Market research, 07 March 2024
The growing demand for secondary refrigerants in the food industry is a driving factor for the market. The food industry is facing challenges in terms of production, storage, and retailing because of the growth in the processed food sector. Ensuring an uninterrupted cold chain system for perishable goods is another difficult task for the food industry. These factors increase the demand for natural and secondary refrigerants owing to its eco-friendly nature. Moreover, secondary refrigerants contain negligible GWP, which results in its high adoption among end-users, hence driving the market.
The development of water-based and bio-based heat transfer fluids is one of the key trends in the global secondary refrigerants market. Water-based and bio-based heat transfer fluids offer unique technical properties such as excellent thermal stability at high temperature and low viscosity at low temperature. Moreover, water-based and bio-based heat transfer fluids are also eco-friendly, leading to its high preference over conventional heat transfer fluids. These advantages of water-based and bio-based heat transfer fluids as secondary refrigerants are expected to augment market growth. Researchers forecast the secondary refrigerants market to grow at a CAGR of close to 8% during the forecast period.
The global secondary refrigerants market is highly concentrated with very few players occupying the majority of the market share. By offering a complete analysis of the market’s competitive landscape and with information on the products offered by the companies, these secondary refrigerants industry analysis report is designed to help clients identify and build new growth strategies.
The report offers a detailed analysis of several leading secondary refrigerants companies, including:
The commercial refrigeration segment held the largest secondary refrigerants market share in 2017. This segment will continue to dominate the market throughout the next five years.
EMEA accounted for the largest secondary refrigerants market share in 2017. This region will witness an increase in its market share and remain the market leader for the next five years.
