SECONDARY REFRIGERANTS MARKET TO REACH USD 903.8 MILLION BY 2027 | CAGR 5.8% – FORENCIS RESEARCH

Secondary Refrigerants MarketΒ - Global Industry Analysis and Forecast 2020 to 2027

Global Secondary Refrigerants Market: Key Highlights

  • According to the new market research report Secondary Refrigerants Market by Type (Glycol, Salt Brine, Carbon Dioxide), by Application (Oil & Gas, Food & Beverages, Pharmaceuticals, Chemical, Plastics), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) – Global Forecast (2020 to 2027)”, the global Secondary Refrigerants market is estimated to reach USD 903.8 m
  • illion by 2027 at a CAGR of around 5.8% during the review period.
  • Secondary refrigerants are usually liquids and are used to transfer heat from the substance being cooled to a heat exchanger where the heat is absorbed by a primary refrigerant
  • Secondary refrigerants are non-toxic and incombustible and are safer to use and help lower environmentally-harmful primary refrigerants thus is widely used in various end-use industries
  • Air conditioning and other high-temperature applications use chilled water while low-temperature applications use glycols, brines and oils as secondary refrigerants
  • Other applications of secondary refrigerants include concentrated solar power and heating, ventilating & air-conditioning (HVAC) systems

Secondary Refrigerants Market

Global Secondary Refrigerants Market: Key Market Dynamics

  • Secondary refrigerants are non-toxic and incombustible and are safer to use and help lower environmentally-harmful thus the demand for secondary refrigerants are increasing globally
  • Phasing out of CFCs, HCFCs, and HFCs is also driving the secondary refrigerant market
  • Inclination towards the use of natural refrigerants for cooling followed in the market
  • High capital investment remains a major threat to the secondary refrigerant market growth

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Global Secondary Refrigerants Market: Regional Overview

  • Europe

Europe is expected to dominate the global secondary refrigerant market in terms of both volume and value. Moreover, this region is expected to grow at a highest CAGR during the forecasted period. This growth can be attributed to the rapid adoption of more environment-friendly refrigerants and the need for reducing carbon emissions. Strong demand for secondary refrigerants from food processing, chemical and pharmaceutical, dairy and ice-cream processing, and supermarkets have also boosted the secondary refrigerant market into the Europe region.

Global Secondary Refrigerants Market: Key Players Overview

  • Linde Plc:

Linde Plc engages in the production and distribution of industrial gases, globally.. The company is formed by the merger of Linde AG of (Germany) and Praxair Technology, Inc. (US). Linde plc company operates under four business including industrial & medical gases, engineering, healthcare gases, and logistics. The industrial gases offer atmospheric gases and process gases that include carbon dioxide, helium, electronic gases, ammonia and many others. Moreover, Linde design and builds equipment that produces industrial gases for internal use. Linde offers its products to a diverse group of industries including healthcare, petroleum refining, food, beverages carbonation, fibre-optics, steel making, aerospace, chemical, electronics, and water treatment. The company serves its customers in more than 100 countries globally. In October 2018, Linde AG (Germany) merged with the Praxair Technology, Inc., (US) one of the leading industrial gas company in North and South America. Under this merger, both companies’ combined their industrial gasses business segments and formed a new holding company namely Linde plc located in Ireland.

  • Dow:

Dow is US-based one of the leading material science company that is a combination of science and technology to develop solutions. The company operates through three business segments namely performance materials & coatings, industrial intermediates & infrastructure and packaging & speciality plastics. Its products serve different applications, including coatings, home and personal care, durable goods, adhesives and sealants, and food and speciality packaging. Besides, the Company operates a global commercial and development network that features eight research and development (R&D) centres

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Rep Id : CM 0122

Published : 2020-07-29

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