Secondary Refrigerants Market Overview:
The global secondary refrigerants market was registered at USD 512.4 million in 2020 and is expected to reach USD 825.5 million in 2025, with a CAGR of 6.81% from 2020 to 2025. Secondary refrigerants are liquids used in a system air conditioning. The main purpose of the secondary refrigerant is to transfer heat from the cooled material; to the heat exchanger where the primary refrigerant absorbs heat. Chilled water is used as a secondary coolant in high temperature applications. Brines, glycols and oils are utilized as secondary refrigerants in low temperature applications. Secondary refrigerants are used as a means of transporting cooling capacity in large air-cooled installations. Secondary refrigerants have properties such as non-corrosive, inexpensive, high specific heat, excellent heat transfer characteristics, chemical stability, low viscosity, etc. Secondary refrigerants like calcium chloride brine, propylene glycol, etc. They are applied in different low temperature applications such as industrial refrigeration, commercial refrigeration, heat pumps and others.
Secondary Refrigerants market drivers and restraints:
Rising industrialization around the globe is anticipated to drive the call for secondary refrigerants during the forecast period. The growing manufacturing sector is expected to increase the demand for secondary refrigerants, which in turn is expected to boost the global secondary refrigerants market during the forecast period. The oil and gas industry is expected to experience substantial growth in the near future, this will be another driver of the secondary refrigerants market. Chemical and pharmaceutical factories use these fluids to maintain the temperature of the furnace and equipment in the process. These are also used as heat recovery fluids and refrigerants in these industries. The growth of these industries is expected to boost the secondary refrigerant market. The development of water-based heat transfer fluids of biological origin is also expected to have a positive effect on the growth of the secondary refrigerants market. Rapid industrialization, low environmental impact, growth of the oil and gas industry, expansion of the global cold chain market and phase-out of chlorofluorocarbons (CFCs), hydro chlorofluorocarbons (HCFCS) and others refrigerants are the major factors driving the secondary refrigerants market. Governments of various countries aim to phase out CFCs, HCFCs and other similar refrigerants to protect the ozone layer, which cause significant damage to the ozone layer and contribute to climate change. The heavy investment in the starting stages is recognized as the main challenge of the secondary refrigerants market. For example, supermarkets use carbon dioxide as a refrigerant because of its high energy efficiency. However, the installation cost may increase due to the high pressure of carbon dioxide.
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Report segmented as:
Global Secondary Refrigerants Market, By Type
• Glycols
• Salt Brines
• Carbon Dioxide
• Others
Global Secondary Refrigerants Market, By Application
• Commercial Refrigeration
• Industrial Refrigeration
• Heat Pumps
• Air Conditioning
Geographical analysis:
It is estimated that the European secondary refrigerants market will experience tremendous growth due to the recent fluorinated gas / HFC phase-out regulatory plan, which dictates the reduction of HFC refrigerant use by almost half by 2025. The region is also benefiting from the increased number of user entities, which have already switched to refrigeration systems based on secondary refrigerants. The low charge NH3 / CO2 and Ammonia cascade systems market, supported by the continuous technological advancements in R&D activities for low GWP and ODP refrigerants, is expected to drive the market growth in Europe. In addition, strict legislation has already been enacted to switch to high GWP HFC refrigerants. These factors are expected to drive the secondary refrigerants market in Europe.
The growth of secondary refrigerants market in the Asia-Pacific region between 2020 and 2025 is attributed to the ongoing sustainable energy projects in countries like China and Japan which will drive huge demand for secondary refrigerants in these countries. Moreover, the rapid industrialization in the subcontinent is expected to create new growth avenues for the activities in the region during the estimated period and increase the market penetration.
Important market players:
Important market players profiled in the report include The Linde Group (Germany), A-Gas International (UK), TAZZETTI S.P.A (Italy), The Dow Chemical Company (US), Eastman Chemical Company (US), Clariant AG (Switzerland), Arteco Coolants (Belgium), Temper Technology AB (Sweden), SRS Frigadon (UK), Hydratech (UK), Dynalene (US), Environmental Process Systems (UK), Gas Servei SA (Spain), and Nisso Shoji Co. Ltd. (Japan).
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This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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