Pune, India -- (SBWIRE) -- 12/10/2019 -- Global Natural Refrigerant Industry

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A new report recently added to the online inventory of Wise Guys Reports (WGR) reveals that the Global Natural Refrigerant Market is expected to snowball and achieve a remarkable compound annual growth rate between the projection period 2018 and 2023. Widespread awareness about the environmental impacts of refrigerants and technological advancements are the significant factors dictating the market growth during the forecast period.

Natural refrigerants, as the name suggests, are naturally available and cause no adverse effect on the immediate environment. They are primarily hydrocarbons comprising propane, ethane, and isobutane. Besides, Natural refrigerants are made up of carbon dioxide, water, and ammonia. The growing market for consumer products and rising urbanization are determinants that propel Natural refrigerants market growth in developing countries. Apart from this, in comparison to synthetic compounds such as HFCs, HCFCs, and CFCs, the possibility of accelerating global warming or ozone layer depletion through natural refrigerants is negligible. Because of the implementation of strict environmental regulations and the need to boost the energy efficacy of refrigeration systems, the market is anticipated to develop further. 

The main objective of players of the Global Natural Refrigerant Market is unprecedented growth, both in terms of production capacity and distribution network. In addition to this, the majority of the projects initiated seek to develop new varieties of natural refrigerants with the goal of improved performance quality and enhanced flexibility. All these are solely focused on slowly phasing out of HCFC and HFC refrigerants, which in turn, would propel the market for natural refrigerants. Natural refrigerants are used widely for activities such as cooling, condensing, and processing of reactive chemicals in industrial refrigeration systems. Additionally, the fast-growing commercial sector and automotive industry are rapidly accelerating the demand for natural refrigerants. Europe & CIS region dominated the market in 2017, and the APAC region is expected to grow faster over the forecast period amid the increasing environmental concerns and growing regulations on emissions. Some of the factors that can restrain the market growth include lack of awareness, widespread availability of standard refrigerant options in the developing nations. 

Global Natural Refrigerant Market: Segmental Analysis

The Global Natural Refrigerant Market is fragmented based on:

Refrigeration type
Application

Based on the refrigeration type, the Global Natural Refrigerant Market is divided into inorganic refrigerants and hydrocarbons. Further, the inorganic refrigerant market is fragmented into the water, carbon dioxide, ammonia, and others. The refrigerant hydrocarbons are further classified into ethane, propane, n-butane, and others. 

On the basis of application, the HFC industry is segmented into the refrigeration and air conditioning market. These two applications are further classified into domestic, commercial, transportation, and industrial applications.

Global Natural Refrigerant Market: Regional Analysis

Based on geography, the Global Natural Refrigerant Market is bifurcated into North America, Europe, Asia-Pacific, and the Rest of the World. During the forecast period, the Asia Pacific and the Rest of the World region is expected to grow at a phenomenal rate. 

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