New Product Launches to Expand their Regional Presence and Enhance their Product Offerings in the Secondary Refrigerants Market
The secondary refrigerants market is estimated to be USD 499.7 Million in 2017 and is projected to reach USD 710.7 Million by 2022, at a CAGR of 7.3% between 2017 and 2022. Low impact of secondary refrigerants on the environment and the rising demand for reduction in primary refrigerant charge are the major factors driving the secondary refrigerants market. The rising demand for low global warming potential (GWP) refrigerants, such as hydrofluoroolefin (HFO), carbon dioxide (CO2), ammonia (NH3), and hydrocarbons in refrigeration systems are fueling the growth of the secondary refrigerants market.
Players in the secondary refrigerants market are mainly concentrating on new product launches, expansions, and distribution agreements to meet the growing demand for secondary refrigerants for various applications. Expansions help companies cater to the need for secondary refrigerants in regions such as Europe and APAC, while new product launches help companies to meet specific demands of its customers.
The growth of the secondary refrigerants market has been largely influenced by expansions and new product launches that have taken place between 2012 and 2017. Companies such as A-Gas International (UK), The Dow Chemical Company (US), and Clariant AG (Switzerland) have adopted strategies of expansions and new product launches to expand their regional presence and enhance their product offerings.
Dow is among the leading manufacturers of secondary refrigerants. The company earns steady revenue through its chemical product range and is expanding its operating segments globally. The company is focusing on providing innovative and advanced solutions to its customers by launching new products. For example, the company introduced two new glycol-based heat transfer fluids, DOWCAL eGEO and DOWCAL pGEO in Europe in November 2015. These products are formulated especially for the geothermal application. This has helped in strengthening the product portfolio of the company. The development of new technology, along with a wide market penetration provides the company a competitive advantage over other players in the market. The company has a large number of registered patents, owing to its extensive R&D efforts. The R&D activities make the company a strong competitor in terms of offering innovative products and solutions to its customers.
Clariant AG is among the leading manufacturers of secondary refrigerants. The company focuses on providing innovative and advanced solutions to its customers by launching new products. For example, Clariant AG launched glycol-based secondary refrigerants in June 2016, namely, Antifrogen and Protectogen ranges of heat transfer products. These heat transfer fluids are used in solar thermal systems and geothermal applications.
Related Reports:
Secondary Refrigerants Market by Type (Glycols, Salt Brines, Carbon Dioxide), Application (Commercial Refrigeration, Industrial Refrigeration, Heat Pumps, Air Conditioning), and Region (North America, Europe, APAC, MEA) - Global Forecast to 2022
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