Global Secondary Refrigerants Market
was valued at US$ 974 Mn in 2019 and is expected to reach US$ 824.93 Mn by 2027, at a CAGR of 7.4% during a forecast period. The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data, and projections with a suitable set of assumptions and methodology. The report also helps in understanding secondary refrigerants market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders prioritizing the efforts and investment in the near future to emerging segments in the secondary refrigerants market. Secondary Refrigerants are fluids that transfer the heat from the substance that is being cooled in a heat exchanger where the heat is being absorbed by a primary refrigerant. These are mostly used in air conditioning systems where they don’t undergo any phase change as they transport energy from one point to another. Secondary refrigerants are also called heat transfer liquids. These have to be environment-friendly and typically chilled water is used as a secondary refrigerant in the air conditioner system. The rise in demand for natural refrigerants has somehow increased the market for secondary refrigerants. Secondary refrigerants also manage intermittent surging of thermal loads by providing the holdover result. Refrigeration plants using secondary refrigerants want less supervision during the system on/off, since the result of the sudden load is minimum on the refrigerant. The main disadvantage of a secondary refrigerant using the system is that the refrigerant is reasonably heated, as a result, the liquid temperature rises across the system and additionally, the mass flow rate of the secondary refrigerant is larger because the heat capacity of secondary refrigerants is smaller. Ideally, secondary refrigerants should be low in cost, non-corrosive, chemically stable, and able to transfer heat. Low environmental impact and rising demand for reduction in primary refrigerants charge are the major driving factors of the secondary refrigerants market. Whereas high investment cost is the restraining factor for the market.
Global Secondary Refrigerants Market Segment Analysis:
Based on type, the glycols type segment is valued to lead the secondary refrigerants market in 2019 in terms of value. Due to facility such as provide freeze protection for closed-loop refrigeration systems, ventilation, air conditioning (HVAC), and cooling systems, the glycols lead to the highest market in the forecast period. Glycol-based refrigerants are water solutions of propylene or ethylene glycol. Calcium chloride brines are also usually used as secondary refrigerants in marine and industrial refrigeration systems In terms of application, the industrial refrigeration segment held a noteworthy share of the market in 2019, followed by the commercial application segment. The need to decrease carbon emission and an upsurge in the adoption of environment-friendly refrigerants in industrialized countries are estimated to lift the demand for secondary refrigerants for industrial applications.
Global Secondary Refrigerants Market Regional Analysis:
Geographically, Europe is the largest consumer of secondary refrigerants and anticipated to witness substantial growth in the secondary refrigerants market in the forecast period. Due to environmental legislation and government support initiatives, the market for secondary refrigerants is growing at a rapid pace. Asia Pacific is expected to display major growth due to the development of the renewable energy sector and rising demand for low GWP and ODP refrigerants as per the government initiatives. North America is likely to show moderate growth in the end-user industry.
Global Secondary Refrigerants Market, Key Highlights:
• Global Secondary Refrigerants Market analysis and forecast, in terms of value. • Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Secondary Refrigerants Market • Global Secondary Refrigerants Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided. • Global Secondary Refrigerants Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study. • Global Secondary Refrigerants Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation. • Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled. • Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Secondary Refrigerants Market are also profiled. The report has considered the base year of 2019 and past four years trend. 2020 figures are at actuals, however due to different dynamics of year 2020, market forecast is not only dependent upon 2020, but on the basis of 2016-2020.
The Scope of the Global Secondary Refrigerants Market: Inquire before buying
Global Secondary Refrigerants Market, by Type:
• Glycols • Salt Brines • Carbon Dioxide
Global Secondary Refrigerants Market, by Application:
• Commercial Refrigeration • Industrial Refrigeration • Heat Pumps • Air Conditioning • Others
Global Secondary Refrigerants Market, by Region:
• North America • Europe • Middle East & Africa • Asia-Pacific • South America
Global Secondary Refrigerants Market Key Player
• 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 • Gas Servei SA • Climalife Groupe Dehon • Nisso Shoji Co. Ltd