Natural Refrigerants Market Worth $1.4 Billion by 2020
Europe is the largest market for natural refrigerants
PUNE, India — The global natural refrigerants market is forecast to reach $1.4 billion by 2020, growing at a compound annual growth rate (CAGR) of 11.5 percent between 2015 and 2020, according to a report published by MarketsandMarkets.
Europe is the largest market for natural refrigerants followed by Asia-Pacific. Europe is also projected to witness the highest growth from 2015 and 2020. This growth is due to the enforcement of stringent environmental regulations that call for a ban on HCFC and HFC refrigerants and promote the application of natural refrigerants as alternatives.
Ammonia (R-717) continues to be the most widely used natural refrigerant. Ammonia accounted for 60 percent of the market share for natural refrigerants in 2014. The refrigerant is extensively used for industrial refrigeration operations due to its high coefficient of performance (COP), comparatively lower leakage rate, low cost, zero ozone depletion potential (ODP), and global warming potential (GWP). Ammonia is toxic at high concentrations, which restricts its application in smaller refrigeration systems. The industry has come up with cascade systems where ammonia is used with carbon dioxide (CO2) as the secondary refrigerant to overcome this restraint and increase energy efficiency of the overall system.
Commercial refrigeration is the fastest-growing application area in the natural refrigerants market. Natural refrigerants, mainly CO2 (R-744) and hydrocarbons (R-290, R-1270, and R-600a), are witnessing a high rate of adoption by major superstore and food retail chains in the European and North American regions. Natural refrigerants are being used in refrigerated display cases, stand-alone refrigerators, and for refrigeration during transportation.
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Publication date: 9/25/2015