Secondary Refrigerants Market Size, Share, Trends, Growth 2032
Secondary Refrigerants Market By Application (Industrial Refrigeration, Commercial Refrigeration, Air Conditioning, And Heat Pumps), By Type (Salt Brines, Glycols, And Carbon Dioxide), And By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 – 2032-
| Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
|---|---|---|---|
| USD 763.39 Million | USD 1466.06 Million | 7.52% | 2023 |
Secondary Refrigerants Market Insights
Zion Market Research has published a report on the global Secondary Refrigerants Market, estimating its value at USD 763.39 Million in 2023, with projections indicating that it will reach USD 1466.06 Million by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 7.52% over the forecast period 2024-2032.
The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Secondary Refrigerants industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
Secondary Refrigerants Market: Overview
Secondary refrigerants are liquids that utilized for transferring heat from substance that is being cooled to the exchanger of heat where heat is absorbed by a primary refrigerant. Citing an instance, in an air conditioner air acts as secondary refrigerant. Moreover, the materials are utilized as transport medium of cooling capacity in huge air refrigeration units. Additionally, secondary refrigerants possess key characteristics like outstanding heat transfer, low viscosity, non-corrosiveness, cost-efficiency, high specific heat, and chemical stability. Apparently, chilled water is utilized as secondary refrigerant in high-temperature applications, while calcium chloride brines and propylene glycols find applications as secondary refrigerants in heat pumps, industrial refrigeration, and commercial refrigeration.
Secondary Refrigerants Market: Growth Factors
The popularity of secondary refrigerants can be attributed to its non-toxic nature, safe usage, and incombustibility. Massive industrialization across the globe is anticipated to boost the growth of secondary refrigerants market over the estimated timespan. Humungous usage of secondary refrigerants for regulating the intermittent increase of heat loads will boost the market trends.
Furthermore, primary refrigerants undergo change in the phase but it is not so with secondary refrigerants, and this feature of the compound is anticipated to create lucrative growth avenues for the secondary refrigerants market over the forthcoming years. Additionally, refrigeration units utilizing secondary refrigerants require less monitoring at the time of operating of the system and this will create lucrative demand for the product over the next couple of years.
Furthermore, rise in the use of secondary refrigerants in oil & gas, pharmaceuticals, and chemical & petrochemical industry as coolants & heat recovering fluids will enlarge the scope of the industry in the near future.
Secondary Refrigerants Market: Report Scope
| Report Attributes | Report Details |
|---|---|
| Report Name | Secondary Refrigerants Market |
| Market Size in 2023 | USD 763.39 Million |
| Market Forecast in 2032 | USD 1466.06 Million |
| Growth Rate | CAGR of 7.52% |
| Number of Pages | 110 |
| Key Companies Covered | The Linde Group, Eastman Chemical Company, Tazzetti S.P.A., The DOW Chemical Company, Climalife Groupe Dehon, A-Gas International, Arteco Coolants, Clariant AG, and Temper Technology Ab |
| Segments Covered | By Type, By Application And By Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2023 |
| Historical Year | 2018 to 2022 |
| Forecast Year | 2024 - 2032 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Asia Pacific Market To Experience Massive Growth By 2032
The growth of the secondary refrigerants market in Asia Pacific zone over 2020-2026 is attributed to ongoing sustainable energy projects in the countries like China and Japan that will result in humungous demand for secondary refrigerants in these countries. In addition to this, swift industrialization in the sub-continent is predicted to create new growth avenues for the business in the region over the estimated timespan and increase the market penetration.
Secondary Refrigerants Market: Competitive Space
The secondary refrigerants market profiles key players such:
- The Linde Group
- Eastman Chemical Company
- Tazzetti S.P.A
- The DOW Chemical Company
- Climalife Groupe Dehon
- A-Gas International
- Arteco Coolants
- Clariant AG
- Temper Technology Ab
The global secondary refrigerants market is segmented as follows:
By Type
- Glycols
- Salt Brines
- Carbon Dioxide
- Heat Pumps
By Application
- Commercial Refrigeration
- Industrial Refrigeration
- Heat Pumps
- Air Conditioning
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Table Of Content
Methodology
FrequentlyAsked Questions
Secondary refrigerants are fluids that are employed in refrigeration systems to absorb and transport heat, but they are not directly utilized to chill the space or product being refrigerated. Rather, they facilitate the transfer of heat between the principal refrigerant (which is responsible for the cooling effect) and the environment or the medium being cooled.
The adoption of secondary refrigerants that are more environmentally beneficial and have a lower GWP is being encouraged by the implementation of more stringent regulations regarding the use of high global warming potential (GWP) refrigerants.
Zion Market Research has published a report on the global Secondary Refrigerants Market, estimating its value at USD 763.39 Million in 2023, with projections indicating that it will reach USD 1466.06 Million by 2032.
The market is expected to expand at a compound annual growth rate (CAGR) of 7.52% over the forecast period 2024-2032.
The growth of the secondary refrigerants market in Asia Pacific zone over 2020-2026 is attributed to ongoing sustainable energy projects in the countries like China and Japan that will result in humungous demand for secondary refrigerants in these countries. In addition to this, swift industrialization in the sub-continent is predicted to create new growth avenues for the business in the region over the estimated timespan and increase the market penetration.
Key players profiled in the report include The Linde Group, Eastman Chemical Company, Tazzetti S.P.A., The DOW Chemical Company, Climalife Groupe Dehon, A-Gas International, Arteco Coolants, Clariant AG, and Temper Technology Ab.
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