Secondary Refrigerants Market Trends
The global secondary refrigerants market is poised for substantial growth, with an estimated value of USD 814.81 million in 2024. Projected to expand at a CAGR of 7.5% from 2025 to 2030, this industry trend is driven by a strong desire for energy-efficient cooling solutions and the growing need to reduce environmental impact. As governments implement regulations aimed at decreasing greenhouse gas emissions, companies are turning to sustainable cooling technologies to stay compliant. The increased adoption of eco-friendly refrigerants is also driving market expansion, as businesses seek out environmentally responsible alternatives to traditional options.
Drivers, Opportunities Restraints
The growing need for sustainable cooling solutions is a key driver behind the expansion of the secondary refrigerant market. Secondary refrigerants offer enhanced energy efficiency compared to traditional alternatives like chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs), which are being phased out due to their detrimental environmental impact. As industries such as data centers, healthcare facilities, and food and beverage processing increasingly adopt more efficient cooling systems, the demand for secondary refrigerants is anticipated to rise further in the coming years.
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Product Insights
The glycols segment remains the leading revenue contributor, boasting a significant 45.5% share in the market as of 2024. This dominance is anticipated to persist throughout the forecast period, driven by the increasing reliance on glycols for freeze protection in various industries, including closed-loop ventilation, refrigeration systems, air conditioning (HVAC), water-based heating, and cooling systems.
Carbon dioxide (CO2) is emerging as a highly desirable choice in the secondary refrigerant market due to its eco-friendly profile. This versatile substance excels at maintaining low temperatures while being non-toxic, making it an ideal solution for various applications such as food preservation and commercial refrigeration. Furthermore, CO2 boasts a significantly lower global warming potential compared to many traditional refrigerants, aligning with environmental regulations and promoting sustainability goals.
End-use Insights
Heat pumps were the leading market contributor in 2024, accounting for 16.2% of revenue share. As a primary application segment in the secondary refrigerant market, heat pumps excel at transferring heat between areas with the aid of a refrigerant, making them suitable for both heating and cooling purposes. This versatility makes them an attractive choice for residential and commercial settings alike.
Regional Insights
The North American secondary refrigerants market is witnessing significant growth, driven by an uptick in construction activities and a corresponding surge in demand for air conditioning solutions. As the region experiences an increase in population and urbanization, there is a growing need for efficient cooling systems, thus fueling the market's expansion.
U.S. Secondary Refrigerants Market Trends
The US secondary refrigerants market is bolstered by a robust industrial infrastructure and innovations in commercial and industrial cooling technologies. The increasing need for secondary refrigerants in the food beverage, commercial space, and industrial sectors drives market expansion.
Europe Secondary Refrigerants Market Trends
The European secondary refrigerant market is witnessing substantial expansion, poised to significantly augment its share during the forecast period. This surge can be attributed to stringent environmental regulations and supportive government-backed initiatives. Conversely, the Asia Pacific region is also anticipated to exhibit notable growth due to the emergence of renewable energy and a corresponding increase in demand for low-GWP and low-ODP refrigerants in line with regional government policies.
Latin America Secondary Refrigerants Market Trends
The secondary refrigerants market in Latin America is poised for significant growth, driven by the region's burgeoning industrial sector and the rising need for energy-efficient cooling solutions. The emphasis on environmentally responsible practices and supportive regulations for eco-friendly refrigerants underscores the region's commitment to sustainable development, positioning it as a key player in the global market.
Middle East Africa Secondary Refrigerants Market
The secondary refrigerants market in the Middle East and Africa region is gaining momentum as consumers increasingly seek energy-efficient cooling solutions to combat rising temperatures. The expansion of industrial and commercial sectors has also contributed to this growth, with a focus on sustainable practices driving demand for environmentally friendly alternatives. As a result, secondary refrigerants are being adopted across various applications, including HVAC systems and food processing, where their efficiency and sustainability are particularly valuable.
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Key Players in the Secondary Refrigerants Market
The following are the leading companies in the secondary refrigerants market. These companies collectively hold the largest market share and dictate industry trends.
- Dow
- BASF SE
- Evonik Industries
- Eastman Chemical Company
- Clariant
- The Lubrizol Corporation
- The Linde Group
- Temper Technology Ab
- A-Gas International
- Tazzetti S.P.A.
Recent Developments
In December 2024, Clariant commenced construction of a second production line at its Cangzhou facility in Hebei Province, China, to manufacture the multifunctional additive Nylostab S-EED. This expansion, in partnership with Beijing Tiangang Auxiliary Co., Ltd., aims to meet the increasing demand from China's nylon industry, particularly in the textiles, automotive, and packaging sectors. The first production line, operational since 2021, has reached full capacity and earned a strong reputation for quality. Nylostab S-EED enhances nylon products by improving color stability, heat resistance, and process efficiency.
In February 2022, Linde announced a long-term agreement with BASF to supply hydrogen and steam to BASF's new hexamethylenediamine (HMD) facility in Chalampé, France. As part of this agreement, Linde will design, build, own, and operate a second hydrogen production plant at the Chalampé chemical park, effectively doubling its existing capacity at the site. The new plant is expected to commence operations in the first half of 2024 and will also serve Linde's local merchant customers, addressing the growing demand for hydrogen in the region.
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