Ammonia Refrigerant Market Growth Analysis

Market Insights

The Ammonia Refrigerant Market is expected to grow from USD 53.5 million in 2022 to USD 74.29 million by 2028 at a CAGR of 5.61% during the forecast period.

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What is an ammonia refrigerant?

Ammonia refrigerant is also known as R717 and has the chemical formula NH3. It is the only refrigerant that is not part of the halocarbons group such as CFCs and CFHCs. Ammonia carries the highest refrigerating capacity per pound of any refrigerant including halocarbons. It also offers a couple of other brilliant thermal properties that make it most suitable for refrigeration applications.

Market Dynamics

With the emergence of the pandemic in 2020, the industrial, automotive, and other end-use industries of ammonia refrigerant suffered massively. The production of automobiles plummeted across the board. The grave impact of this was registered across the supply chain including the level of components.

Ammonia refrigerant, a sizeable market, could not escape from such trends and witnessed a significant decline amid the pandemic, quite aligned with the decline in automobile production. However, with the gradual increase in global automobile production, the industry is gradually rebounding in 2021. Furthermore, the high demand for ammonia refrigerant from the food and beverages industry is expected to drive market growth.

Segments Analysis

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories-

By Purity Type

• Purity 99% 
• Purity 99.8% 

By Application Type

• Cold Storage
• Super Markets
• Heavy Commercial Refrigeration
• Transport Refrigeration
• Household Refrigeration 
• Others

By End-Use Type

• Industrial 
• Food and Beverages 
• Automotive 
• Consumer Electronics 
• Others 

By Region

• North America 
• Europe 
• Asia-Pacific 
• Rest of the World 

By Purity Type

The ammonia refrigerant market is segmented as purity 99% and purity 99.8%.  Purity 99.8% ammonia refrigerant is expected to dominate the market during the forecast period due to numerous advantages, including the fact that it weighs less than water, is significantly lighter than air, and rises in dry air.

By Application Type

The market is segmented as cold storage, supermarkets, heavy commercial refrigeration, transport refrigeration, household refrigeration, and others. Cold storage is expected to remain the dominant application type in the market during the forecast period. The growing demand for convenience food has resulted in an increased number of cold storage facilities. These cold storage warehouses require ammonia refrigeration systems to control temperatures in freezers and coolers to maintain product quality and freshness till shipment.

Regional Analysis

Asia-Pacific is expected to remain the largest market for ammonia refrigerants during the forecast period. The region's market growth is driven by an increase in demand for dairy products due to a rising population, higher income levels, and growing health consciousness. North America and Europe are also likely to generate sizeable opportunities in the coming five years.

Key Players

The following are the key players in the ammonia refrigerant market:

• Danfoss Group
• Linde plc
• Sinochem Corporation
• The Dehon Group
• National Refrigerants, Inc
• Airgas, Inc.
• HyChill
• Tazzetti SPA
• Harp International Limited
• Aditya Air Products

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s ammonia refrigerant market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]