The report "Secondary Refrigerants Marketby Type (Glycols, Salt Brines, Carbon Dioxide), Application (Commercial Refrigeration, Industrial Refrigeration, Heat Pumps, Air Conditioning), and Region (North America, Europe, APAC, MEA) - Global Forecast to 2022", published by MarketsandMarkets™, the Secondary Refrigerants Market is projected to reach USD 710.7 Million by 2022, at a CAGR of 7.3% from USD 466.2 Million in 2017.
Emerging economies are expected to witness a rise in demand for secondary refrigerants in the near future as a result of strengthening cold chain infrastructure, government initiatives, and the demand for natural refrigerants. Factors such as the need for reducing leakage and refrigerant charge are expected to support the secondary refrigerant market. The industrial sector (mainly for large refrigeration systems) will be focusing on improved energy efficiency, long life, and integration of cooling systems with other heat transferring processes. This will fuel the demand for secondary refrigerants, thereby driving the Secondary Refrigerants Market.
The glycols segment was thelargesttype segment of the Secondary Refrigerants Market in 2016.
The glycols segment is estimated to account for the largest share of the Secondary Refrigerants Market in 2017, in terms of value. Glycol fluids can provide freeze protection for closed loop refrigeration systems, water-based heating, ventilation, and air conditioning (HVAC), and cooling systems. They help in lowering the freezing point of water. Propylene glycol is the most preferred type of glycol fluid that is used in a wide range of operations due to its less toxicity and non-corrosive characteristics. Glycols reduce wear and maintenance costs and have to be replaced every 3-5 years, which increase their demand in the growing end-use industries, such as food & beverage. These factors play an important role in the growth of the glycols segment.
The industrial refrigeration segment is estimated to be the largest application segment of the Secondary Refrigerants Market in 2017.
The industrial refrigeration segment is estimated to be the largest application segment of the Secondary Refrigerants Market, in terms of both, value and volume, in 2017. The growth of this segment can be attributed to the adoption of environment-friendly refrigerants, and the need for reducing carbon emissions in developed and developing regions.
Europe is estimated to be the largest market for secondary refrigerants in 2017.
The EuropeSecondary Refrigerants Market is estimated to witness considerable growth on account of the recent F-gas regulations/HFC phase out plan, which dictates the reduction of use of HFC refrigerants by almost half by 2025. The region also enjoys the highest number of end user entities, which have already switched to refrigeration systems based on secondary refrigerants. The market for low-charge ammonia and NH3/CO2 cascade systems, supported by continuous technological advancements in R&D activities for low-GWP and ODP refrigerants, are expected to drive the market growth in Europe. Moreover, strong legislation for switching to refrigerants from high-GWP HFCs have already been made. These factors are expected to drive the Secondary Refrigerants Market in Europe.
Key market players profiled in the report include The Linde Group (Germany), A-Gas International (UK), TAZZETTI S.P.A (Italy), The Dow Chemical Company (US), Eastman Chemical Company (US), Clariant AG (Switzerland), Arteco Coolants (Belgium), Temper Technology AB (Sweden), SRS Frigadon (UK), Hydratech (UK), Dynalene (US), Environmental Process Systems (UK), Gas Servei SA (Spain), Climalife Groupe Dehon (France), and Nisso Shoji Co. Ltd. (Japan).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Salgarkar MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected]