Global Secondary Refrigerants Market Size By Type (Glycols, Salt Brines), By Application (Commercial Refrigeration, Industrial Refrigeration), By End-User (Oil and Gas, Pharmaceuticals), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Secondary Refrigerants Market size was valued at USD 784 Million in 2021 and is projected to reach USD 1,377.5 Million by 2030, growing at a CAGR of 7.3% from 2022 to 2030.
The increasing consumer awareness about carbon emission and the harmful effect associated with the use of chlorofluorocarbon & hydrochlorofluorocarbon is increasing the demand for alternatives, thus increasing the demand for the secondary refrigerants. The Global Secondary Refrigerants Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Secondary Refrigerants Market Definition
Secondary refrigerants are liquids that are used to transmit heat from the being cooled substance to the heat exchanger, where it is absorbed by the primary refrigerant. Generally, secondary refrigerants are non-toxic, non-corrosive, inexpensive, incombustible, and chemically stable and they have properties such as high specific heat, excellent heat transfer characteristics, low viscosity, and are safer to use and help to reduce environmentally-harmful impacts.
Secondary refrigerants such as calcium chloride brine, propylene glycols, and oils are used in various low-temperature applications like industrial refrigeration, commercial refrigeration, heat pumps, and others whereas chilled water is used as a secondary refrigerant in high-temperature applications like air conditioning. Moreover, they are used in minimizing pressure losses in the vapor compression cycle to increase efficiency and they are widely used in various end user industries such as oil and gas, food and beverages, pharmaceuticals, chemical, and plastics, among others.
Global Secondary Refrigerants Market Overview
The market overview section of this report mainly consists of basic dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. The Global Secondary Refrigerants Market report provides an outlook on the development of the market in terms of revenue throughout the prognosis period.
The Global Secondary Refrigerants Market is expected to experience remarkable growth in the upcoming years owing to the increasing awareness of the harmful effect of chlorofluorocarbons (CFCs) & hydrochlorofluorocarbons (HCFCs) associated with the use of primary refrigerants and the rising demand for alternatives such as secondary refrigerant for its less harmful environmental impact.
Additionally, the rapid industrialization, growth in the oil and gas industry, expansion of the global cold chain market, and government regulations to reduce carbon footprints are the major factors driving the Secondary Refrigerants Market growth. Moreover, increasing demand for eco-friendly and less toxic refrigerants will create a plethora of opportunities for the Secondary Refrigerants Market over the forecast period. However, the high cost of investment at the initial stages required for secondary refrigerants may restrict the growth of the Secondary Refrigerants Market considerably.
Global Secondary Refrigerants Market Segmentation Analysis
The Global Secondary Refrigerants Market is Segmented on the basis of Type, Application, End-User, and Geography.
Secondary Refrigerants Market, By Type
• Glycols• Salt Brines• Carbon Dioxide• Others
Based on Type, the market is segmented into Glycols, Salt Brines, Carbon Dioxide, and Others on the basis of Type. By type, the Glycol segment is accounting for the highest revenue share of the Global Secondary Refrigerants market in 2021 and is expected to dominate the market during the forecast period owing to its ability to provide superior freeze protection for closed-loop refrigeration systems, water-based heating, ventilation, air conditioning (HVAC), and cooling systems which makes it a desirable choice in the market.
Secondary Refrigerants Market, By Application
• Commercial Refrigeration• Industrial Refrigeration• Heat Pumps• Air Conditioning• Others
Based on Application, the market is segmented into Commercial Refrigeration, Industrial Refrigeration, Heat Pumps, Air Conditioning, and Others on the basis of Applications. By application, the industrial refrigeration segment is expected to hold the largest revenue share of the Global Secondary Refrigerants Market during the forecast period owing to the increased demand for environment-friendly refrigerants in the industrial applications and the rising need for reducing carbon emissions to protect the environmental damage in developed and developing regions are resulting in market growth.
Secondary Refrigerants Market, By End-User
• Oil and Gas• Pharmaceuticals• Food and Beverages• Chemical• Plastics• Others
Based on End-User, the market is segmented into Oil and Gas, Pharmaceuticals, Food and Beverages, chemical, Plastics, and Others on the basis of End-User. By End-User, the oil & gas industry is expected to grow at the highest CAGR during the forecast period. The rising demand for eco-friendly and non-toxic refrigerants to minimize pressure losses in the vapor compression cycle to increase efficiency in the process is driving the growth of the Global Secondary Refrigerants Market in the oil & gas segment.
Secondary Refrigerants Market, By Geography
• North America• Europe• Asia Pacific• Rest of the world
On the basis of Geography, the Global Secondary Refrigerants Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Among the regional markets, Europe accounts for the largest revenue share in Global Secondary Refrigerants Market in 2020 and is expected to retain its dominance throughout the forecast period.
Over in Europe, we're seeing a real boost in revenue, and a lot of that is thanks to new environmental laws and government programs designed to cut down on HFC gases. Basically, people are trying to be more eco-friendly and switching from those older refrigerants, which is great news because it's driving up the demand for the newer, more environmentally-friendly options! Plus, industries like food processing, chemical, and pharmaceutical are also demanding more of those secondary refrigerants. Looking ahead, the Middle East and Africa are expected to grow quite a bit too, especially with all the exciting developments happening in their oil and gas sectors.
Key Players
The “Global Secondary Refrigerants Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Linde Group, The DOW Chemical Company, Clariant AG, Tazzetti S.P.A., Temper Technology AB, Hydratech, Arteco Coolants, SRS Frigadon, Eastman Chemical Company, and A-Gas International.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
Key Developments
• In September 2021, Arteco Coolants launched its new coolant named Freecor EV Micro 10 which will be used in fuel cells of vehicles, marine, and stationary equipment. This new coolant came with frost protection and corrosion protection.
• In December 2021, Clariant AG announced that it’s signed definitive agreements to acquire BASF’s U.S. Attapulgite business assets for a valuation of USD 60 million, together with the signing of a long-term supply agreement for attapulgite-based products to BASF.
• In February 2022, Linde announced that it has signed a long-term agreement with BASF in France, one of the world’s largest chemical companies, for the supply of hydrogen and steam.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2018-2030
BASE YEAR
2021
FORECAST PERIOD
2022-2030
HISTORICAL PERIOD
2018-2020
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
Linde Group, The DOW Chemical Company, Clariant AG, Tazzetti S.P.A., Temper Technology AB, Hydratech, Arteco Coolants
SEGMENTS COVERED
By Type, By Application, By End-User, By Geography
CUSTOMIZATION SCOPE
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