The secondary refrigerants market is likely to create robust growth opportunities owing to the rising demand for cooling systems across the globe during the assessment period of 2021-2031. Secondary refrigerants are used in air conditioning systems due to their ability to transfer energy from one place to another. The rising demand for natural refrigerants owing to the environmental concerns regarding emissions may open new growth avenues for the secondary refrigerants market. The advantages offered by the secondary refrigerants such as minimum loss of pressure, expanding efficacy, and increase in thermal loads may prove to be game-changer for the growth of the secondary refrigerants market.
The secondary refrigerants market can be segmented into carbon dioxide, salt brines, glycols, and others. By application, the market can be segmented into industrial, commercial, heat pumps, air conditioning, and others. The industrial refrigeration segment is likely to show significant growth due to the rising adoption of green refrigeration to reduce carbon footprints.
The team of analyst at TMR have designed this report by throwing light on the various factors that promote market growth. The current trends, development, opportunities, competitive landscape are taken into consideration while preparing the exhaustive report. This report helps the shareholders to understand the investment pockets and make proper decisions. The effect of the COVID-19 pandemic is also included in this report.
The secondary refrigerants market consists of key players who are indulging in rigorous R&D activities to innovate new technologies to influence the growth of the secondary refrigerants market. The key players are formulating new strategies to maintain their market presence. The new launches with added features may augur the growth of the secondary refrigerants market.
Some key players operating in the secondary refrigerants market are Dynalene, Hydratech, SRS Frigadon, Artico Coolants, Clariant AG, The Dow Chemical Company, and The Linde Group.
Rapid industrialization has led to the growth of numerous industries which has augmented the need for secondary refrigerants in the industrial segment. The increasing demand for secondary refrigerants in industrial sectors is likely to open new growth avenues for the secondary refrigerants market. The HCFC and HFC refrigerants may influence the market due to their high efficacy. The promotional activities by the manufacturers are likely to bring enormous growth to the secondary refrigerants market.
The rising influence of renewable energy generation may help in increasing the growth prospects of the secondary refrigerants market. Many countries are implementing various initiatives and schemes regarding renewable energy generation. This aspect may prove to be a boon for the growth of the secondary refrigerants market.
Secondary refrigerants are also used as coolants in various industries. Furthermore, the development of bio-based and water-based heat transfer fluids may have a positive impact on the growth of the secondary refrigerants market. The chemical and pharmaceutical plants use secondary refrigerants for maintaining the temperature of the furnace. The growth in the oil and gas industry is likely to create new avenues for the growth of the secondary refrigerants market.
On the basis of regions, the secondary refrigerants market is classified into Asia Pacific, North America, Europe, Latin America, the Middle East and Africa.
Europe is anticipated to be the front runner in the global secondary refrigerants market owing to the rising setups of solar plants due to increasing energy requirements. Asia Pacific is likely to grow at a steady pace owing to the steadily growing end-use industries in this region. The Middle East and Africa may show significant growth due to the development of oil and gas industries in this region.
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