Dublin, Feb. 25, 2020 (GLOBE NEWSWIRE) — The “Global Next Generation Refrigerants Market, By Type (Natural Refrigerants, Hydrofluoro Olefins & Others) By Application (Air Conditioning, Refrigeration, Heat Pump & Others), By End-use, By Region, Competition, Forecast & Opportunities, 2024” report has been added to ResearchAndMarkets.com’s offering.
The Global Next Generation Refrigerants Market is projected to witness a CAGR of 9.5% during forecast period and is expected to reach $4.51 billion during forecast period.
Notably, rapid increase in the demand for air conditioners, heat pumps and refrigeration among others, is providing immense opportunities for the market to prosper further. Next generation refrigeration industry is at the peak of technological advancement and is anticipated to further expand its application areas.
The Global Next Generation Refrigerants Market is fueled by strict regulatory environment and growing consumer awareness, owing to which many industries are moving towards products with minimal impact on the environment. However, the existing conventional refrigerants, including R22, R32, R134a, R544, among others, have high global warming potential and ozone depletion potential.
However, the next generation refrigerants, such as Ammonia (R-717), 1,3,3,3-Tetrafluoropropene (R-1234ze), and 2,3,3,3-Tetrafluoropropene (R-1234yf), among others have minimal to zero global warming potential (GWP) and ozone depletion potential (ODP). The demand for next generation refrigerants is increasing rapidly, owing to the growing preference for production procedures which are less harmful for the environment. Natural refrigerant and Hydrofluoro olefins (HFO) are the two types of next generation refrigerants with zero-ozone depletion potential (ODP) and global warming potential (GWP).
Natural refrigerants are naturally occurring and non-synthetic substances that can be used as cooling agents in both air-conditioners and refrigerators. These substances include hydrocarbons such as butane, propane and cyclopentane, ammonia, CO2, water, and air. These natural refrigerants have negligible or zero ozone depletion potential (ODP) thereby, lowering the impact on global warming. A few natural refrigerants include carbon dioxide (R-744), ammonia (R-717), and hydrocarbon refrigerants such as propane (R-290), isobutane (R-600a), and others.
Regionally, the Global Next Generation Refrigerants Market has been segmented into North America, South America, Europe, Asia-Pacific and Middle East & Africa. Among regions, Europe dominated the Global Next Generation Refrigerants Market in 2018 with 36.8% share on account of increasing government initiatives which include F-Gas regulation against HCFCs and HFCs, which resulted in rise in the demand for natural refrigerants and HFO in the region.
Furthermore, commercial supermarkets have largely taken over the usage of carbon dioxide as a refrigerant in refrigeration and air conditioning systems, which is further anticipated to increase the demand for natural refrigerants in the region.
Years considered for this report:
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020-2024
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Factors to Be Considered for Product Selection
4.2. Factors Influencing Purchase Decision
4.3. Challenges/Issues Faced Post Purchase
4.4. Unmet Needs
5. Global Next Generation Refrigerants Industry Overview
6. Global Next Generation Refrigerants Market Outlook
6.1. Market Size and Forecast
6.1.1. By Value
6.2. Market Share and Forecast
6.2.1. By Type (Natural Refrigerants (CO2(R-744), NH3 (R-717), Hydrofluoroolefins (HFOs), Others)
6.2.2. By Application (Air Conditioning, Refrigeration, Heat Pump, Others)
6.2.3. By End-Use (Industrial, Residential, Commercial, Transportation)
6.2.4. By Company
6.2.5. By Region
6.3. Market Attractive Index
7. Europe Next Generation Refrigerants Market Outlook
8. North America Next Generation Refrigerants Market Outlook
9. Asia-Pacific Next Generation Refrigerants Market Outlook
10. South America Next Generation Refrigerants Market Outlook
11. Middle East & Africa Next Generation Refrigerants Market Outlook
12. Market Dynamics
13. Market Trends & Developments
14. Pricing Analysis
15. Competitive Landscape
15.1. Competition Benchmarking
15.2. Company Profiles (Leading companies)
15.2.1. AGC Inc.
15.2.2. Arkema S.A.
15.2.3. ASPEN Refrigerants Inc.
15.2.4. Daikin Industries Ltd.
15.2.5. Harp International Ltd.
15.2.6. Honeywell International Inc.
15.2.7. SRF Limited
15.2.8. Tazzetti S.p.A.
15.2.9. The Chemours Company
15.2.10. The Linde Group
16. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/a39o8z
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Laura Wood, Senior Press Manager
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