Secondary Refrigerants Market Trends & Analysis - Forecasts To 2025
Secondary Refrigerants Market Insights
The secondary refrigerants market is estimated to grow at a CAGR of approximately 7% between 2018 and 2025. The market is expected to be driven by the low environmental impact of secondary refrigerants, decreasing the popularity of HCFCs, CFCs, and HFCs refrigerants, and the rising demand for reduction in the primary refrigerant.
The use of secondary refrigerants in indirect refrigeration systems is relatively expensive as compared to direct refrigeration systems. High investment costs can potentially have a negative impact on the market.
Secondary Refrigerants Market: Type Insights
On the basis of type, the secondary refrigerants market has been segmented as glycols, salt brines, carbon dioxide, and others. The glycols segment is estimated to dominate the secondary refrigerants market in terms of value. This is due to the ability of glycols to provide freeze protection for closed loop refrigeration systems, water-based heating, ventilation, and air conditioning (HVAC), and cooling systems. They facilitate lowering the freezing point of water.
Secondary Refrigerants Market: Application Insights
The secondary refrigerants market on the basis of the application has been segmented into commercial refrigeration, industrial refrigeration, heat pumps, air conditioning, and others. The industrial refrigeration segment is estimated to dominate the secondary refrigerants market. Adoption of more environment-friendly refrigerants and the need for reducing carbon emissions in developed and developing regions are the factors driving growth in this segment.
Secondary Refrigerants Market: Regional Insights
In terms of both, value and volume, Europe is estimated to be the largest secondary refrigerants market and is expected to record the highest growth The secondary refrigerant market in Europe is likely to grow owing to environmental legislation and government support initiatives. The market in Europe is driven by rising demand for secondary refrigerants from food processing, chemical, and pharmaceutical, dairy and ice-cream processing industries, among others. Europe is estimated to be followed by North America as, with the second largest market in terms of value and volume.
Secondary Refrigerants Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase Secondary Refrigerants over the coming years. Some leading consumers of this market are Nestle, Walmart, and Coca-cola among others.
Secondary Refrigerants Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Secondary Refrigerants Market Share & Competitor Analysis
Major players in the secondary refrigerants market include The Linde Group, A-Gas International, TAZZETTI S.P.A , The Dow Chemical Company, Eastman Chemical Company, Clariant AG, Arteco Coolants , Temper Technology AB , SRS Frigadon , Hydratech , Dynalene, Environmental Process Systems, and Gas Servei SA.
Please note: This is not an exhaustive list of companies profiled in the report.
Companies are using agreements, new product launches and expansions as strategies to boost their market share.
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The global Secondary Refrigerants Market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Secondary Refrigerants Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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