Natural refrigerants are synthesized through a biochemical processusing natural resources. Growing concern regarding global warming and other environmental issueshas increased the need for natural refrigerants. Natural refrigerants such as ammonia, carbon dioxide, and hydrocarbons are processed from natural resources and are more eco-friendly as compared to conventional refrigerants.On the basis of application, the natural refrigerants market can be segmented into industrial refrigeration, commercial refrigeration, domestic refrigeration, stationary air conditioning refrigerants, and mobile air conditioning refrigerants.The global natural refrigerants market can be bifurcated on the basis of type of product such as ammonia, carbon dioxide, and hydrocarbons.
On a global scale, natural refrigerants are largely consumed for refrigeration and airconditioning purpose.Currently, natural refrigerants available in the market include ammonia, carbon dioxide, and hydrocarbons. Among hydrocarbons, the commonly used refrigerants include iso-butane, propane, and propylene. Natural refrigerants are chieflyemployed in industrial, commercial, and domestic refrigeration systems. Apart from these, natural refrigerants are consumed in mobile air conditioning and stationary air conditioning. In industrial applications, ammonia holds major share among other natural refrigerants due to its higher coefficient of performance (CoP), zero ozone depletion potential (ODP), lower cost,and leakage rate. Major factor restricting growth of the natural refrigerants market is the initial high cost of installation of refrigeration systems.Other challenges faced by HVAC contractors are toxicity and flammability limits that occurdue to use of highly concentrated ammonia in smaller refrigeration systems.
Carbon dioxide is expected to hold the largest share of the global natural refrigerants market in commercial applications due to ease of handling. Recently, companies have started using ammonia along with carbon dioxide as a refrigerant in industrial applications due to its high performance. Natural refrigerants have low operating cost and are more effective than conventional refrigerants. HVAC manufacturers can focus more on employing these natural refrigerants for improving output performance of the system.
Natural refrigerants are widely used in industrial refrigeration systems for condensing, cooling, and storage of reactive chemicals. In commercial application, natural refrigerants are used insupermarkets and high-end retail outlets for refrigeration of food and beverages, household refrigerators, and other portable cold storage systems. Furthermore, natural refrigerants are employed in domestic split air conditioners and air conditioners in vehicles.
Growth in the commercial sector and flourishing automotive industry is driving growth of the natural refrigerants market in Europe and North America. Improved standards of living and high disposable income in Asia Pacific are primarily fueling growth of the natural refrigerants market. The hospitality industry is flourishing in the Middle East. This, in turn, is anticipated to boost demand for air conditioners and refrigerating systems.
Some of the Key players in the global natural refrigerants market includeAirgas, Inc.,The Linde Group, A-Gas International, Hess Corporation, Sinochem, General Utilities, Puyang Zhongwei Fine Chemical Co.Ltd., HyChill, Engas Australasia, Tazzetti SpA, Deepfreeze Refrigerants Inc., and Shandong Yuan Chemical Co., Ltd. Global companies are investing more in R&D activities to develop new substitutes for conventional refrigerants.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.