Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) — The “United States Natural Refrigerants Market Competition Forecast & Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
The United States Natural Refrigerants Market achieved a valuation of USD 279.09 Million in 2022 and is projected to experience substantial growth throughout the forecast period, with an expected Compound Annual Growth Rate (CAGR) of 2.28% until 2028 and is expected to reach USD 316.21 million by 2028.
The versatile applications of natural refrigerants span various sectors including aerospace, automotive, civil engineering, biomedical, and electronics. Examples of these substances encompass polymers, metals, ceramics, concrete, and coatings. This growing utilization of natural refrigerants plays a pivotal role in the expansion of the United States Natural Refrigerants Market in the predicted period.
The global emphasis on addressing climate change and adopting sustainable practices fuels the demand for environmentally friendly solutions across industries. In the United States, the adoption of natural refrigerants is witnessing a significant surge as businesses, policymakers, and consumers seek alternatives to conventional synthetic refrigerants that have adverse environmental impacts. The transition to natural refrigerants reflects a broader commitment to sustainability, energy efficiency, and the reduction of greenhouse gas emissions.
The escalating demand for sustainability in cooling and refrigeration systems has brought natural refrigerants into prominence. These substances, derived from naturally occurring sources, have notably lower environmental impacts compared to synthetic refrigerants. The increasing demand for eco-friendly refrigeration drives the growth of natural refrigerants.
Moreover, concerns over the detrimental effects of synthetic refrigerants like hydrofluorocarbons (HFCs) on the ozone layer and climate change have triggered the search for greener alternatives. International agreements such as the Kigali Amendment to the Montreal Protocol have prompted nations like the United States to phase out high-global-warming-potential (GWP) refrigerants in favor of low-GWP alternatives, including natural refrigerants.
Furthermore, natural refrigerants often exhibit higher energy efficiency than their synthetic counterparts, resulting in reduced energy consumption and operational costs. As consumers become more environmentally conscious, the demand for sustainable products and services, including those using natural refrigerants, has surged.
The need for innovative and sustainable cooling solutions across various sectors such as commercial refrigeration, industrial refrigeration, and air conditioning further bolsters the adoption of natural refrigerants. This collective focus on sustainability and the environment propels the growth of the United States Natural Refrigerants Market.
|No. of Pages
|2022 – 2028
|Estimated Market Value (USD) in 2022
|Forecasted Market Value (USD) by 2028
|Compound Annual Growth Rate
Supportive Regulatory Landscape:
- The United States has established regulations and initiatives to reduce greenhouse gas emissions, preserve the ozone layer, and enhance energy efficiency.
- The American Innovation and Manufacturing Act (AIM Act) aims to phase down high-GWP synthetic refrigerants (HFCs) and promote low-GWP alternatives, including natural refrigerants.
- The Environmental Protection Agency (EPA) enforces regulations to control emissions of ozone-depleting substances and high-GWP refrigerants, mandating the use of eco-friendly alternatives.
- Government agencies like the Department of Energy (DOE) set energy efficiency standards, encouraging the adoption of natural refrigerants.
Increasing Emphasis on Energy Efficiency:
- Natural refrigerants contribute to enhanced energy efficiency across various sectors, aligning with the nation’s commitment to energy conservation.
- These refrigerants have low GWP, improved thermodynamic properties, and potential for reduced energy consumption and operational costs.
- The adoption of natural refrigerants addresses environmental concerns while promoting energy efficiency objectives.
Key Market Challenges:
- Limited availability of natural refrigerants due to supply constraints, regulatory variations, and compatibility issues with existing systems.
- Safety concerns associated with certain natural refrigerants, including flammability and toxicity, necessitate proper risk assessment and safety measures.
Key Market Trends:
- Expansion of hydrocarbon refrigerants due to their low environmental impact and energy efficiency.
- Technological advancements optimizing the performance of cooling systems that use natural refrigerants, such as heat exchangers, compressors, and smart controls.
- Carbon dioxide is expected to register the highest growth among natural refrigerants due to its environmental friendliness and widespread availability.
- The industrial segment is poised for significant growth, driven by the adoption of carbon dioxide refrigeration technology in various industrial applications.
- The Midwest region is projected to witness the fastest growth in the Natural Refrigerants Market, driven by regulatory requirements, market dynamics, and the increased usage of hydrocarbon and carbon dioxide refrigerants.
Key Market Players
- Emerson Electric Co.
- Airgas Inc.
- Daikin U.S. Corporation
- SWEP North America, Inc.
- Copeland LP
- Messer North America, Inc.
- National Refrigerants Inc.
United States Natural Refrigerants Market, By Type:
- Carbon Dioxide
United States Natural Refrigerants Market, By Application:
United States Natural Refrigerants Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/x6xvgs
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
- U.S. Natural Refrigerants Market