The market for natural refrigerants is estimated to grow due to the environmental regulations for regulating emissions and for improving energy efficiency, according to a report
Furthermore, high initial investments and lack of technical knowledge required for the handling of natural refrigerants are the restraints for the market, according to Natural Refrigerants Market by Type, by Application - Global Trends & Forecasts to 2020.
Region-wise, Europe is leading the natural refrigerants market.
Growth in Europe is attributed to the stringency in environmental legislations that have restricted the use of HFC and HCFC refrigerants and has increased the demand for natural refrigerants.
Europe is also projected to be the fastest-growing region in the market due to the high rate of natural refrigerant adoption by the end users in the region.
Asia-Pacific is the second-largest market for natural refrigerants.
North America has been lagging behind in terms of natural refrigerants but recently proposed legislations and environmental concerns are expected to propel the growth of natural refrigerants in the region.
Ammonia refrigerants (R-717) dominated the market in 2015 and are estimated to experience a steady growth on account of its wide usage in industrial refrigeration and light-commercial refrigeration applications.
Carbon dioxide refrigerant (R-744) is projected to witness the highest growth in the natural refrigerants market till 2020 due to its growing adoption by superstore and food retail chains for refrigeration and air-conditioning applications.
Hydrocarbon refrigerants (R-290, R-1270) are estimated to witness high growth on account of its rising application in domestic refrigeration and light-commercial refrigeration.
Hydrocarbons have already captured a major share of the domestic refrigeration segment while they are gaining ground rapidly in the light-commercial refrigeration with major beverage players such as RedBull and Coca-Cola using hydrocarbons in their stand-alone refrigerators and cold cabinet displays.
The report includes analysis of the natural refrigerants market trends and forecasts till 2020.
The market size has been provided in terms of market volume (ton) and value (USD million).
The report also identifies prominent players and provides analysis for each player in terms of company overview, financials, products & services offered recent developments, and company strategy.
The natural refrigerants market is projected to register a CAGR of 11.5% between 2015 and 2020 to reach USD 1,419.19 million in 2020 from USD 821.74 million in 2015.
Industrial refrigeration is the major application for the natural refrigerants market and has been estimated to witness a steady growth till 2020
The natural refrigerants industry is moving toward investments for expansion in terms of production capacity and distribution network.
The companies in the natural refrigerants market are also focusing of the development of new products to increase their market share and promote the application of natural refrigerants.
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