Maintaining the desired liquid levels in a refrigeration plant is a very essential part of scrutiny and maintenance of the system. Proper liquid levels help to maintain optimum performance and reduce the energy consumption. Secondary refrigerant is a fluid that is used to transfer heat from the substance that is being cooled by heat exchanger. After being cooled, this liquid is transferred from a series of pipes to the cooling load location and is then returned to repeat the entire process. This process includes pump, condenser, compressor and chiller (heat exchanger). Secondary refrigerants are also known as heat transfer fluids. The major factors that needs to be given special attention while selecting the secondary refrigerant for the particular application are toxicity, flammability, corrosion and cost. The secondary refrigerants must be environmental friendly and should not cause any problem to the material. 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. Revenue generated from sales of secondary refrigerants is expected to increase at a moderate CAGR over the forecast period.
Secondary Refrigerants Market Dynamics
The growing industrialization across the globe is expected to drive the demand for secondary refrigerants over the forecast period. The increasing manufacturing sector is expected to increase the demand for secondary refrigerants, which in turn is expected to drive the global secondary refrigerants market over the forecast period. The oil & gas industry is expected to witness substantial growth in the near future, will be another driving factor for secondary refrigerant market. The chemical and pharmaceutical plants use these fluids to maintain the temperature of furnace and equipment in the process. These are also used as heat recovery fluids and coolant in these industries. The growth in these industries is expected to drive the market for secondary refrigerant. Development of water-based and bio-based heat transfer fluids is also anticipated to positively affect the growth of secondary refrigerant market.
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Secondary Refrigerants Market Segmentation
Secondary refrigerants market can be segmented on the basis of types as aqueous solutions and non-aqueous solutions. Secondary refrigerant market can be segmented on the basis of product such as mineral oils, silicone and aromatics, glycol-based fluids and others. On the basis of end-use industry it can segmented as oil & gas, food and beverages, pharmaceuticals, chemical, plastics and others. The global secondary refrigerants market can also be segmented on the basis of regions as North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, and Middle East and Africa.
Secondary Refrigerants Market: Regional Outlook
Globally, Europe is expected to dominate the secondary refrigerant market due to the development in solar plants which is mainly attributed to increasing energy requirements. This energy is further consumed in major industries which is expected to drive the industry penetration in Europe. However, Europe is expected to lose some share due to the high growth of Asia-Pacific over the forecast period. Developments in renewable energy sector is also expected to drive the demand for secondary refrigerants in Japan and China. North America is anticipated to witness stable growth due to sluggish growth in end-use industries. Revenue generated from sales of secondary refrigerants in Middle East and Africa is also projected to increase at a high CAGR over the forecast period.
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Secondary Refrigerants Market: Major Players
Some of the key players identified in the global secondary refrigerants market are
- The Dow Chemical Company,
- Exxon Mobil Corporation,
- Royal Dutch Shell PLC,
- Eastman Chemical Company,
- BP PLC,
- BASF SE,
- Chevron Corporation
- Huntsman Corporation.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology and applications.