Secondary refrigerants, such as glycols, brines, and coolants, play a crucial role in various cooling applications. They act as intermediaries, transferring heat and maintaining temperature in industrial processes, HVAC systems, and refrigeration. The key features of secondary refrigerants include high thermal stability, non-toxicity, and low environmental impact. Secondary refrigerants are used in diverse settings, from industrial cooling loops and food processing to air conditioning and renewable energy systems, ensuring efficient and controlled heat exchange while reducing the reliance on primary refrigerants with high global warming potential.
According to Data Bridge Market Research, the Global Secondary Refrigerants Market is expected to grow with a CAGR of 6.34% in the forecast period of 2022 to 2029.
“Rising demand for reducing the primary refrigerants charge boosts the market’s growth”
The secondary refrigerants market is experiencing growth due to rising demand for reducing the primary refrigerants charge. With increasing concerns about environmental impact and regulations on refrigerants with high global warming potential (GWP), industries are seeking alternative solutions. Secondary refrigerants, such as glycols and brines, are being employed to transfer and store cooling energy efficiently, reducing the reliance on primary refrigerants with high GWP. This transition aligns with sustainability goals, driving market expansion as companies prioritize eco-friendly and cost-effective cooling solutions.
What restraints the growth of the global secondary refrigerants market?
“Recent downturn in the automotive industry restraints the market’s growth”
The secondary refrigerants market faces constraints due to the recent downturn in the automotive industry. As the automotive sector has been a significant consumer of secondary refrigerants in cooling systems such as air conditioning, reduced production and demand for vehicles have had a cascading effect. With fewer vehicles being manufactured, there is decreased demand for secondary refrigerants, impacting market growth. This downturn underscores the market's susceptibility to fluctuations in industries that heavily rely on cooling solutions, highlighting the need for diversification in applications.
Segmentation: Global Secondary Refrigerants Market
The global secondary refrigerants market is segmented on the basis of type, application, and end-user.
- On the basis of type, the secondary refrigerants market is segmented into salt brines, glycols, carbon dioxide, and others.
- On the basis of application segment for secondary refrigerants market includes industrial refrigeration, heat pumps, commercial refrigeration, and air conditioning.
- On the basis of end-user, the secondary refrigerants market is segmented into oil and gas, food and beverages, pharmaceuticals, chemical, plastics, and others.
Regional Insights: Europe dominates the Global Secondary Refrigerants Market
Europe dominates the secondary refrigerants market due to robust industrialization and well-established solar plants that efficiently cater to the region's energy needs. These facilities often employ secondary refrigerants for cooling applications, driving demand and market growth as industries increasingly adopt sustainable cooling solutions.
Asia-Pacific on the other hand, will continue to however show lucrative growth within the forecast period due to the growth of the renewable energy sector and increased demand for low global warming potential (GWP) and ozone depletion potential (ODP) refrigerants. Government initiatives in the region encourage the adoption of environmentally friendly cooling solutions, driving the market's growth.
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The Prominent Key Players Operating in the Global Secondary Refrigerants Market Include:
- SRS Frigadon (U.K.)
- Hydratech Industries (U.K.)
- Dow (U.S.)
- Tazzetti S.p.A (Italy)
- National Refrigerants Ltd. (U.K.)
- Clariant (Switzerland)
- Environmental Process Systems Ltd. (U.K.)
- Arteco (Italy)
- Linde plc. (U.K.)
- Eastman Chemical Company (U.S.)
- Temper Technology AB (Sweden)
- CAC Holdings Corporation (Japan)
- Hitachi Ltd. (Japan)
- Gas Servei (Spain)
- Hillphoenix, A Dover Company (U.S.)
- Climalife Dehon (France)
- Trane (Ireland)
- Nisso Shoji Co. Ltd. (Japan)
- A-Gas (U.K.)
- Mitsubishi Electric Corporation (Japan)
- Dynalene Inc. (U.S.)
- NEI Corporation (U.S.)
- NICHIA CORPORATION (Japan)
- Chemtex Speciality Limited (India)
Above are the key players covered in the report, to know about more and exhaustive list of global secondary refrigerants market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Secondary Refrigerants Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
