Global Secondary Refrigerants Market Size Anticipated to Observe Growth at a Steady Rate of 6.34% for the Study Period 2022-2029
Secondary refrigerants are basically the fluids that are utilized to transfer heat from the substance which is being cooled. Generally, they are non-toxic and incombustible and are safer to use and help lower environmentally-harmful primary refrigerants. They do not undergo any phase change like secondary refrigerants. Moreover, they are very useful in minimizing pressure losses in vapor compression cycle, thereby increasing efficiency and are widely used in various end use industries such as oil and gas, food and beverages, pharmaceuticals, chemical, plastics, others.
The factors such as rapid industrialization, growing demand for reduction in primary refrigerants charge, low environmental impact and phasing out OF CFCS, HCFCS, and HFCS refrigerants are the root cause fueling up the market growth rate within the above mentioned forecast period. The factors expected to cushion the growth of the secondary refrigerants market in the forecast period are the development of water-based and bio-based heat transfer fluids and low environmental impact, which will further carve the way for the growth of market in the forecast period of 2022 to 2029. In addition to this, the increasing manufacturing sector and the beneficial applications of secondary refrigerants include concentrated solar power and heating, ventilating and air-conditioning (HVAC) systems are expected to increase the demand for secondary refrigerants which are further expected to cushion the overall markets growth. On the other hand, the high investment cost is expected to impede the growth of the secondary refrigerants market. Additionally, some of the safety issues associated with the secondary refrigerants are also projected to hamper market’s overall growth within the above mentioned forecast period.
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