Chicago, Aug. 10, 2022 (GLOBE NEWSWIRE) — Ammonia Refrigerants Market is valued at USD 55.5 million in 2022 and is projected to reach USD 69.5 million by 2027 growing at a CAGR of 4.4% during the forecast period, according to the new report by MarketsandMarkets™.
Ammonia is one of the most efficient refrigerants available and has a wide range of uses at different temperature and capacity. In addition to being natural the use of ammonia opens up the possibility of reduced energy consumption and secures long-term costs efficiency and sustainability. Ammonia is most commonly used for air conditioning systems and refrigeration systems.
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Purity 99.8% is the largest ammonia refrigerants type of ammonia refrigerants market.
Purity 99.8% ammonia is a clear liquid that boils at a temperature of -28°F. In refrigeration systems, the liquid is stored in closed containers under pressure. When the pressure is released, the liquid evaporates rapidly, generally forming an invisible vapor or gas. The rapid evaporation causes the temperature of the liquid to drop until it reaches the normal boiling point of -28°F, a similar effect occurs when water evaporates off the skin, thus cooling it.
Cold Storage application is projected to be the fastest growing application of the ammonia refrigerants market, in terms of value, during the forecast period.
Cold Storages held the largest share in the ammonia refrigerant market in terms of application. The demand for convenience foods has raised resulted in the construction of millions of square feet of both public and private cold storage facilities. These cold storage warehouses consist of freezers and coolers dependent on ammonia refrigeration systems to control temperatures within the spaces to maintain product quality and freshness until shipped.
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Asia Pacific is projected to be the fastest growing market for ammonia refrigerants during the forecast period
Asia Pacific dominates the ammonia refrigerants market followed by North America and Europe. The economy of Asia Pacific is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of Southeast Asia, the current scenario is changing. Countries in Southeast Asia are witnessing in dairy sector. Increasing demand for dairy products is driven by the growing population, higher income levels, and rising health consciousness. The rising demand for milk and milk-based ingredients is one of the primary factors supporting the market growth.
Major players in Ammonia Refrigerants Market are:
- Harp International Limited (UK),
- Aditya Air Products (India),
- A-Gas International Limited (UK),
- Hychill Australia (Australia),
- Danfoss Group (Denmark),
- Linde plc (UK),
- National Refrigerants Ltd (UK),
- Sinochem Corporation (China),
- The Dehon Group (France), and
- Tazzetti SPA (Italy) and others.
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Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane), Application (Refrigeration System, Air Conditioning System, Chillers, MAC) and Region (APAC, North America, Europe, MEA, South America) – Global Forecast to 2027