Key Driving Factors Of The Secondary Refrigerants Market

Key Driving Factors Of The Secondary Refrigerants Market

Browse 75 market data Tables and 25 Figures spread through 112 Pages and in-depth TOC on “Secondary Refrigerants Market”
Secondary Refrigerants Market by Type (Glycols, Salt Brines, Carbon Dioxide), Application (Commercial Refrigeration, Industrial Refrigeration, Heat Pumps, Air Conditioning), and Region (North America, Europe, APAC, MEA)

The secondary refrigerants market is projected to reach USD 710.7 million by 2022, at a CAGR of 7.3% between 2017 and 2022. Secondary refrigerants are used for transferring heat energy from one source to another. Secondary refrigerants carry heat from an object or a space being cooled to the primary refrigerant or the evaporator of a refrigeration system. Secondary refrigerants have low viscosity, high thermal conductivity, high volumetric heat capacity, low freezing point, non-corrosive, non-explosive, non-flammable, environment-friendly, non-toxic, enables a low-pressure drop in the system, good material compatibility, chemically stable, and have relatively lower cost. Secondary refrigerants are used in applications where any leakage of refrigerants is avoided and in large refrigeration units.  Low impact of secondary refrigerants on the environmental, phasing out of HCFCs, CFCs, and HFCs refrigerant, and the rising demand for reduction in primary refrigerant charge is expected to drive the secondary refrigerant market.

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Based on type, the secondary refrigerants market has been segmented into glycols, salt brines, carbon dioxide, and others. The carbon dioxide segment is estimated to grow at the highest rate during the forecast period, in terms of value. CO2 refrigerants are environment-friendly having zero ODP and minimal GWP. CO2 refrigerants have excellent thermodynamic properties, high-energy efficiency, are non-toxic, and non-flammable. These properties make them suitable for use in a range of applications such as industrial heat extraction, chilled warehousing, marine refrigeration, ice making, commercial refrigeration, and mobile air-conditioning.  

Based on application, the secondary refrigerants market has been segmented into commercial refrigeration, industrial refrigeration, heat pumps, air conditioning, and others. The commercial refrigeration application segment is estimated to grow at the highest rate, in terms of both, value and volume, during the forecast period. The commercial refrigeration segment is a rapidly growing segment of the secondary refrigerants market, as it is characterized by high refrigerant leakage rate and high-energy consumption.

APAC is estimated to be the fastest-growing market for secondary refrigerants during the forecast period, in terms of value. The growth of cold chain infrastructure in countries such as China and India, the rising demand for low GWP and ODP refrigerants, the need to reduce refrigerant charge, and carbon emissions are some of the factors projected to propel the growth of the APAC secondary refrigerants market.

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