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Secondary Refrigerants Market by Type (Glycols, Salt Brines, Carbon Dioxide, and Others), Application (Commercial Refrigeration, Industrial Refrigeration, Heat Pumps, Air Conditioning, and Others), by Region - Global Industry Analysis, Size, Share, Growth, Investment, and Forecast (2023-2028)

Published: March, 2023
ID: 8176
Pages: 170
Formats: report pdf report excel report power bi report ppt

Secondary Refrigerants Market Size (2023-2028)

The secondary refrigerants market was valued at $ 512.5 million in 2022 and is projected to reach $ 740.2 million by 2028, at a notable annual growth rate of 10.2% between 2023-2028

Secondary refrigerants are usually liquids that transport heat from the substance being cooled to a heat exchanger where the heat is absorbed by a primary refrigerant. These transport Thermal Energy from one point to another. These are used in air conditioning systems where they do not undergo any phase change because they transport energy from one place to another. Secondary refrigerants are also called heat transfer fluids. These must be environmentally friendly and chilled water is generally used as a secondary refrigerant in air conditioners. The call for natural refrigerants has lightly escalated the industry for secondary refrigerants. Secondary refrigerants help reduce primary coolants harmful to the environment. They are relatively non-toxic and non-combustible, which makes them safer to adopt. Unlike primary refrigerants, they do not undergo any phase modifications. Secondary refrigerants offer several advantages, for example, they help minimize pressure losses in the steam compression cycle, increasing efficiency. Secondary coolants also control the intermittent increase in thermal loads by providing the retention effect.

Drivers and Restraints in the Secondary Refrigerants Market:

The growth of the manufacturing sector and industrialization should stimulate the market for secondary refrigerants. The rise in the call for air conditioning and the oil and gas industry supports the demand for secondary refrigerants. Pharmaceutical and healthcare factories use these refrigerants to maintain the process temperature of their ovens and equipment, thereby stimulating the market. The desire for natural, less toxic coolants is also an important factor in driving the market growth. A lower environmental impact and phasing out of HCFC and HFC refrigerants are also expected to stimulate the market. The fact that it is relatively expensive compared to the direct cooling system is a limiting cause for the market. High energy efficiency, non-toxicity, and flammability have helped increase the demand for these refrigerants over time. Marketing and the expansion of the manufacturing sector are also contributing to market growth. Strengthening cold chain infrastructure and government initiatives should contribute to market growth.

The glycol sub-segment is foreseen to record the most substantial share across the globe. Increasing consumer awareness of carbon emissions and the harmful effects associated with the use of chlorofluorocarbon and hydrochlorofluorocarbons increases the demand for alternatives, increasing the demand for secondary refrigerants. The need for environmentally friendly and less toxic refrigerants is one of the main factors expected to drive growth in the global secondary refrigerants market over the forecast period. The global secondary refrigerants market is supposed to experience strong growth in the coming years due to the rising call for these refrigerants due to stringent environmental standards and the increasing need to reduce the primary refrigerant charge. The high investment in the initial stage is identified as the main challenge in the secondary refrigerants market. For example, supermarkets use carbon dioxide as a refrigerant due to their high energy efficiency. However, the expenses related to installation may be higher because of the emissions of carbon dioxide.

SECONDARY REFRIGERANTS MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022-2028

Base Year

2022

Forecast Period

2023-2028

CAGR

10.2%

Segments Covered

  • By Type
  • By Application
  • By Region 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

  • North America
  • Europe
  • Asia Pacific 
  • Latin America
  • Middle East & Africa

Market Leaders Profiled

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), 

Secondary Refrigerants Market

Secondary Refrigerants Market Segmentation as per the research report until 2028.

Secondary Refrigerants Market - By Type

  • Glycols

  • Salt brines

  • Carbon dioxide

  • Others

The glycol-type segment is expected to lead the secondary refrigerants market in the future in value terms. This can be attributed to the ability of glycols to provide frost protection for closed-circuit refrigeration systems, water-based heating, ventilation, air conditioning (HVAC), and cooling systems. They help lower the freezing point of water.

Secondary Refrigerants Market - By Application

  • Commercial refrigeration

  • Industrial refrigeration

  • Heat pumps

  • Air conditioning

  • Others

The industrial refrigeration applications segment is expected to lead the secondary refrigerant market in 2020. This can be attributed to the adoption of greener refrigerants and the need to reduce carbon emissions in developed and developing countries.

Secondary Refrigerants Market - By Geography

The Secondary Refrigerants report includes the segmentation of Regions with their respective Countries.

  • North America Secondary Refrigerants Industry includes U.S. and Canada.

  • Europe's Secondary Refrigerants Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

  • Asia Pacific Secondary Refrigerants Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

  • Latin America Secondary Refrigerants Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.

  • Middle East & Africa Secondary Refrigerants Industry includes KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

Europe is estimated to be the largest secondary refrigerants market in 2017 in terms of value and volume. This market in Europe is expected to experience the highest growth during the forecast period. The secondary refrigerants market in Europe is foreseen to develop because of environmental concerns and government support initiatives. The regional market is driven by the increasing need for secondary refrigerants from food processing, dairy and ice cream, and others. Europe is predicted to lead the worldwide secondary refrigerants market owing to well-advanced industrialization and advanced solar power industries that target energy requirements. The glycol sector is predicted to have the biggest industry share as glycol offers freeze protection for closed-loop systems.

APAC is expected to post significant growth due to the development of the renewable energy sector and the growing demand for low PCA and PAO refrigerants, in line with government initiatives. North America is expected to experience stable growth in the end-user sector. The Asia-Pacific secondary refrigerants market is supposed to grow at a rapid rate during the outlook period due to the region's rapid industrialization. The secondary market for refrigerants in Latin America, the Middle East, and Africa is estimated to rise at a slow rate throughout the foreseen period.

Impact of COVID-19 on the Secondary Refrigerants Market:

The chemical business has been facing the major impacts of the COVID-19 outbreak. The chemical industry plays a significant part in the manufacturing of innumerable goods like plastic, packaging goods, and others. With the broad spread of the coronavirus, several production facilities of so many end-user businesses have been paused. With this, the call for chemicals utilized in these firms has been canceled. With the stop in production firms of so many makers, a steep decline in the production of secondary refrigerants has been seen. Therefore, the continuing spread of COVID-19 in the world is probable to affect the call for these products.

Recent Developments:

Indirect cooling systems or secondary cooling releases by Arteco. The main dissimilarity between direct cooling and indirect cooling lies in the physical separation between the primary circuit and the secondary system.

Major market players operating in the report are

  1. The Linde Group (Germany)

  2. A-Gas International (UK)

  3. TAZZETTI S.P.A (Italy)

  4. The Dow Chemical Company (US)

  5. Eastman Chemical Company (US)

  6. Clariant AG (Switzerland)

  7. Arteco Coolants (Belgium)

  8. Temper Technology AB (Sweden)

  9. SRS Frigadon (UK)

  10. Hydratech (UK)

  11. Dynalene (US)

  12. Environmental Process Systems (UK)

  13. Gas Servei SA (Spain)

  14. Climalife Groupe Dehon (France)

  15. Nisso Shoji Co. Ltd. (Japan)

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