Secondary Refrigerants Market Worth 710.7 Billion USD by 2022. The secondary refrigerants market is largely driven by the rising demand for reduction in primary refrigerant charge. The use of secondary refrigerants helps to reduce the quantities of primary refrigerants in the primary refrigerant loop system. A charge reduction between 5% and 15% as compared to the direct refrigeration system can be achieved.
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“Rising demand for reduction in primary refrigerant charge is expected to drive the secondary refrigerants market.”
The secondary refrigerants market is estimated to be USD 499.7 million in 2017and is projected to reach USD 710.7 million by 2022, at a CAGR of 7.3% between 2017 and 2022. The secondary refrigerants market is largely driven by the rising demand for reduction in primary refrigerant charge.
The use of secondary refrigerants helps to reduce the quantities of primary refrigerants in the primary refrigerant loop system. A charge reduction between 5% and 15% as compared to the direct refrigeration system can be achieved.
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Low environmental impact of secondary refrigerants and phasing out of HCFCs, CFCs, and HFCs refrigerants are other factors that are expected to drive the secondary refrigerants market. However, the use of secondary refrigerants in an indirect refrigeration system is relatively expensive as compared to that of the direct refrigeration system, which is a major restraint for the growth of the market.
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“The carbon dioxide segment is expected to be the fastest-growing type segment of the secondary refrigerants market, in terms of value, from 2017 to 2022.”
The carbon dioxide type segment is expected to witness the highest growth, in terms of value, from 2017 to 2022. Carbon dioxide refrigerants are the environment-friendly type of refrigerants having zero ODP and minimal GWP.
Carbon dioxide refrigerants have excellent thermodynamic properties, high-energy efficiency, and are non-toxic and non-flammable. These properties make them suitable for use in a wide range of applications and are one of the key factors that is expected to drive the growth of the carbon dioxide type segment in the coming years.
“The commercial refrigeration segment is expected to be the fastest-growing application segment of the secondary refrigerants market, in terms of value, from 2017 and 2022.”
The commercial refrigeration segment is estimated to be the fastest-growing application segment between2017 and 2022, in terms of both, value and volume. The growth of this segment can be attributed to the rising demand for reduction in primary refrigerant charge and leakage.
Government regulations promoting the use of low GWP and ODP refrigerants are expected to support the secondary refrigerants market in commercial refrigeration.
“APAC is expected to be the fastest-growing secondary refrigerants market during the forecast period, in terms of value and volume.”
The growing demand for low GWP and ODP refrigerants as a result of government initiatives is expected to fuel the growth of the secondary refrigerants market in the Asia Pacific region. In addition, the strong focus on strengthening cold-chain infrastructure from emerging economies such as China and India is further driving the APAC secondary refrigerants market.
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In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, primary interviews were conducted as follows:
- By Company Type:Tier 1 (46%), Tier 2 (31%), and Tier 3 (23%)
- By Designation:C-Level(46%), Director Level (27%), and Others (27%)
- By Region:North America (33%), Europe (27%),APAC (27%),Middle East & Africa (6%),and South America (7%)
Key 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), Climalife Groupe Dehon (France), and Nisso Shoji Co. Ltd. (Japan).
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This report segments the market for secondary refrigerants on the basis of type, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, agreements, partnerships, and recent developments associated with the market for secondary refrigerants.
Reasons to Access This Report
This research report is focused on various levels of analyses—industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together comprise and discuss the overall view on the competitive landscape; emerging and high-growth segments of the secondary refrigerants market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration:Comprehensive information on secondary refrigerants offered by top players in the global secondary refrigerants market
- Product Development/Innovation:Detailed insights on upcoming technologies, research & development activities, and new product launches in the secondary refrigerants market
- Market Development:Comprehensive information about lucrative emerging markets-the report analyzes the markets for secondary refrigerants across regions
- Market Diversification:Exhaustive information about new products, untapped geographies, and recent developments in the global secondary refrigerants market
- Competitive Assessment:In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the secondary refrigerants market.
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