Press release
Secondary Refrigerants Market Projected to Garner Significant Revenues by 2026
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.
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 and Huntsman Corporation.
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