According to TechSci Research report, “The United States Natural Refrigerants Market - By Region, Competition, Forecast and Opportunities, 2018-2028”, the United States Natural Refrigerants Market Size is USD 279.09 million in 2022 and is anticipated to increase at a CAGR of 2.28% in the forecast period. A significant factor fueling the growth of the United States Natural Refrigerants Market is the growing awareness of warming and ozone depletion.
Synthetic refrigerants have a strong potential to cause United States warming and ozone depletion due to the emission of hazardous gases, so to overcome this issue natural refrigerants are used instead of synthetic refrigerants as they have very low or no United States warming potential (GWP) and zero ozone depletion potential (ODP).
There has been a growing interest in the use of natural refrigerants, and carbon dioxide (CO2) has emerged as a promising option. CO2 is a non-toxic, non-flammable, and readily available gas, making it an attractive alternative to traditional synthetic refrigerants such as hydrofluorocarbons (HFCs). The increased use of CO2 as a natural refrigerant has several benefits, including reduced environmental impact, improved energy efficiency, and regulatory compliance. These factors increase the demand for natural refrigerants which led to the growth of the United States Natural Refrigerants market in the forecast period.
Furthermore, the market is being further stimulated by the adoption of strict environmental regulations, and the high potential of natural refrigerants.
However, limited availability of natural refrigerants as industries and governments prioritize sustainability and reduced carbon footprints, addressing this challenge becomes crucial for a successful and widespread adoption of natural refrigerants, and high cost can slow down the market growth. Also, flammability & toxicity raise safety concerns issues that can further slow down the market growth.
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United States Natural Refrigerants Market is segmented based on type, application, and region.
Based on type, the market is categorized into carbon dioxide, ammonia, hydrocarbons, and others. Carbon Dioxide is expected to hold the largest market share in the forecast period with 41.40% in 2023. This is due to its high heat exchange, low pumping power, and United States Warming Potential (GWP) of 1 and zero Ozone Depletion Potential (ODP).
Based on application, the market is segmented into industrial, commercial, and domestic. Industrial is expected to hold the largest market share in the forecast period with 55.94% in 2023. This is due to the increasing demand for freezing and chilling processes in various industries to maintain their product quality during storage.
Major companies operating in the United States Natural Refrigerants market are:
- Emerson Electric Co.
- Airgas Inc.
- Daikin U.S. Corporation
- SWEP North America, Inc.
- Copeland LP
- Messer North America, Inc.
- National Refrigerants Inc.
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“United States natural Refrigerants Market has seen significant growth in recent years due to strict government rules regarding the use of synthetic refrigerants such as hydrofluorocarbon (HFC) and hydrochlorofluorocarbons (HCFC) refrigerants. Additionally, rise in the commercial industry and a thriving automotive industry and complete ban on production and import of HCFs by U.S. Environmental Protection Agency increasing the demand of natural refrigerants create huge prospects of market growth during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based United States management consulting firm.
“United States Natural Refrigerants Market, By Type (Carbon Dioxide, Ammonia, Hydrocarbons, Others), By Application (Industrial, Commercial, Domestic), By Region and Competition, Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of United States Natural Refrigerants market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the United States Natural Refrigerants market.”