market include A-Gas International Ltd., Danfoss A/S, Honeywell International Inc., Emerson Electric Co., and Samsung Electronics Co., Ltd. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market.
Recent Developments
In July 2024, SWEP launched the SWEP 190 range, designed for low-GWP and natural refrigerants. The 190 range offers single-circuit and dual-circuit versions, operating from 60kW to 150kW. It is ideal for use with R32, R454B, and R290, and features integrated distribution for responsive distribution stability.
In June 2023, Johnson Controls acquired M&M Carnot to enhance its sustainable Industrial Refrigeration portfolio, offering natural refrigeration solutions with ultra-low global warming potential, helping customers meet sustainability goals and environmental regulations.
The Report Covers
Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global natural refrigerant market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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