Global Secondary Refrigerants Market, By Type (Salt Brines, Glycols, Carbon Dioxide, Others), Application (Industrial Refrigeration, Heat Pumps, Commercial Refrigeration, Air Conditioning), End-User (Oil and Gas, Food and Beverages, Pharmaceuticals, Chemical, Plastics, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights of Secondary Refrigerants Market
The secondary refrigerants market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the market to grow at a CAGR of 6.34% in the above-mentioned forecast period.
Secondary refrigerants are basically the fluids that are utilized to transfer heat from the substance which is being cooled. Generally, they are non-toxic and incombustible and are safer to use and help lower environmentally-harmful primary refrigerants. They do not undergo any phase change like secondary refrigerants. Moreover, they are very useful in minimizing pressure losses in vapor compression cycle, thereby increasing efficiency and are widely used in various end use industries such as oil and gas, food and beverages, pharmaceuticals, chemical, plastics, others.
The factors such as rapid industrialization, growing demand for reduction in primary refrigerants charge, low environmental impact and phasing out OF CFCS, HCFCS, and HFCS refrigerants are the root cause fueling up the market growth rate within the above mentioned forecast period. The factors expected to cushion the growth of the secondary refrigerants market in the forecast period are the development of water-based and bio-based heat transfer fluids and low environmental impact, which will further carve the way for the growth of market in the forecast period of 2022 to 2029. In addition to this, the increasing manufacturing sector and the beneficial applications of secondary refrigerants include concentrated solar power and heating, ventilating and air-conditioning (HVAC) systems are expected to increase the demand for secondary refrigerants which are further expected to cushion the overall markets growth. On the other hand, the high investment cost is expected to impede the growth of the secondary refrigerants market. Additionally, some of the safety issues associated with the secondary refrigerants are also projected to hamper market’s overall growth within the above mentioned forecast period.
Furthermore, the increasing demand for natural refrigerants and effects of global warming are estimated to generate numerous opportunities for the market in the forecast period of 2022 to 2029. On the flip side, the recent downfall in the automotive industry is projected to pose as a major challenge to the growth of the secondary refrigerants market.
This secondary refrigerants market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on secondary refrigerants market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Secondary Refrigerants Market Scope and Market Size
The secondary refrigerants market is segmented on the basis of type, application and end-user. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of type, the secondary refrigerants market is segmented into salt brines, glycols, carbon dioxide and others.
- The application segment for secondary refrigerants market includes industrial refrigeration, heat pumps, commercial refrigeration and air conditioning.
- Based on end-user, the secondary refrigerants market is segmented into oil and gas, food and beverages, pharmaceuticals, chemical, plastics and others.
Secondary Refrigerants Market Country Level Analysis
The secondary refrigerants market is analyzed and market size, volume information is provided by type, application and end-user as referenced above.
The countries covered in the secondary refrigerants market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe dominates the secondary refrigerants market owing to the strong industrialization and developed solar plants which feature to energy requirements in the region within the region. Asia-Pacific on the other hand, will continue to however show lucrative growth within the forecast period owing to the growth of renewable energy sector and rising demand for low GWP and ODP refrigerants due to government initiatives in this region.
The country section of the secondary refrigerants market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Secondary Refrigerants Market Share Analysis
The secondary refrigerants market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to secondary refrigerants market.
Some of the major players operating in the secondary refrigerants market report are SRS Frigadon, hydratech-industries., Dow, Tazzetti S.p.A, National Refrigerants Ltd., Clariant, Environmental Process Systems Ltd., Arteco, Linde plc., Eastman Chemical Company, Temper Technology AB, CAC Holdings corporation, Hitachi Ltd., Gas Servei, Hillphoenix, A Dover Company, Climalife Dehon, Trane, Nisso Shoji Co. Ltd., A-Gas, Mitsubishi Electric Corporation, Dynalene Inc., NEI Corporation, NICHIA CORPORATION and Chemtex Speciality Limited among others.
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