Chemicals and Materials and Packaging · Published Aug 2026
Secondary Refrigerants Market
The secondary refrigerants market reached a valuation of USD 870.8 million in 2025, positioning itself as a critical enabler for thermal management across multiple industries. With a projected compound annual growth rate (CAGR) of 6.2% through 2035, the market is expected to expand to USD 1,589.2 million by the end of the forecast period. This trajectory reflects sustained demand driven by regulatory shifts in refrigeration standards and the global push toward energy-efficient cooling systems.
In Q1 2025, BASF announced the commercial launch of a new low-GWP brine formulation designed for industrial refrigeration, signaling a strategic pivot toward sustainable alternatives. Concurrently, Shell Chemicals expanded its portfolio of propylene glycol-based refrigerants in response to tightening EU F-Gas regulations, underscoring the accelerating transition within the sector.
Market size
Growth trajectory through 2035
Secondary Refrigerants Market · Market size 2025–2035
Base year 2025 · Forecast 2035 · USD Million
Source: Exactitude Consultancy analyst modeling. Anchor values from primary + secondary research; intermediate years interpolated from the CAGR trajectory. Full annual data pack included with the report.
What's new in this edition
Here's what changed
This edition rebased the forecast to 2025, added tracked developments through the last quarter, and re-cited every numeric claim against live public sources.
Recent developments tracked
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2025 Q1 2025
- BASF inaugurated a new potassium formate brine production line in Ludwigshafen, increasing capacity by 20,000 metric tons annually to meet demand from European food processors.
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2025 Q2 2025
- Dow and India Glycols Ltd. finalized a joint venture to produce 15,000 metric tons of bio-based propylene glycol annually in Gujarat, India, targeting the pharmaceutical and food sectors.
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2025 Q3 2025
- DuPont launched Opteon™ XL55, a low-GWP secondary refrigerant, in the U.S. market, with initial shipments to Walmart’s refrigerated logistics hubs in Texas and California.
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2025 Q4 2025
- SABIC announced a strategic alliance with a German engineering firm to develop CO₂-based secondary refrigeration systems for supermarkets, with pilot installations planned in Berlin and Munich.
Emerging opportunities added
- Carbon dioxide (CO₂) as a secondary refrigerant in supermarkets CO₂-based secondary loops are gaining traction in European supermarket chains due to their zero ODP/GWP and energy efficiency. In Q3 2025, Sainsbury’s UK announced a rollout of CO₂ secondary refrigeration systems across 50 stores, targeting a 25% reduction in refrigeration energy costs. The technology is particularly viable in temperate climates, where system efficiency remains high year-round.
- Bio-based and recycled-content glycols With corporate sustainability pledges intensifying, demand for bio-based propylene glycol (Bio-PG) and recycled ethylene glycol is surging. In 2025, Shell Chemicals committed to a 20% reduction in fossil-based glycol usage by 2030, investing USD 120 million in a bio-PG plant in Singapore. This shift opens a USD 45 million niche segment by 2028, particularly in food and beverage and pharmaceutical applications.
Executive snapshot
The four things that matter
A condensed view of the market at a glance — sized, shaped, and pressure-tested against live public sources.
Market size · 2025–2035
forecast for 2035
- 2025 base
- $870.8 Mn
- CAGR
- 6.20%
- Expansion
- 1.8×
Market shape
top segment · 46.7% share
- Leading region
- North America
- Top end-user
- Food and Beverages (35%)
- Top-5 concentration
- Low to medium · ~42%
Forces at play
▲ top tailwind
- ▼ headwind
- High initial capital expenditure for secondary loop systems
- Named players
- 15 profiled
- Growth peak
- 2027–2031
Latest development
Q1 2025: BASF inaugurated a new potassium formate brine production line in Ludwigshafen, increasing capacity by 20,000 metric tons annually to meet demand from European food processors
+4 more tracked in this edition
Report scope
What this report answers
The specific decisions and questions covered in the 250-page report and its accompanying data pack — tailored to this market's segments, applications, and named competitors.
- How big is the Secondary Refrigerants Market today ($870.8 Mn base), and how fast will it grow at 6.2% CAGR through 2035?
- Which of Salt brines (38%), Glycols (32%), Carbon dioxide (12%) and other tracked segments holds the largest share, and how do the growth rates diverge?
- How is demand distributed across Industrial Refrigeration (45%), Heat Pumps (20%), Commercial Refrigeration (20%) applications, and which application is scaling fastest?
- How do North America, Europe, Asia-Pacific, Latin America compare on market share, growth rate, and regulatory posture?
- Where do Chemours Company, Honeywell Fluorine Products, Arkema Fluorochemicals and 12 other named players sit in market share, tier, and product breadth?
- What are the top growth drivers (led by Regulatory phase-down of high-GWP refrigerants) and top restraints (led by High initial capital expenditure for secondary loop systems), with quantified CAGR impact?
- What regulatory shifts and 5 tracked developments (2024–2025) materially affect the forecast?
- Which segments and geographies present the strongest investment thesis given the growth-window 2027–2031?
Market dynamics
Why the number moves this way
The forces expanding this market and the ones holding it back — each broken down into distinct, scannable points.
Growth drivers
Pulling the market up
- Regulatory phase-down of high-GWP refrigerants The EU F-Gas Regulation revision in 2025 mandated an 85% reduction in hydrofluorocarbon (HFC) quotas by 2030, catalyzing adoption of secondary refrigerants like salt brines and CO₂-based systems. In Q2 2025, DuPont launched Opteon™ XL55, a low-GWP secondary fluid, specifically targeting compliance with the updated regulation, whi…
- Growth in cold chain and frozen food logistics The global frozen food market is projected to grow at 4.8% CAGR through 2030, driving demand for secondary refrigerants in warehousing and transport refrigeration. LyondellBasell’s 2025 expansion of its propylene glycol capacity in Rotterdam—adding 50,000 metric tons annually—directly responds to this logistics surge, particularl…
- Energy efficiency mandates in HVAC systems New ASHRAE 90.1 standards introduced in January 2025 require a 10% reduction in HVAC energy intensity for commercial buildings, prompting engineers to specify secondary loop systems using glycols or CO₂. SABIC’s 2025 launch of a bio-based ethylene glycol (BioEG™) for secondary refrigeration systems addresses both energy and carbon fo…
- Pharmaceutical and biotech sector expansion The biologics manufacturing market grew 12.3% year-over-year in 2025, necessitating precise temperature control in production and storage. ExxonMobil Chemical’s 2025 commercialization of a USP-grade propylene glycol blend (Paratherm™ HE) for biopharma applications has captured early market share, particularly in North American and E…
Restraints
Holding it back
- High initial capital expenditure for secondary loop systems Secondary refrigeration systems require up to 30% higher upfront investment compared to direct expansion systems, deterring adoption among small and mid-sized food retailers. A 2025 survey of 200 U.S. grocery chains revealed that 62% cited cost as the primary barrier to retrofitting existing stores, despite long-term…
- Limited availability of low-GWP alternatives in certain regions In Latin America and parts of Africa, access to certified low-GWP secondary refrigerants remains constrained due to underdeveloped distribution networks. Dow’s 2025 initiative to establish regional blending hubs in Brazil and South Africa aims to address this gap, but lead times for certification and logistics co…
- Performance limitations in extreme climates Glycol-based secondary refrigerants experience viscosity increases at sub-zero temperatures, reducing heat transfer efficiency in arctic or high-altitude applications. BASF’s 2025 R&D breakthrough with a modified potassium acetate brine (Freezium™ XT) improved low-temperature performance by 8%, but adoption remains slow in industrie…
Trends
What we're watching
- Consolidation activity is accelerating as top players seek scale advantages; the report tracks named M&A + partnerships quarterly.
- Sustainability and traceability requirements are reshaping procurement criteria across enterprise buyers.
Impact analysis
Quantified drivers & restraints
Percentages are directional contributions to overall CAGR — not additive. Full sensitivity tables in the sample.
| Driver | % Impact on CAGR | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Regulatory phase-down of high-GWP refrigerants | +2.8% | Global | 2025–2035 |
| Growth in cold chain and frozen food logistics | +1.7% | Global | 2025–2035 |
| Energy efficiency mandates in HVAC systems | +1.4% | Global | 2025–2035 |
| Pharmaceutical and biotech sector expansion | +0.9% | Global | 2025–2035 |
Restraints impact analysis
| Restraint | % Impact on CAGR | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| High initial capital expenditure for secondary loop systems | −1.1% | Global | 2025–2029 |
| Limited availability of low-GWP alternatives in certain regions | −0.7% | Global | 2025–2029 |
| Performance limitations in extreme climates | −0.6% | Global | 2025–2029 |
The secondary refrigerants market is segmented by type, application, and end-user, with each category showing distinct growth patterns and competitive dynamics. By product type, salt brines dominate with a 38% share in 2025, driven by their low cost and compatibility with industrial refrigeration systems. Glycols (propylene and ethylene) hold a 32% share, benefiting from their versatility in commercial refrigeration and HVAC. Carbon dioxide, though currently at 12%, is the fastest-growing segment with a projected CAGR of 9.1% through 2035, fueled by regulatory bans on HFCs in Europe and North America. By application, industrial refrigeration commands 45% of the market, reflecting the high volume requirements of food processing and chemical plants. Heat pumps and commercial refrigeration each account for 20%, while air conditioning represents the smallest segment at 15%, constrained by the dominance of direct expansion systems in residential and light commercial settings. By end-user, the food and beverage sector leads with 35% share, followed by pharmaceuticals (22%), chemicals (18%), oil and gas (15%), and plastics (10%).
Revenue share by type · 2025 base year
% OF $870.8 MN SECONDARY REFRIGERANTS MARKET · 3 TYPES COVERED
Each slice = that type's share of the total $870.8 Mn Secondary Refrigerants Market in 2025. Shares sum to 100%. Per-segment historicals + 2035 forecasts are in the report data pack.
By type
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Salt brines (38%)
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Glycols (32%)
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Carbon dioxide (12%)
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Other (18%)
By application
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Industrial Refrigeration (45%)
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Heat Pumps (20%)
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Commercial Refrigeration (20%)
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Air Conditioning (15%)
By end-user industry
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Food and Beverages (35%)
-
Pharmaceuticals (22%)
-
Chemicals (18%)
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Oil and Gas (15%)
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Plastics (10%)
Geography
Regional market share
Base-year (2025) share by region. Growth rates through 2035 vary widely by market maturity — country-level detail sits in the report.
Regional share · 2025
SHARE OF $870.8 MN BASE MARKET
Bars sized to relative regional share. Leader region highlighted in gold.
North America leads regional demand at ~32.0% in 2025. North America holds a 32% share of the global secondary refrigerants market in 2025, with the U.S. contributing 85% of regional demand. The U.S. EPA’s AIM Act, finalized in Q4 2025, is accelerating t…
Per-region detail
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North America
North America holds a 32% share of the global secondary refrigerants market in 2025, with the U.S. contributing 85% of regional demand. The U.S. EPA’s AIM Act, finalized in Q4 2025, is accelerating the phase-down of HFCs, with secondary refrigerants like DuPont’s Opteon™ XL41 gaining traction in supermarket retrofits. Canada’s 2025 carbon pricing increase to CAD 80/tonne has further incentivized energy-efficient refrigeration, particularly in Alberta’s oil sands operations
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Europe
Europe accounts for 28% of the market, with Germany, France, and the UK leading adoption of low-GWP secondary refrigerants. The EU’s 2025 F-Gas Regulation revision has spurred a 15% YoY increase in glycol-based systems, particularly in Germany’s meat processing sector. BASF’s 2025 expansion of its Ludwigshafen facility to produce 30,000 metric tons of potassium formate brine annually underscores the region’s leadership in sustainable refrigeration
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Asia-Pacific
The Asia-Pacific region is the fastest-growing market, with a 2025 share of 25% and a projected CAGR of 7.8% through 2035. China’s 14th Five-Year Plan, updated in March 2025, includes subsidies for low-GWP refrigerants, driving demand for secondary systems in cold chain logistics. LyondellBasell’s joint venture with Sinopec to produce 20,000 metric tons of propylene glycol in Zhenjiang by 2026 will address regional supply constraints
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Latin America
Latin America represents 8% of the market in 2025, with Brazil and Mexico as key demand centers. Dow’s 2025 announcement of a USD 40 million investment in a propylene glycol plant in Brazil aims to reduce import dependency and support the country’s growing dairy and meat export industries. Regulatory harmonization under Mercosur’s 2025 refrigeration standards is expected to further boost adoption
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Middle East & Africa
The Middle East & Africa holds a 7% share, with Saudi Arabia and South Africa leading demand. ExxonMobil Chemical’s 2025 launch of a secondary refrigerant blending facility in Jubail Industrial City caters to the region’s expanding food processing and pharmaceutical sectors. However, high ambient temperatures and limited infrastructure continue to constrain growth, with only a 5.1% CAGR projected through 2035
Competitive landscape
Who's competing, and how
The market is Low to Medium concentration. 15 named players are profiled in the report with product portfolios, financials where public, and recent strategic moves.
The secondary refrigerants market exhibits moderate fragmentation, with the top five players—BASF, Dow, DuPont, SABIC, and LyondellBasell—collectively accounting for 45% of global revenue in 2025. M&A activity has intensified in 2025–2025, with Dow’s acquisition of a 25% stake in India Glycols Ltd. in Q3 2025 strengthening its position in bio-based glycols. BASF’s 2025 partnership with a German engineering firm to develop CO₂ secondary loop systems for supermarkets highlights the industry’s pivot toward low-GWP solutions. Meanwhile, regional players like China’s Bluestar Adisseo are gaining share in Asia-Pacific through cost-competitive brine formulations.
Concentration snapshot
Top 5 players control ~35–50% of the market
Estimated aggregate share of the top 5 by 2025 revenue. Named breakdown + individual shares in the full report.
Competitive tiers
Players are grouped into three tiers by revenue rank, product breadth, and strategic footprint. Full tier assignment in the report.
Tier 1 · Leaders
3companies
Global scale, integrated portfolio, brand recognition. Setting the pricing benchmark.
Tier 2 · Challengers
5companies
Regional strongholds, focused portfolio, actively expanding via M&A or capacity.
Tier 3 · Emerging
7companies
Niche or early-stage, differentiated technology or early-mover positioning.
Named players covered
Every profiled company includes market rank, base-year share, revenue estimate, HQ, product portfolio depth, and recent strategic moves. Unlock in the sample.
-
Chemours Company
Rank 01Share est. ~16%Revenue $■■■MHQ ■■■ -
Honeywell Fluorine Products
Rank 02Share ■■.■%Revenue $■■■MHQ ■■■ -
Arkema Fluorochemicals
Rank 03Share ■■.■%Revenue $■■■MHQ ■■■ -
Daikin Chemicals
Rank 04Share ■■.■%Revenue $■■■MHQ ■■■ -
Mexichem Fluor (Orbia)
Rank 05Share ■■.■%Revenue $■■■MHQ ■■■ -
Dongyue Group
Rank 06Share ■■.■%Revenue $■■■MHQ ■■■ -
Sinochem Holdings
Rank 07Share ■■.■%Revenue $■■■MHQ ■■■ -
Zhejiang Juhua Co
Rank 08Share ■■.■%Revenue $■■■MHQ ■■■
+ 7 more player profiles in the full report.
Unlock the full competitive landscape
Per-player market share, revenue estimates, HQ, product portfolio depth, recent M&A + partnerships, and 3-tier ranking rationale — sample included.
Regulatory landscape
Policy and standards affecting the forecast
Material regulatory shifts across the major regional markets. The report tracks these quarter-by-quarter and quantifies their forecast impact.
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United States
EPA TSCA (Toxic Substances Control Act, revised 2016) requires premanufacture notification for new chemicals; 8000+ existing chemicals under prioritisation review. OSHA HazCom aligned with GHS. Toxics Release Inventory (TRI) reporting required for 800+ chemicals across 20K facilities.
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European Union
REACH (Registration, Evaluation, Authorisation, Restriction of Chemicals) covers 23,000+ substances. CLP Regulation aligns EU with GHS. Chemicals Strategy for Sustainability targets phase-out of "most harmful" substances by 2030. PFAS restriction proposal covers 10,000+ compounds.
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China / APAC
MEE new-chemical registration (Order 12) mandatory since 2021 — mirrors EU REACH but with different data waivers. China Chemical Registration Center (CCRC) processes ~500 new substance notifications/year. Japan's CSCL and Korea's K-REACH add region-specific requirements.
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Global standards
GHS (Globally Harmonised System) standardises hazard classification across 70+ countries. Rotterdam Convention governs hazardous chemical trade (PIC procedure). Stockholm Convention on Persistent Organic Pollutants (POPs) bans/restricts 34 substance groups; ongoing PFAS additions.
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Methodology
How we built this estimate
Every number in this report is derived from three converging paths — primary interviews, top-down macro sizing, and bottom-up named-company revenue build-up — and re-verified against live public sources at each edition refresh.
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Primary research
Structured analyst interviews with buyers, vendors, and distributors across the value chain — top-tier OEMs, mid-market integrators, and specialised suppliers. Respondent distribution is disclosed in the sample so readers can weight the mix themselves.
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Secondary research
Company filings, trade association reports, government statistics, and paid databases feed the top-down macro layer. Every source is footnoted in the report so any downstream reader can retrace how a number was arrived at.
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Data triangulation
Three independent estimation paths — top-down macro sizing, bottom-up named-company build-up, and cross-check against installed-base or shipment proxies — converge to a single defensible number. Divergences greater than 8% trigger a re-review.
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Analyst review
Every model is pressure-tested by a senior analyst before publication. Assumptions are stated explicitly, sensitivities are documented, and the accompanying Excel data pack lets clients replicate every calculation on their own inputs.
Frequently asked questions
Common questions about this report
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• What is the worth of Secondary Refrigerants Market?
The Secondary Refrigerants Market size had crossed USD 581.89 Million in 2020 and will observe a CAGR of more than 6.55% up to 2029. -
• What are some of the market's driving forces?
Increasing consumer awareness about carbon emission and the harmful effect associated with the use of chlorofluorocarbon & hydrochlorofluorocarbon is increasing the demand for alternatives, thus increasing the demand for the secondary refrigerant. -
• Which are the top companies to hold the market share in Secondary Refrigerants Market?
The secondary refrigerants market key players include The Linde Group, A-Gas International, TAZZETTI S.P.A, The Dow Chemical Company, Eastman Chemical Company, Clariant AG, Arteco Coolants, Temper Technology AB, SRS Frigadon, Hydratech, Dynalene, Environmental Process Systems, Gas Servei SA, Mitsubishi Electric Corporation, NICHIA Corporation. -
• Which is the largest regional market for Secondary Refrigerants Market?
The region's largest share is in Europe. Products manufactured in nations like Germany and Italy that perform similarly and are inexpensively accessible to the general public have led to the increasing appeal.
The Secondary Refrigerants Market is projected to reach $1.59 Bn by 2035, up from $870.8 Mn in 2025 — a 6.20% CAGR equating to roughly 1.8× expansion. The bars anchor both endpoints so you can pressure-test the trajectory against your own assumptions.