Global Secondary Refrigerants Market - 2023-2030

Market Overview

The global secondary refrigerants market reached US$ XX million in 2022 and is projected to record significant growth by reaching up to US$ XX million by 2030, growing at a CAGR of XX% during the forecast period (2023-2030).

Generally liquid, secondary refrigerants are employed to transfer heat from the cooled material to a heat exchanger, where a primary refrigerant absorbs it. It is feasible to state that air acts as a secondary refrigerant in an air conditioning system. These fluids are cooled by a primary refrigerant, exposing them to the source. When exposed to the source, the fluids are sensibly heated by it and absorb its energy. The heated fluid is returned to the chiller, rejecting the heat to the primary refrigerant. Secondary refrigerants typically have high specific heat, excellent heat transfer characteristics and low viscosity and are non-toxic, non-corrosive, affordable, incombustible and chemically stable. They are also safer to use and help decrease negative environmental effects.

While brines, glycols and oils are used in low-temperature applications like heat pumps, industrial refrigeration and commercial refrigeration, chilled water is used as the secondary refrigerant in high-temperature applications like air conditioning. Secondary refrigerants are frequently used in large refrigeration facilities to move cooling capacity from the plant room to the point of use. The global secondary refrigerants market is segmented into a type that includes glycol, salt brines, carbon dioxide and others and application consist of industrial refrigeration, commercial refrigeration, heat pumps, air conditioning and others and its end-user segment consists of oil and gas, pharmaceuticals, food and beverages, chemical, plastics and others.

Market Dynamics

The primary drivers of the market growth rate throughout the forecast period are factors like quick industrialization, rising demand for lower primary refrigerant charges, low environmental impact and the phase-out of CFCs and HFCS refrigerants. Additionally, the expanding manufacturing industry and the advantageous uses of secondary refrigerants, such as concentrated solar power and heating, ventilating and air-conditioning (HVAC) systems, are anticipated to boost demand for secondary refrigerants.

Additional factors influencing the growth of the secondary refrigerants market include speedy industrialization, expansion of the industrial sector, global cold chain market and government regulations to lower carbon footprints. The secondary refrigerants market will also greatly benefit from rising demand for eco-friendly and less toxic refrigerants over the forecasted period.

Developments of bio-based and water-based heat transfer fluids support the secondary refrigerants market expansion

The rising development of heat transfer fluids based on water and bio-based materials may benefit the expansion of the market for secondary refrigerants. Secondary refrigerants are used in chemical and pharmaceutical manufacturing facilities to maintain the furnace's temperature. The expansion of the oil and gas sector will probably open up new opportunities for the secondary refrigerants market to expand as oil and gas and other industry demands use of secondary refrigerants.

Utilizing calcium chloride as a secondary refrigerant additive in the chiller-type air conditioning system to reduce energy consumption

As a secondary refrigerant in place of water, calcium chloride, in the form of CaCl2.2H2O, can be used as a thermal energy storage system for air conditioning systems. Due to its high latent heat, this substance can lower the compressor's energy requirements. Additionally, using salt hydrates seemed to have no tangible effect on the rise in pump electricity usage. This material has great potential for development because it can reduce the energy consumption of the air conditioning system and is available in a wide variety of materials at affordable prices. Furthermore, the growing utilization of calcium chloride as a refrigerant boosts the global market growth.

However, the high initial investment cost necessary for secondary refrigerants may limit the growth of the secondary refrigerants market.

COVID-19 Impact Analysis

During COVID-19, the market for secondary refrigerants witnessed a negative impact on the demand for coolants and other chemical fluids. Due to the pandemic, the chemical business has been witnessing major impacts as the chemical industry plays a significant part in manufacturing innumerable products like plastic, packaging goods and others. With the widespread coronavirus, several production facilities have been halted and paused. With the stop in production firms, the manufacturer has witnessed a steep decline in the growth of the product market.

Segment Analysis

The global secondary refrigerants market is segmented based on type, application, end-user and region.

The ability to offer superior freeze protection for closed-loop refrigeration systems, the demand for secondary refrigerant witnessed a growth during the forecast period

Due to its superior ability to provide freeze protection for closed-loop refrigeration systems and water-based heating, ventilation, air conditioning (HVAC) and cooling systems, which makes it a desirable choice in the market, the glycol segment is accounting for the highest share of the global secondary refrigerants market. It is anticipated to dominate the secondary refrigerants market during the forecast period.

Geographical Analysis

The global secondary refrigerants market is segmented based on type, application, end-user and region.

Government support and environmental legislation initiatives in Europe to reduce use of HFC gases contribute to the market growth in the European market

Europe captures the largest market share in the global secondary refrigerants market and is expected to dominate during the forecast period. Government support and environmental legislation initiatives in Europe to reduce Use of HFC gases contribute to revenue growth in the European market.

These initiatives encourage consumers to switch from primary refrigerants to protect the environment, which is driving up demand for these refrigerants in the region at a significant rate. In addition, growing demand for secondary refrigerants from a variety of end-use industries, including food processing, chemical and pharmaceutical, dairy and ice cream processing, among others, is fueling the expansion of the secondary refrigerant market

Competitive Landscape

Manufacturers are making several strategic decisions in the global secondary refrigerants market to develop effective technologies and increase production rates to meet market demand. The primary focus areas include product launches, collaborations, strategic mergers and acquisitions. The key players in the market are The Linde Group, A-Gas International, The Dow Chemical Company, Eastman Chemical Company, Clariant AG, Tazzetti S.P.A., Arteco Coolants, Temper Technology Ab, Srs Frigadon and Hydratech.

Arteco Coolants

Overview: For use in automotive and industrial applications, Arteco develops and produces high-quality antifreeze coolants and heat transfer fluids. We provide innovative, cost-effective and efficient aqueous solutions to optimize thermal heat transfer and protect your cooling system from corrosion. Arteco's product offering includes e-mobility, heat transfer fluids, engine coolants and engine test fluids. For developing coolants that meet the strict requirements of most Original Equipment Manufacturers (OEMs) for first fill and service applications, Arteco is renowned for its close collaboration with OEMs. The company's primary goal is to supply customers with innovative, high-quality goods and services that meet their requirements while adding value. The company has a global presence in Russia, China, Japan and India and with headquartered in Belgium.

Product Portfolio:

Freezium: Freezium is a dynamic heat transfer medium that works well with secondary refrigerants. Low viscosity, high thermal conductivity, engineer-friendly specifications, biodegradability and non-hazardousness are some of its main benefits. An inhibitor package is available in Freezium -60°C to ensure corrosion protection at high and low temperatures. Standard and targeted corrosion testing is used to illustrate anti-corrosion performance.

Key Development: On September 30, 2021, Freecor EV Micro 10 was launched by Arteco, a new coolant developed solely to meet the demands of electrified propulsion using hydrogen fuel cells. In addition to being designed to cool a fuel cell stack of a vehicle effectively, this new low-conductive coolant also extends the lifespan of the coolant and the ion exchanger. Along with hybrid power systems, batteries and alternative fuels, fuel cell engines are one of the options for alternative propulsion.

Why Purchase the Report?

• To visualize the global secondary refrigerants market segmentation based on type, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global secondary refrigerants market by analyzing trends and co-development.
• Excel data sheet with numerous data points of secondary refrigerants market-level with two segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players.

The global secondary refrigerants market report would provide approximately 61 tables and 63 figures and 230 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies