The Europe hydrocarbon refrigerants market was worth US$ 140 Million in 2018. Hydrocarbon refrigerants (HCs) are called natural refrigerants as the chemicals used in the manufacturing of these refrigerants are derived from the natural bio-chemical processes. These refrigerants have very low impact on the environment in terms of ozone depletion and global warming.
Europe has made stringent rules and regulations restricting the use of HFC and HCFC refrigerants which is turn is expected to increase the demand for natural refrigerants in the region. The governments of various countries in the region are taking various initiatives to limit the amount of fluorinated gases that are being sold in Europe and are banning the use of these gases in some new types of equipments as well. Moreover, hydrocarbon refrigerants are extensively being used in domestic refrigeration systems, commercial refrigeration systems, mobile air conditioners, stationary air conditioners, etc. With the changing lifestyles, food habits and increasing demand of time and energy saving appliances, the demand of hydrocarbon refrigerants has also increased in recent years in the European region. Apart from being environment-friendly, HCs are quite east to implement, require minimal investment during conversion and have a superior COP (coefficient of performance). Since cooling accounts for more than half of the energy consumption of any building, switching to hydrocarbon refrigerants can result in significant cost saving as well. In addition to this, hydrocarbon refrigerants can be purchased at cheaper prices, have a low GWP & GHG rating (Global Warming Potential and Greenhouse Gas emissions) and offer superior energy efficiency as compared to their alternatives. Catalyzed by these factors, IMARC Group expects the market to exceed a value of US$ 282 Million by 2024, growing at a CAGR of 12.4% during 2019-2024.
Market Breakup by Type:
Amongst these, propane (R290) currently holds the largest share.
Market Breakup by Application:
Refrigeration systems currently represent the leading segment, accounting for the largest share.
Market Breakup by Region:
Germany currently represents the largest market for hydrocarbon refrigerants in Europe.
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it difficult for small players to survive without any acquisition. Some of the leading players operating in the market are:
Key Questions Answered in This Report:
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