Global Secondary Refrigerants Market To Reach About $1466.06 Million By 2032

As per the researchers at Zion Market Research, the valuation of the global secondary refrigerants market was 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 major players active in the global secondary refrigerants market include Eastman Chemical Company, The DOW Chemical Company, A-Gas International, Arteco Coolants, Clariant AG, The Linde Group, Climalife Groupe Dehon, Tazzetti S.P.A., and Temper Technology Ab.

Rising Need To Less Toxic And Eco-Friendly Refrigerants Anticipated To Drive Global Market Growth

The low environmental effect, rapid industrialization, flourishing oil & gas industry, along with the growth of the global cold chain market are a few of the key factors fueling the growth of the global secondary refrigerants market. The governments of numerous nations are intending to phase out HCFCs, CFCs, and other similar refrigerants to defend the ozone layer as they cause major damage to the layer and add to climate change. To cite, the U.S., in 2010, has already prohibited the import, use, and production of HCFC, exclusive of servicing requirements of already prevailing tools. In addition, the need for less toxic and eco-friendly refrigerant is also among the top factors that are projected to drive the expansion of the global secondary refrigerant market during the years to come. Nevertheless, high initial spending cost in comparison to the direct refrigeration system is projected to hamper the market growth.

Based On Type, Glycol Segment Projected To Lead The Global Market

The global secondary refrigerants market, based on type, has been divided into carbon dioxide, salt brines, glycols, and others. among these, the glycols segment is projected to dominate the global secondary refrigerants market, in terms of value, during the forecast period. This can be credited to the capability of glycols to offer freeze shield for water-based heating, ventilation, & air conditioning (HVAC); cooling systems; and closed-loop refrigeration systems. They assist in dropping water’s freezing point. Based on application, the market is bifurcated into heat pumps, industrial refrigeration, air conditioning, commercial refrigeration, and others. Among these, the industrial refrigeration segment is anticipated to rule the global secondary refrigerants market in the years to come. This can be credited to the implementation of more eco-friendly refrigerants and the requirement for decreasing carbon emissions in developing and developed regions.

Asia Pacific Anticipated To Witness Highest Growth Rate During The Forecast Period

In 2018, the major share in the global secondary refrigerants market was held by Europe on account of the increase in the need for these refrigerants within industries like beverages, food processing, chemicals, and pharmaceuticals. Further, the secondary refrigerants market within Asia Pacific is projected to witness a substantial rate of growth during the forecast period as a result of the swift industrialization within this region. Also, the market within the Middle East & Africa and Latin America is projected to experience a slow growth rate during the forecast period.

Browse the full “Global 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.” Report at https://www.zionmarketresearch.com/report/secondary-refrigerants-market

The global secondary refrigerants market is segmented as follows:

By Type

• Glycols
• Salt Brines
• Carbon Dioxide
• Others

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

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