Secondary Refrigerants Market anticipated growing at a CAGR of 7.36% by 2023
Posted by rohan on October 22nd, 2019
The secondary refrigerant market is highly dependent on the demand of the end-user industries and is determined to progress at a CAGR of 7.36% to reach a total of US$ 773.29 million by the end of 2023. The retail chain based in Germany has taken the initiative to replace R404A with propane in its refrigerators in Ireland and the United Kingdom. This program aims to achieve its objective of eliminating carbon emissions in the United Kingdom and Ireland by 2019.
Market Drivers and Restraints:
The secondary refrigerant market depends mainly on the global need to reduce carbon dioxide emissions, which use internal fuels for the use of environmentally friendly glycols. This demand for safe refrigerants in developing countries leads to an increase in secondary refrigerants. Also, the comprehensive freeze protection provided by glycols supplies and activates the global secondary refrigerant market. However, there is a great deal of damage caused to the planet by chemical products, which means that companies do not produce with all their production capacity attributed to the regulations adopted by government agencies in various regions of the world.
To know more, click on the link below:
Report segmented as
Europe is a leader in the world market for secondary refrigerants both in terms of value and volume. The status of a large consumer base is the main reason for the region's dominance in the global market. However, the region only occupies second place in terms of growth rate. The Asia-Pacific region is projected to have the highest growth rate in the forecast period, mainly due to emerging economies such as India, Japan and China, which could endanger the world market in several aspects.
In addition, the regional advantages offered by the APAC, such as cheap labor and easy availability of resources, are other reasons for key market participants to invest in this area. This means that companies obtain higher profits since production costs are minimized.North America is the second in volume and value in the world market. Established companies that own the majority of the market share are located in central North America.
On the other hand, the regions of the Middle East and Africa and Latin America, which are in low-developed countries due to the contribution of low-GDP countries. As a result, the market in these areas is slowly growing in nature.
Important Market Players:
Secondary Refrigerants Market Key Players:A-Gas International (UK), Arteco Coolants (Belgium), Tazzetti SPA (Italy), Exxon Mobil Corporation (US), Hydratech (UK), Dynalene (US), Nisso Shoji Co. Ltd. (Japan), Climalife Groupe Dehon (France), Mitsubishi Chemical Holdings Corporation (Japan), Environmental Process Systems (UK), Hitachi Chemical Co. Ltd. (Japan), and Gas Servei SA (Spain).
View a sample and decide @ https://www.marketdataforecast.com/market-reports/secondary-refrigerants-market#request_sample
The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
For more information:
Sales Manager at Market Data Forecast
Like it? Share it!
About the Authorrohan
Joined: September 20th, 2017
Articles Posted: 1,346
More by this author