Natural Refrigerant Market Overview Industry Landscape and Outlook by 2032

In terms of applications, refrigerators accounted for the largest market share in 2022 and are expected to maintain dominance.

WILMINGTON, DELAWARE, UNITED STATES, June 26, 2024 /EINPresswire.com/ -- Allied Market Research has released a comprehensive report titled "Natural Refrigerant Market," forecasting substantial growth from 2023 to 2032. The global market, valued at $1.5 billion in 2022, is expected to reach $2.7 billion by 2032, with a CAGR of 6.2%. Key growth drivers include increasing demand for frozen food and dairy products, as well as the environmental benefits and efficiency of natural refrigerants such as carbon dioxide, ammonia, and hydrocarbons. Challenges include the widespread use of synthetic refrigerants, while opportunities arise from advancements in green cooling technologies.

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The report covers market dynamics, including the impact of the Russia-Ukraine conflict on natural refrigerant supply chains, highlighting potential disruptions and market adjustments. The carbon dioxide segment led in 2022 and is anticipated to dominate through 2032, owing to its non-toxic nature and suitability for various applications, particularly in commercial refrigeration. Meanwhile, the ammonia segment is projected to grow at the highest CAGR of 6.8%, driven by its excellent thermodynamic properties and energy efficiency.

In terms of applications, refrigerators accounted for the largest market share in 2022 and are expected to continue leading, supported by their ability to efficiently absorb heat and maintain temperatures. Geographically, Europe held the highest revenue share in 2022, driven by stringent environmental regulations favoring natural refrigerants. The Asia-Pacific region is expected to exhibit the highest CAGR of 7.2%, reflecting increasing adoption and regulatory support.

Key players in the market, including DANFOSS AS, LINDE PLC, and others, are employing strategies like new product launches and strategic collaborations to enhance market presence. The report provides insights into these players' business strategies, product portfolios, and competitive positioning.

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