Vertical: CNMBase Year: 2025
Market Size (2025)
$173.91M
Projected (2032)
$232.16M
CAGR (2022–2032)
4.7%
Key Players
11+
Market Overview
The Global Secondary Refrigerant Market was valued at USD 173.91 Million in 2025 and is projected to reach USD 232.16 Million by 2032, growing at a CAGR of 4.13% during 2026–2032. Over the forecast horizon, the market is expected to add USD 58.25 Million in absolute value between 2025 and 2032. The market expanded from USD 146.72 Million in 2022 to USD 173.91 Million in 2025, supported by the adoption of indirect refrigeration systems as supermarkets, food processors and cold storage operators move away from high-GWP hydrofluorocarbons.
Secondary refrigerants are heat-transfer media such as glycol solutions, brines and carbon dioxide that carry cooling from a compact primary refrigeration plant to display cases, cold rooms, process equipment and air coolers. Their use allows operators to minimise the charge of the primary refrigerant and to deploy natural refrigerants such as ammonia, propane and CO2 safely, which makes them central to compliance with the Kigali Amendment, the EU F-gas Regulation and the U.S. AIM Act.
Key Findings
Product type: Glycols was the largest product type in 2025 with USD 95.65 Million (55.00% share), while Carbon Dioxide & Others is the fastest-growing at a CAGR of 5.85% over 2026–2032.
Application: Commercial Refrigeration was the largest application in 2025 with USD 78.26 Million (45.00% share) and is also the fastest-growing, at a CAGR of 4.81%.
Region: Europe was the leading region in 2025 with USD 69.56 Million (40.00% share), while Middle East & Africa is the fastest-growing region at a CAGR of 6.08%.
Country: China was the leading country in 2025 with USD 25.56 Million, narrowly ahead of the U.S. at USD 25.04 Million, while the UAE is the fastest-growing country at a CAGR of 7.02%, followed closely by India at 6.95%.
Segmentation Summary
By product type, Glycols remain the backbone of the market owing to their versatility, food-grade availability and installer familiarity, and are projected to reach USD 124.44 Million by 2032 at a CAGR of 3.75%. Brines & Salts, valued at USD 43.48 Million in 2025, grow at 3.49% as potassium formate and acetate fluids gain ground in low-temperature applications. Carbon Dioxide & Others, valued at USD 34.78 Million in 2025, is expected to reach USD 52.12 Million by 2032, increasing its share as pumped CO2 secondary systems spread.
By application, Commercial Refrigeration is expected to reach USD 109.35 Million by 2032, driven by supermarket refurbishments and HFC phase-down rules. Industrial Refrigeration, valued at USD 69.56 Million in 2025, grows at 3.60%, while Others, which includes HVAC, ice rinks and data centre cooling, grows at 3.42%.
By region, Europe leads due to stringent F-gas regulation, while Asia Pacific (USD 60.87 Million in 2025, 4.86% CAGR) adds the largest absolute increment through 2032. North America (USD 31.30 Million) grows at 3.54%, while Latin America (5.38%) and Middle East & Africa (6.08%) record the highest growth rates from smaller bases.
Competitive Landscape Summary
The market is moderately fragmented. Large, integrated chemical companies, namely Dow, BASF and Clariant, lead the glycol segment with globally recognised heat-transfer fluid brands backed by their own glycol production. Industrial gas majors Linde and Air Liquide anchor the supply of refrigerant-grade CO2 (R744). Specialist formulators, including Arteco, Climalife (Dehon Group), Dynalene, Hydratech, KRAHN Specialty Fluids and Kilfrost, compete through low-viscosity organic salt brines, bio-based glycols, food-grade certifications and fluid monitoring services. Since 2023, most leading suppliers have launched or qualified propylene glycol coolants for data centre liquid cooling, while the CO2 suppliers have invested in new liquefaction and biogenic CO2 capacity.
Challenges and Opportunities
The main challenges facing the market are the higher capital cost and energy penalty of indirect systems compared with direct-expansion alternatives, the corrosion, toxicity and maintenance requirements of some fluids, volatility in glycol feedstock prices and a shortage of technicians trained in high-pressure CO2 systems. Competition from transcritical CO2 direct-expansion systems and self-contained hydrocarbon cabinets also limits the use of secondary loops in some commercial applications.
Opportunities include bio-based propylene glycol and low-viscosity potassium formate and acetate fluids, cold-chain development in India, Southeast Asia, the Gulf states, Africa and Latin America, liquid cooling in data centres, and service-based models covering fluid monitoring, maintenance and recycling.
Future Outlook
The market is expected to grow steadily through 2032 as HFC phase-down schedules tighten, cold-chain investment continues and natural refrigerant systems become the norm in new supermarkets, cold stores and food plants. CO2 and other volatile secondary refrigerants will continue to gain share, Asia Pacific will narrow the gap with Europe, and emerging markets in the Middle East & Africa and Latin America will record the fastest growth. Suppliers that combine product innovation, food-grade and sustainability credentials, regional supply capabilities and technical service are best placed to capture the USD 58.25 Million of additional market value expected between 2025 and 2032.
The Secondary Refrigerant Market market is projected to grow at a CAGR of 4.7% from 2022 to 2032.
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View Subscription PlansDefinition
A secondary refrigerant, also referred to as a secondary coolant, secondary fluid or heat-transfer fluid, is a medium that transports heat from the space or product being cooled to the evaporator of a primary refrigeration system, without itself undergoing the full vapour-compression cycle. In an indirect (secondary loop) system, the primary refrigerant is confined to a compact refrigeration plant, while the secondary refrigerant is pumped through a distribution network of pipes, heat exchangers, air coolers, display cases or process equipment. Secondary refrigerants are either single-phase fluids that absorb heat as sensible heat (aqueous glycol solutions and salt brines) or volatile two-phase fluids that absorb heat by partial evaporation (principally carbon dioxide, R744).
The technical requirements for a secondary refrigerant include a low freezing point at the working concentration, low viscosity and high specific heat across the operating temperature range, chemical stability, low corrosivity with the inhibitor package used, low toxicity, non-flammability and, where relevant, suitability for incidental food contact.
Included in the scope of this study:
Glycol-based secondary coolants: inhibited and uninhibited propylene glycol and ethylene glycol solutions and formulated glycol heat-transfer fluids used in refrigeration and cooling loops
Brines and salt solutions: calcium chloride, sodium chloride and magnesium chloride brines, and organic salt solutions such as potassium formate and potassium acetate
Carbon dioxide (R744) used as a volatile secondary refrigerant in pumped-circulation loops, and other secondary media such as ice slurries, alcohol-based fluids and engineered heat-transfer liquids
Secondary refrigerants supplied for commercial refrigeration, industrial refrigeration and other applications, including HVAC, heat pump, thermal storage, ice rink and data centre cooling loops
Excluded from the scope of this study:
Primary refrigerants (HFCs, HFOs, hydrocarbons, ammonia and CO2) used within direct-expansion vapour-compression circuits
Automotive engine coolants and antifreeze, de-icing fluids and glycols used for non-cooling purposes
High-temperature thermal oils and heat-transfer fluids used for process heating and concentrated solar power
Refrigeration equipment, compressors, heat exchangers, pumps and installation or maintenance services
Scope of the Study
The study covers the Global Secondary Refrigerant Market by product type, application and region, with country-level analysis within each region. Market values are presented in USD Million for the historic years 2022, 2023 and 2024, the base year 2025 and the forecast period 2026–2032. Growth rates are expressed as the compound annual growth rate (CAGR) for 2026–2032.
Research Objectives
To estimate and forecast the size of the Global Secondary Refrigerant Market in value terms (USD Million) for 2022–2032
To analyse the market by product type (Glycols, Brines & Salts, Carbon Dioxide & Others) and identify the products gaining share as natural refrigerant systems spread
To analyse the market by application (Commercial Refrigeration, Industrial Refrigeration, Others) and assess demand from supermarkets, food processing, cold storage and other users
To assess the market across North America, Europe, Asia Pacific, Latin America and Middle East & Africa and their key countries
To evaluate the impact of HFC phase-down regulations, including the Kigali Amendment, the EU F-gas Regulation and the U.S. AIM Act, on the adoption of secondary loop systems
To identify the drivers, restraints, opportunities, trends and challenges shaping demand for secondary refrigerants
To examine the value chain, competitive forces, regulatory landscape and macro-environment of the market
To profile the leading suppliers of secondary refrigerants and analyse their products, recent developments and strategies
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View Subscription PlansOverview of the Research Process
The study followed a structured, multi-stage research process combining extensive secondary research, primary research with industry participants and quantitative modelling. The process began with defining the market and its segmentation, followed by the collection of data on secondary refrigerant consumption, installed refrigeration capacity, end-use activity and pricing. Market estimates were developed using both top-down and bottom-up approaches, validated through primary research and triangulated to arrive at the final market figures. Forecasts were then built on the base-year estimates using an analysis of demand drivers, regulatory timelines and macroeconomic indicators.
Stage 1 – Market definition and scoping: definition of secondary refrigerants, inclusion and exclusion criteria and segmentation framework
Stage 2 – Secondary research: collection of data from public and paid sources on supply, demand, regulation and competition
Stage 3 – Primary research: interviews with suppliers, distributors, equipment manufacturers, contractors and end users
Stage 4 – Market estimation: top-down and bottom-up sizing for the base year 2025 and the historic years 2022–2024
Stage 5 – Forecasting and validation: projection to 2032, data triangulation and final review
Secondary Research
Secondary research was used to build an understanding of the market structure, technology landscape, regulatory framework and competitive environment, and to obtain data points for market sizing. Sources relevant to the secondary refrigerant industry included:
Industry associations: refrigeration and air-conditioning associations, heat-transfer fluid and chemical industry bodies, cold-chain and warehousing associations, and natural refrigerant industry platforms
Government and regulatory bodies: the UNEP Ozone Secretariat and OzonAction, the U.S. Environmental Protection Agency, the European Commission and European Environment Agency, national environment and energy ministries, and customs and trade statistics agencies
Company filings: annual reports, investor presentations, sustainability reports, product data sheets and press releases of glycol producers, heat-transfer fluid formulators, industrial gas companies and refrigeration equipment manufacturers
Trade journals and technical literature: refrigeration and HVAC trade publications, conference proceedings of international refrigeration bodies, and technical papers on secondary loop system design and fluid properties
Paid databases: company and financial databases, trade databases, chemical price reporting services and construction and retail project databases
Primary Research
Primary research was conducted to validate secondary findings, fill data gaps and obtain qualitative insight into market trends. Interviews were conducted by telephone, video conference and e-mail with participants on both the supply and demand sides.
Supply side: product managers, sales and marketing executives and technical service specialists at glycol producers, heat-transfer fluid formulators, brine and organic salt suppliers, industrial gas companies and chemical distributors
Demand side: refrigeration engineers and procurement managers at supermarket chains, food and beverage processors, cold storage operators, data centre operators and facility management companies, as well as refrigeration contractors and equipment manufacturers
Objectives: to validate market size and segment splits, understand pricing and volume trends, assess the adoption of CO2 and secondary loop systems, identify competitive dynamics, and gather views on regulatory impact and future outlook
Market Size Estimation
Top-down approach: The overall market was estimated from data on the production and consumption of propylene glycol, ethylene glycol, calcium chloride, potassium formate and acetate, and refrigerant-grade CO2, together with the share of each product consumed in secondary refrigeration and cooling loops. The global total was then allocated to product types, applications, regions and countries using shares derived from secondary data and primary interviews.
Bottom-up approach: The market was also built up from the installed base and new installations of indirect refrigeration systems in supermarkets, cold stores, food and beverage plants, ice rinks, HVAC systems and data centres, multiplied by average fluid charge per system, top-up and replacement rates and average selling prices. Country-level estimates were aggregated to obtain regional and global totals.
Data triangulation: The results of the top-down and bottom-up approaches were compared and reconciled. Discrepancies were investigated through additional secondary research and follow-up interviews, and the final estimates were adjusted to ensure consistency across segments, regions and years.
Forecasting Methodology
The forecast for 2026–2032 was developed by projecting base-year values using a combination of trend analysis, driver-based modelling and expert judgement. The factors considered include:
HFC phase-down schedules and equipment bans under the Kigali Amendment, the EU F-gas Regulation, the U.S. AIM Act and national regulations
Investment in cold-chain logistics, food processing capacity and modern grocery retail by region
Replacement cycles of existing refrigeration systems and fluid top-up and replacement rates
Growth in liquid-cooled data centres, heat pumps and other emerging applications
Price trends of propylene, ethylene, glycols, salts and CO2, and their pass-through to secondary refrigerant prices
Macroeconomic indicators, including GDP growth, food consumption, urbanisation and construction activity
Each segment and country was forecast individually, and the results were consolidated and reconciled against the regional and global totals. Scenario analysis was used to test the sensitivity of the forecast to regulatory and economic assumptions.
Assumptions and Limitations
All values are expressed in nominal USD Million; values in other currencies were converted at average annual exchange rates for the respective year
The market is valued at the level of the secondary refrigerant fluid sold to end users, contractors and equipment manufacturers, excluding the value of equipment and services
Regulatory phase-down schedules and equipment bans are assumed to be implemented as currently enacted
No major disruption to petrochemical feedstock supply or global trade is assumed over the forecast period
Market estimates for countries grouped under 'Rest of' categories are based on regional allocation and carry a higher degree of uncertainty
Revenue figures cited for companies refer to total company or segment revenue and are not attributable solely to secondary refrigerants
Base Year
2025
Historical Period
2022 – 2024
Forecast Period
2026 – 2032
Primary Interviews
150+
Historical data (2022–2025) and forecast period (2025–2032)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansIntroduction
The global secondary refrigerant market is moderately fragmented. It brings together three groups of suppliers: large integrated chemical companies that produce base glycols and market branded heat-transfer fluids; industrial gas companies that supply refrigerant-grade CO2; and specialist formulators that develop inhibited glycols, organic salt brines and application-specific fluids. The top tier is relatively concentrated in glycol-based fluids, while the formulation of ready-to-use fluids and brines is served by many regional companies and distributors.
Competition is based on product performance across the operating temperature range, inhibitor technology and fluid life, food-grade and sustainability credentials, OEM and industry approvals, regional supply and technical service. Since 2023, competition has intensified in data centre liquid cooling, where most leading suppliers have introduced propylene glycol coolants qualified to Open Compute Project guidelines, and in lower-carbon fluids based on bio-based or recycled glycols. Service offerings such as fluid monitoring, testing and lifecycle management are becoming an important differentiator.
Key Player Positioning
Leaders: Dow, BASF and Clariant lead the glycol-based segment, with integrated glycol production, broad product portfolios, global distribution and long industry experience. Linde and Air Liquide are the leading suppliers of refrigerant-grade CO2, supported by extensive production and distribution networks.
Challengers: Arteco, Climalife (Dehon Group), Hydratech and Dynalene are expanding through product innovation, new manufacturing sites, data centre coolant qualifications, bio-based fluids and service-led business models.
Niche players: KRAHN Specialty Fluids and Kilfrost focus on specific technologies and markets, such as very-low-temperature organic salt brines for food processing and cold storage, and low-viscosity fluids for industrial refrigeration and ground-source heat pumps.
Competitor Dashboard
The competitor dashboard rates each profiled company on four parameters: breadth of product portfolio in secondary refrigerants, regional presence, strategic alliances and industry experience. The ratings are qualitative analyst assessments.
Company Profiles
Dow Inc.
Overview: Dow, founded in 1897, is a global materials science company active in packaging and specialty plastics, industrial intermediates and performance materials. It is one of the world's largest producers of propylene glycol and ethylene glycol, and its thermal fluids business markets glycol, silicone and synthetic heat-transfer fluids for HVAC, food and beverage processing, refrigeration and data centre cooling.
Relevant Products: DOWFROST™ inhibited propylene glycol fluids, including DOWFROST™ HD and DOWFROST™ LC 25 for direct-to-chip cooling; DOWTHERM™ SR-1 inhibited ethylene glycol fluid; DOWCAL™ glycol fluids; SYLTHERM™ silicone fluids for low-temperature service.
Key Developments:
May 2024: Started up 80,000 tonnes per year of additional propylene glycol capacity at Map Ta Phut, Thailand, raising site capacity to 250,000 tonnes per year.
January 2025: DOWFROST™ LC heat-transfer fluid for direct-to-chip data centre cooling received a 2025 BIG Innovation Award.
May 2026: Launched the Dow Coolant Care Network, a fluid testing and lifecycle management service for DOWFROST™ LC and HD users, starting in North America.
Strategy: Dow leverages its integrated glycol production to support premium inhibited heat-transfer fluid brands. It is directing its thermal fluids portfolio toward fast-growing data centre liquid cooling and moving from product sales to product-plus-service offerings built around fluid monitoring and lifecycle support.
BASF SE
Overview: BASF, founded in 1865, is the world's largest chemical producer by sales. Its integrated Verbund sites include ethylene oxide and glycol value chains, and it markets GLYTHERMIN® heat-transfer fluids for industrial cooling, HVAC, heat pumps and data centre applications.
Relevant Products: GLYTHERMIN® heat-transfer fluids based on ethylene glycol and propylene glycol, including the GLYTHERMIN® DC and GLYTHERMIN® PG ranges for primary loops and direct liquid cooling, such as GLYTHERMIN® DC PG25.
Key Developments:
November 2025: Began production at its Zhanjiang Verbund site in China, including a 1 million tonne per year steam cracker and downstream plants including ethylene oxide.
October 2026: Launched GLYTHERMIN® coolants for liquid-cooled data centres; GLYTHERMIN® DC PG25 qualified as an NVIDIA DSX Ready coolant for single-phase cold-plate cooling.
Strategy: BASF uses backward integration within its Verbund network to ensure supply security and cost competitiveness. It is targeting data centre liquid cooling through OEM qualifications and participation in industry standards work, and positions its fluids on long service life and low inhibitor consumption.
Clariant AG
Overview: Clariant, formed in 1995 as a spin-off from Sandoz, is a specialty chemicals company organised around Care Chemicals, Catalysts and Adsorbents & Additives. Its Care Chemicals business produces the Antifrogen™ range of heat-transfer fluids, which has been on the market for more than 75 years.
Relevant Products: Antifrogen™ N (ethylene glycol-based cooling brine for industrial refrigeration); Antifrogen™ L (propylene glycol-based fluid for the food industry, breweries, dairies and cold stores); Antifrogen™ KF (formate-based brine for temperatures down to –50 °C); Antifrogen™ SOL HT; data centre grades Antifrogen™ PG 25, EG 20 and LC25 PG.
Key Developments:
July 2024: Announced a collaboration with OMV to supply lower-carbon-footprint ethylene for Clariant's ethylene oxide derivatives in Europe.
2026: Introduced a dedicated Antifrogen™ range for direct-to-chip data centre cooling, including PG 25, EG 20 and low-conductivity LC25 PG grades, with low-carbon versions available on request.
Strategy: Clariant offers one of the broadest ranges of glycol and formate secondary refrigerants for refrigeration, heat pumps and solar thermal systems. It is extending into data centre coolants and lower-carbon glycol options, supported by fluid monitoring services.
Arteco NV
Overview: Arteco is a joint venture of Chevron and TotalEnergies established in 1998. It develops and markets engine coolants and industrial heat-transfer fluids, serving secondary refrigeration, ice rinks, ground freezing, heat pumps and data centre applications.
Relevant Products: ZITREC FC (food-grade propylene glycol fluid for beverage, brewery and fermentation cooling); ZITREC TF-L and TF-M; ZITREC IC inhibitor package; FREEZIUM potassium formate secondary coolant; ZITREC EC 10, 20, 30 and 40 data centre coolants.
Key Developments:
June 2023: Launched the ZITREC EC range of heat-transfer fluids for direct-to-chip data centre cooling.
April 2025: Expanded the ZITREC EC range with propylene glycol, ethylene glycol and water-based fluids, with a bio-based propylene glycol option planned.
October 2025: Launched an ECO coolant portfolio based on bio-based or recycled glycols certified under ISCC PLUS mass balance.
Strategy: Arteco applies its coolant inhibitor expertise to industrial secondary refrigeration and data centres, and differentiates through low-carbon base fluids and OCP-accepted direct-to-chip coolants.
Climalife (Dehon Group)
Overview: Climalife is the refrigeration and air-conditioning fluids brand of the family-owned Dehon Group, whose history dates back to 1874. It supplies refrigerants, heat-transfer fluids, oils and services, operates refrigerant recovery and reclamation activities, and has a presence in more than 15 countries with subsidiaries in Europe, China, Singapore and Dubai.
Relevant Products: Greenway® Neo N bio-based secondary refrigerant (NSF HT1, usable down to –55 °C); Greenway® RTU –55 °C ready-to-use low-viscosity secondary refrigerant; CRANE Temper® organic salt fluids; Datafrost PG25 data centre coolant; R744 and other refrigerants.
Key Developments:
May 2024: Dehon Group marked its 150th anniversary.
June 2026: Signed an agreement with Solstice Advanced Materials to expand refrigerant reclamation in Europe, including a new distillation unit at Climalife's French site.
October 2026: Showcased Datafrost PG25 and Greenway® Neo N at Chillventa 2026.
Strategy: Climalife positions itself as a full-service fluids partner for HVAC-R contractors, combining low-GWP refrigerants, bio-based and low-viscosity secondary refrigerants, and circular-economy reclamation services.
KRAHN Specialty Fluids AB
Overview: KRAHN Specialty Fluids, formerly Temper Technology AB, was established in 1998 and became part of KRAHN Chemie (Otto Krahn Group) in 2021. The company specialises in low-viscosity organic salt secondary refrigerants for food processing, cold storage and supermarket refrigeration.
Relevant Products: CRANE Temper® (formerly Temper) organic salt secondary refrigerants with organic corrosion inhibitors, supplied ready to use in seven versions with freezing points from –10 °C to –60 °C; propylene glycol and ethylene glycol-based fluids.
Key Developments:
Post-acquisition integration: Rebranded from Temper Technology AB to KRAHN Specialty Fluids AB and renamed its product line CRANE Temper®, giving the business access to KRAHN's European distribution network.
March 2025: Leadership change at parent KRAHN Chemie.
Strategy: The company is a niche specialist in very-low-temperature, low-viscosity salt brines that reduce pumping energy in indirect systems, and sells through a worldwide distributor network that includes Climalife.
Dynalene, Inc.
Overview: Dynalene, founded in 1998, is a privately held manufacturer of heat-transfer fluids, including glycols, potassium formate, calcium chloride, silicone and hydrocarbon fluids, as well as fluid cleaning, ion-exchange and testing equipment and laboratory services.
Relevant Products: Dynalene HC series potassium formate secondary coolants; Dynalene MV low-temperature fluid; propylene glycol and ethylene glycol series; BioGlycol; calcium chloride fluids; LC series low-conductivity fluids; Dynalene PG-D25 data centre coolant.
Key Developments:
2026: Listed Dynalene PG-D25, a propylene glycol-based direct-to-chip coolant, on the Open Compute Project Marketplace.
August 2026: Announced OCP Accepted™ status for its data centre coolant fluid.
October 2026: Presented on fluid monitoring at the 2026 OCP Global Summit.
Strategy: Dynalene is an engineering-led formulator covering one of the widest temperature ranges among specialist suppliers, and is growing in data centre coolants through OCP qualification and fluid monitoring services.
Hydratech (Liquitherm Technologies Group Ltd)
Overview: Hydratech, founded in 1998, is part of Liquitherm Technologies Group and formulates inhibited glycols, heat-transfer fluids and water-treatment chemicals. It operates sites in the United Kingdom, Denmark, the Netherlands, the United States and Spain.
Relevant Products: Coolflow® high-efficiency glycols; Coolflow DTX® hybrid glycol with bio-based propylene glycol; Coolflow® MAX nanofluid; Sureflow inhibitors; fluid monitoring and fluid and systems management services.
Key Developments:
September 2022: Opened a production facility and offices in Windsor Locks, Connecticut, U.S.
2024: Opened a manufacturing plant, warehouse and office in Gavà, Barcelona, Spain.
April 2025: Showcased Coolflow DTX® and the new Coolflow® MAX nanofluid for data centre liquid cooling at the OCP EMEA Summit.
Strategy: Hydratech differentiates on energy efficiency, bio-based glycols and nanofluids, pairs fluids with lifecycle services and has expanded its manufacturing footprint in the United States and Spain.
Kilfrost Ltd
Overview: Kilfrost is a third-generation family-owned company with more than 90 years of history, originally in aviation de-icing. Its Speciality Fluids division produces heat-transfer fluids for industrial refrigeration, HVAC, ground-source heat pumps, food and beverage and process cooling.
Relevant Products: Kilfrost ALV and ALV Plus low-viscosity fluids for industrial refrigeration and closed-loop chilling; Kilfrost GEO and GEO Plus fluids for ground-source and renewable heating and cooling systems.
Key Developments:
2025: Published applications of its fluids in brewery temperature control and an independent evaluation of Kilfrost GEO in ground-source heat pumps.
November 2025: Integrated Kilfrost GEO and GEO Plus into the GHEtool ground heat exchanger simulation platform.
Strategy: Kilfrost applies its glycol chemistry to low-viscosity cooling fluids, focusing on industrial refrigeration, food and beverage and heat pump applications in the United Kingdom and export markets.
Linde plc
Overview: Linde is the world's largest industrial gas company. Through its own operations and brands such as BOC, it supplies refrigerant-grade carbon dioxide (R744) for refrigeration and air conditioning, together with food- and beverage-grade CO2 and CO2-based chilling solutions.
Relevant Products: R744 refrigerant-grade CO2; high-pressure R744 supply solutions; liquid CO2; CO2 chilling solutions such as LINSPRAY and ACCU-CHILL.
Key Developments:
March 2025: BOC began supplying CO2 from a new plant at Longford, Victoria, Australia, with capacity of more than 60,000 tonnes per year of beverage-grade CO2.
June 2025: Announced a second CO2 liquefaction plant at Freeport, Texas, using CO2 captured from an ethylene glycol plant, with start-up planned for 2027.
Strategy: Linde is building secure and lower-carbon CO2 supply for food, beverage and refrigeration markets and offers specialised high-pressure R744 supply systems as natural refrigerants replace HFCs.
Air Liquide S.A.
Overview: Air Liquide, founded in 1902, is a global industrial gases company. It supplies CO2 R744 refrigerant and food-grade CO2, and offers CO2 capture and liquefaction technology through its Cryocap™ portfolio.
Relevant Products: CO2 R744 refrigerant gas; food- and beverage-grade CO2; Cryocap™ LQ CO2 liquefaction technology.
Key Developments:
July 2024: Cryocap™ LQ liquefaction technology was selected by Stockholm Exergi for a 3,500 tonne-per-day bioenergy carbon capture project.
May 2025: Partnered with Manildra Group to build Australia's largest food- and beverage-grade biogenic CO2 plant, with capacity of more than 90,000 tonnes per year.
January 2026: Completed the acquisition of DIG Airgas in South Korea, strengthening its industrial gas presence in Asia.
Strategy: Air Liquide is securing biogenic and captured CO2 supply close to food, beverage and cold-chain demand centres, and participates in the CO2 value chain that supports R744 refrigeration.
Threat of New Entrants: Medium
Blending of glycol-based fluids requires modest capital investment, allowing regional formulators to enter the market
Established players benefit from backward integration into base glycols, approvals from OEMs and food-grade certifications
Technical service capabilities and long-standing relationships with contractors and end users create barriers to scale
Bargaining Power of Suppliers: Medium
Production of propylene oxide, ethylene oxide and base glycols is concentrated among a limited number of large petrochemical producers
Feedstock prices follow oil, gas and olefin markets, and formulators have limited ability to influence them
Multiple global sources of salts, inhibitors and CO2 limit supplier power for non-glycol inputs
Bargaining Power of Buyers: Medium
Large supermarket chains, food processors and OEMs purchase in volume and can negotiate prices
Base glycol and brine products are relatively standardised, enabling buyers to switch suppliers
Switching costs rise for formulated fluids with OEM approvals, food-grade certification and technical service
Threat of Substitutes: Medium
Transcritical CO2 direct-expansion systems and self-contained hydrocarbon cabinets can replace secondary loops in many commercial applications
Low-charge direct ammonia systems compete with secondary loops in some industrial facilities
Safety rules for flammable and toxic primary refrigerants continue to favour indirect systems in occupied spaces
Competitive Rivalry: High
The market includes global chemical companies, industrial gas suppliers and many regional formulators
Competition on price is intense for standard glycol and brine products
Suppliers differentiate through inhibitor technology, bio-based products, low-temperature performance and service
Threat of New Entrants: Medium; Low capital needs for blending offset by certification, approvals and service requirements.
Bargaining Power of Suppliers: Medium; Concentrated glycol feedstock supply; diverse sources for salts, inhibitors and CO2.
Bargaining Power of Buyers: Medium; Large buyers and standardised products, partly offset by certification and service needs.
Threat of Substitutes: Medium; Direct CO2 and hydrocarbon systems compete; safety rules sustain indirect systems.
Competitive Rivalry: High; Many global and regional suppliers competing on price, technology and service.
Market estimates by geography (2032)
InsightEurope leads with $88.64M by 2032, while Middle East & Africa is projected to grow fastest at a 6.1% CAGR.
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View Subscription Plans| REGION | 2022 | 2025 | 2032 | CAGR | SHARE |
|---|---|---|---|---|---|
| North America | $26.85M | $33.88M | $40.16M | 4.1% | 17% |
| Europe | $59.35M | $75.15M | $88.64M | 4.1% | 38% |
| Asia Pacific | $50.25M | $67.57M | $85.32M | 5.4% | 37% |
| Latin America | $5.87M | $7.80M | $10.10M | 5.6% | 4% |
| Middle East & Africa | $4.40M | $5.94M | $7.94M | 6.1% | 3% |
| Total | $146.72M | $190.34M | $232.16M | 4.7% | 100% |
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View Subscription PlansTotal Market Size
$232.16M
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Glycols | $124.44M | 4.3% | 54% |
| Brines & Salts | $55.60M | 4.1% | 24% |
| Carbon Dioxide & Others | $52.12M | 6.5% | 22% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Secondary Refrigerant Market covering market dynamics, competitive landscape, and strategic outlook.
The Secondary Refrigerant Market market is projected to reach $232.16M by 2032, growing at 4.7% CAGR. The Glycols segment holds the largest share.
The Global Secondary Refrigerant Market is shaped by the global transition away from high-GWP hydrofluorocarbons, the expansion of cold-chain infrastructure and the growing use of natural primary refrigerants that are best deployed in compact plants serving secondary loops. The market grew from USD 146.72 Million in 2022 to USD 173.91 Million in 2025 and is projected to reach USD 232.16 Million by 2032, a CAGR of 4.13% over 2026–2032. This chapter examines the factors that promote and inhibit this growth.
The growth factor analysis below rates five macro factors and five micro factors by type of impact (promoting, inhibiting or steady) and by the intensity of that impact on a scale of 1 to 10 for three periods: 2026–2027, 2028–2030 and 2031–2032. The scores are analyst assessments based on secondary research and interviews with industry participants, where 10 represents the strongest impact on market growth.
Phase-Down of High-GWP HFCs and the Shift to Natural Refrigerants
The most important driver of the market is the global phase-down of hydrofluorocarbons. The Kigali Amendment to the Montreal Protocol, which entered into force on 1 January 2019, commits developed and developing countries to stepwise reductions in HFC production and consumption. In the European Union, Regulation (EU) 2024/573 tightens the HFC quota schedule toward a complete phase-out by 2050 and extends bans on F-gases in new stationary refrigeration equipment. In the United States, the AIM Act of 2020 mandates an 85% reduction in HFC production and consumption by 2036, and EPA's 2023 Technology Transitions rule sets GWP limits for refrigerants in new retail food refrigeration, cold storage and industrial process refrigeration systems, with the final limits for supermarket and cold storage systems confirmed for 2032 in a May 2026 reconsideration. As operators move to ammonia, hydrocarbons and CO2, secondary loops become the preferred architecture: they keep toxic or flammable primary refrigerants in a machine room, cut the primary charge by a large margin and minimise leak points. Each new indirect system requires an initial fill of glycol, brine or CO2, followed by periodic top-ups and fluid replacement, creating sustained demand for secondary refrigerants.
Expansion of Cold-Chain Infrastructure and Processed Food Demand
Rising consumption of chilled, frozen and processed foods, the growth of online grocery and the need to reduce post-harvest losses are driving large investments in cold storage, distribution centres and food processing plants. China has made cold-chain logistics a national development priority, India supports cold storage and food processing through government schemes, and Gulf states are expanding temperature-controlled storage as part of their food security strategies. In North America and Europe, the growth of e-commerce fulfilment and pharmaceutical cold chains is adding refrigerated warehouse capacity. Large cold stores and processing plants are typically designed with ammonia or CO2 primary plants and glycol, brine or pumped CO2 secondary circuits, and each facility can hold substantial volumes of secondary fluid. This investment pattern supports industrial refrigeration demand in mature markets and drives above-average growth in Asia Pacific, Latin America and the Middle East & Africa.
Safety Standards and Charge Limits for Flammable and Toxic Refrigerants
Safety standards such as ISO 5149, EN 378 and ASHRAE Standard 15 limit the quantity of refrigerant that can be used in occupied spaces according to the refrigerant's toxicity and flammability classification under ISO 817 and ASHRAE Standard 34. The low-GWP refrigerants that are replacing HFCs, including ammonia (B2L), propane (A3) and many HFOs and HFO blends (A2L), are subject to stricter charge limits than the HFCs they replace. Secondary loop systems offer a practical route to compliance because the primary refrigerant remains in a ventilated machine room or outdoor unit, while a non-flammable, low-toxicity secondary fluid is distributed to sales floors, kitchens, production halls and offices. This has made indirect systems with propylene glycol, potassium formate or CO2 a standard design option for supermarkets, hospitals, hotels and food plants, and supports the continued specification of secondary refrigerants by consulting engineers and contractors.
Growth of Data Centre Liquid Cooling and Heat Pump Systems
The rapid growth of high-density computing for artificial intelligence and cloud services is increasing the adoption of liquid cooling in data centres. Direct-to-chip cooling systems and coolant distribution units commonly use propylene glycol–water mixtures, typically at around 25% concentration, to provide freeze and corrosion protection, while facility water loops and dry coolers in cold climates rely on glycol for freeze protection. In parallel, the electrification of heating is driving installations of air-source and ground-source heat pumps and hybrid heating and cooling systems, many of which use glycol-based secondary circuits for freeze protection or for hydronic distribution of heat and cold. These applications require high-purity, inhibited fluids with long service lives and offer formulators opportunities for higher-value products and fluid management services.
Bio-Based and Low-Viscosity Fluid Formulations
Demand for lower-carbon and safer fluids creates opportunities for bio-based propylene glycol produced from glycerine or other renewable feedstocks, and for low-viscosity organic salt solutions based on potassium formate and acetate that improve energy efficiency at low temperatures. Suppliers that can document reduced product carbon footprints, food-safe certification and longer fluid life can command premium pricing and support customers' Scope 3 reporting.
Cold-Chain Development in Emerging Economies
India, Southeast Asia, Latin America, the Gulf states and Africa have significant gaps in cold storage and refrigerated transport capacity relative to their food production and consumption. Government cold-chain programmes, development finance and technical assistance under the Multilateral Fund for the Implementation of the Montreal Protocol support the construction of new facilities using low-GWP technologies, creating opportunities for suppliers to establish local blending, distribution and technical service capabilities.
Fluid Lifecycle Management and Recycling Services
The large installed base of secondary loops creates opportunities for services such as fluid condition monitoring, laboratory analysis, inhibitor replenishment, on-site filtration and the collection and recycling of spent glycol. Service-based models deepen customer relationships, provide recurring revenue and help operators extend fluid life and reduce waste, while recycled glycol offers a lower-carbon alternative to virgin material.
Higher Capital Cost and Energy Penalty of Indirect Systems
Secondary loop systems require an additional heat exchanger, pumps, a separate piping network and fluid charge, which raises capital costs compared with direct-expansion systems. The extra heat-exchange step also requires the primary system to operate at a lower evaporating temperature, and the pumping power needed to circulate viscous single-phase fluids, especially at low temperatures, adds to energy consumption. In medium-temperature supermarket applications, transcritical CO2 direct-expansion systems and self-contained propane cabinets compete directly with secondary loop solutions, and in some projects deliver lower life-cycle costs. These factors restrain adoption, particularly in smaller stores and price-sensitive markets.
Corrosion, Toxicity and Maintenance Requirements
Chloride brines are corrosive to steel and other metals unless carefully inhibited and maintained, and ethylene glycol is toxic if ingested, which limits its use in food-related and residential applications. Glycol fluids degrade over time through oxidation and inhibitor depletion, forming acids that can cause corrosion, scaling and fouling if fluid condition is not monitored. Leaks of secondary fluids can contaminate products and require clean-up, and the disposal of spent fluid is subject to waste regulations. The need for regular testing, inhibitor replenishment and fluid replacement increases operating costs and discourages some operators from adopting indirect systems.
Volatility in Feedstock and Energy Prices
Propylene glycol and ethylene glycol are produced from propylene oxide and ethylene oxide, whose prices follow crude oil, natural gas and propylene and ethylene markets. Supply disruptions, plant outages and shifts in energy prices have caused significant swings in glycol prices since 2022, which are passed through to fluid formulators and end users. Price volatility complicates budgeting for large system fills and can delay projects or encourage the use of lower-cost alternatives.
Challenge: PFAS Restrictions and Regulatory Uncertainty for Alternatives
The proposal to restrict per- and polyfluoroalkyl substances (PFAS) in the European Union under REACH, published by the European Chemicals Agency in 2023, covers many fluorinated refrigerants and heat-transfer liquids. Uncertainty over the scope and timing of the restriction is prompting end users to favour non-fluorinated solutions, which benefits glycols, brines and CO2, but it also creates planning uncertainty for equipment and fluid suppliers.
Challenge: Skills Gap and Safe Handling of High-Pressure CO2
CO2 systems operate at much higher pressures than conventional systems and require specific design, installation and maintenance skills. A shortage of trained technicians, particularly in emerging markets, can slow the adoption of CO2 secondary systems and increase installation and service costs. Training programmes by equipment manufacturers, industry associations and governments are addressing this challenge.
Trend: Pumped CO2 and NH3/CO2 Cascade Systems in Large Facilities
Pumped CO2 secondary loops combined with low-charge ammonia primary systems have become a common design for new cold storage warehouses and food processing plants. CO2 offers much higher volumetric heat-transfer capacity than glycol or brine, reducing pipe sizes and pumping energy, and it eliminates ammonia from occupied and product areas. This trend underpins the high growth of the Carbon Dioxide & Others segment.
Trend: Heat Recovery and Integration with Heating Systems
Operators are increasingly recovering heat from refrigeration systems for space heating, hot water and process heating. Secondary loops facilitate integration with building heating systems and thermal storage, improving the overall energy performance of indirect systems and strengthening the business case for their adoption.
The secondary refrigerant value chain extends from petrochemical, mineral and industrial gas inputs through fluid manufacturing and formulation to distribution and end use. Value is added mainly at the formulation stage, where inhibitor packages, quality certification and technical service differentiate products from commodity raw materials.
Raw Materials and Inputs
Glycols account for the largest share of inputs. Propylene glycol is produced mainly by hydration of propylene oxide, with a growing volume of bio-based material produced from glycerine, while ethylene glycol is produced from ethylene oxide. Calcium chloride is obtained from natural brines and as a co-product of soda ash production. Potassium formate and acetate are produced by neutralising potassium hydroxide with formic or acetic acid. Refrigerant-grade CO2 is largely recovered from industrial by-product streams and purified.
Manufacturing and Formulation
Large chemical companies produce base glycols and supply both formulated fluids and raw materials to independent formulators. Formulators add inhibitor packages designed for specific metals and operating temperatures, and supply products as concentrates or pre-diluted solutions. Industrial gas companies purify, liquefy and supply CO2 that meets refrigerant-grade specifications.
Distribution and Channels
Large users and OEMs often buy directly from producers, while smaller contractors and end users rely on chemical distributors, refrigeration wholesalers and industrial gas distribution networks. Technical support for system design, fluid selection and commissioning is an important part of the sales process.
End Users
End users range from supermarket chains and food processors to cold storage operators, HVAC system owners and data centres. Purchasing decisions are influenced by fluid performance, safety and food-contact requirements, total cost of ownership and the availability of technical service.
The regulatory environment is the single most important external influence on the secondary refrigerant market. Regulations that restrict high-GWP refrigerants push operators toward natural refrigerants, while safety standards limit the charge of flammable and toxic refrigerants in occupied spaces; together they make indirect systems with secondary loops an attractive compliance route. Chemical and food-safety rules govern the fluids themselves.
Global
The Kigali Amendment to the Montreal Protocol, adopted in 2016 and in force since 1 January 2019, sets binding HFC phase-down schedules. Non-Article 5 (developed) countries must reduce HFC consumption by 85% by 2036 against their baselines. Article 5 Group 1 countries, including China and most of Latin America and Africa, froze consumption in 2024 and must reduce it by 80% by 2045, while Article 5 Group 2 countries, including India and the Gulf states, freeze in 2028 and must reduce by 85% by 2047. As of 2026, 173 of the 198 Parties to the Montreal Protocol had ratified the amendment. International safety standards ISO 5149 and ISO 817 govern the safety of refrigerating systems and refrigerant classification.
Europe
Regulation (EU) 2024/573 on fluorinated greenhouse gases applies from 11 March 2024 and provides for the complete phase-out of HFCs from the EU market by 2050. Its Annex IV prohibits F-gases with a GWP of 150 or more in centralised multipack commercial refrigeration systems with a capacity of 40 kW or more (except in the primary circuit of cascade systems, where F-gases with a GWP below 1,500 may be used), bans F-gases with a GWP of 150 or more in self-contained commercial and stationary refrigeration from 1 January 2025, and extends this limit to other stationary refrigeration equipment from 1 January 2030. These provisions favour CO2, ammonia and hydrocarbon systems, many of which use secondary loops. In Great Britain, the retained F-gas regime includes equivalent bans on high-GWP F-gases in new commercial refrigeration equipment. EN 378 sets safety and environmental requirements for refrigerating systems and heat pumps, the Pressure Equipment Directive 2014/68/EU applies to system components, and REACH and CLP govern the registration, classification and labelling of glycols, salts and inhibitors. The universal PFAS restriction proposal submitted to ECHA in January 2023 remains under evaluation, with the Committee for Risk Assessment adopting its opinion in March 2026.
North America
In the United States, the American Innovation and Manufacturing (AIM) Act of 2020 authorises EPA to phase down HFC production and consumption by 85% by 2036. EPA's Technology Transitions rule, finalised in October 2023, sets GWP limits for new equipment by sector, including retail food refrigeration and cold storage warehouses. A reconsideration rule finalised in May 2026 moved the compliance date for the final 150 and 300 GWP limits for supermarket systems, remote condensing units and cold storage warehouses to 1 January 2032, with interim limits in the meantime, while keeping the final limits unchanged. EPA's Significant New Alternatives Policy (SNAP) programme evaluates substitutes for ozone-depleting substances, and ASHRAE Standards 15 and 34 govern refrigeration system safety and refrigerant classification. Propylene glycol is affirmed as Generally Recognized as Safe by the U.S. Food and Drug Administration, and heat-transfer fluids for food plants are commonly registered under the NSF Nonfood Compounds Registration Program (HT1). In Canada, the Ozone-depleting Substances and Halocarbon Alternatives Regulations implement the HFC phase-down, with a 40% consumption reduction from 1 January 2024.
Asia Pacific
China accepted the Kigali Amendment in 2021, introduced HFC production and consumption quotas from 2024, and in April 2025 issued a national plan for 2025–2030 implementing the Montreal Protocol and the Kigali Amendment. India ratified the Kigali Amendment in 2021, and the India Cooling Action Plan launched in 2019 by the Ministry of Environment, Forest and Climate Change provides a 20-year roadmap for cooling and cold-chain development. Japan regulates the lifecycle management of fluorocarbons through the Act on Rational Use and Proper Management of Fluorocarbons, and Australia manages HFC imports under its ozone protection and synthetic greenhouse gas legislation.
Latin America and Middle East & Africa
Most countries in Latin America and the Middle East & Africa are Article 5 Parties to the Montreal Protocol and are implementing HFC phase-down plans through national ozone units with support from the Multilateral Fund. Gulf states, as high-ambient Group 2 countries, follow a later phase-down timetable, while national energy-efficiency standards for refrigeration and air-conditioning equipment are being tightened across the region.
The table below summarises key product launches, acquisitions, partnerships and expansions by the leading suppliers from 2022 onward.
Sep 2022: Hydratech; Expansion; Opened a production facility and offices in Windsor Locks, Connecticut, U.S., to serve refrigeration, HVAC and renewables customers.
Jun 2023: Arteco; Product Launch; Launched the ZITREC EC range of heat-transfer fluids for direct-to-chip data centre cooling.
May 2024: Dow; Expansion; Added 80,000 tonnes per year of propylene glycol capacity at Map Ta Phut, Thailand, raising site capacity to 250,000 tonnes per year.
Jul 2024: Air Liquide; Partnership; Cryocap™ LQ CO2 liquefaction technology selected by Stockholm Exergi for a 3,500 tonne-per-day carbon capture project.
Jul 2024: Clariant; Partnership; Collaboration with OMV on lower-carbon ethylene for ethylene oxide derivatives in Europe.
2024: Hydratech; Expansion; Opened a manufacturing plant, warehouse and office in Gavà, Barcelona, Spain.
Mar 2025: Linde (BOC); Expansion; Began CO2 supply from a new plant at Longford, Australia, with capacity of more than 60,000 tonnes per year.
Apr 2025: Arteco; Product Launch; Expanded the ZITREC EC direct-to-chip coolant line with propylene glycol, ethylene glycol and water-based fluids.
Apr 2025: Hydratech; Product Launch; Introduced the Coolflow® MAX nanofluid and showcased Coolflow DTX® for data centre liquid cooling.
May 2025: Air Liquide; Partnership; Partnered with Manildra Group to build a biogenic food-grade CO2 plant in New South Wales, Australia.
Jun 2025: Linde; Expansion; Announced a second CO2 liquefaction plant at Freeport, Texas, doubling site capacity, with start-up planned for 2027.
Oct 2025: Arteco; Product Launch; Launched ECO coolants based on bio-based or recycled glycols under ISCC PLUS mass balance certification.
Nov 2025: BASF; Expansion; Started production at the Zhanjiang Verbund site in China, including ethylene oxide among downstream plants.
Jan 2026: Air Liquide; Acquisition; Completed the acquisition of DIG Airgas, South Korea, for an enterprise value of EUR 2.85 billion.
May 2026: Dow; Partnership; Launched the Dow Coolant Care Network with approved service providers and laboratories for liquid-cooling fluid management.
Jun 2026: Climalife; Partnership; Agreement with Solstice Advanced Materials to expand refrigerant reclamation capacity in France.
Aug 2026: Dynalene; Product Launch; Data centre coolant achieved OCP Accepted™ status on the Open Compute Project Marketplace.
Oct 2026: BASF; Product Launch; Launched GLYTHERMIN® coolants for liquid-cooled data centres; GLYTHERMIN® DC PG25 qualified as NVIDIA DSX Ready.
The PESTEL analysis summarises the political, economic, social, technological, environmental and legal factors that influence the Global Secondary Refrigerant Market.
Political
Multilateral commitments under the Montreal Protocol and its Kigali Amendment drive national HFC phase-down programmes that favour natural refrigerant systems with secondary loops
Food security and cold-chain programmes in China, India, Saudi Arabia, the UAE and other countries direct public and private investment into refrigerated storage and processing
Trade policies and tariffs on petrochemicals and refrigeration equipment influence the cost and sourcing of glycols and system components
Economic
Glycol prices are linked to propylene, ethylene, oil and natural gas markets, and their volatility affects fluid prices and margins
Growth in food retail, food processing and logistics investment supports demand, particularly in emerging economies
Higher interest rates can delay capital-intensive store refurbishments and cold storage projects
Social
Urbanisation, rising incomes and changing diets increase consumption of chilled, frozen and convenience foods
Consumer and investor expectations on climate action push retailers and food companies to adopt low-GWP refrigeration
Food safety awareness favours food-grade propylene glycol and non-toxic fluids in food-related applications
Technological
Advances in pumped CO2, NH3/CO2 cascade and low-charge ammonia systems expand the use of volatile secondary refrigerants
New inhibitor technologies, bio-based glycols and potassium formate and acetate fluids improve performance and fluid life
Digital monitoring of fluid condition and system performance enables predictive maintenance and service-based models
Environmental
Secondary loops reduce the charge and leakage of primary refrigerants, lowering direct greenhouse gas emissions
The energy penalty of indirect systems must be minimised to deliver net climate benefits, encouraging efficient fluids and system designs
Spent glycol and brine require proper disposal or recycling to avoid water and soil contamination
Legal
F-gas and HFC regulations, including Regulation (EU) 2024/573 and the U.S. AIM Act, restrict the use of high-GWP refrigerants in new equipment
Safety standards such as ISO 5149, EN 378 and ASHRAE Standard 15 limit refrigerant charges in occupied spaces
Chemical regulations such as REACH and CLP in the EU and hazard communication rules in other regions govern the classification and labelling of glycols and additives
Profiles of 106 companies operating in the Secondary Refrigerant Market market, including revenue, employee count, and market positioning where available.
Showing 106 of 106 companies
Clariant is a mid-cap Swiss specialty chemical company that has spent a decade shrinking and upgrading itself. After selling Masterbatches (2020) and Pigments (2022) and exiting bioethanol (2023), it now runs three business units: Care Chemicals (54 % of 2025 sales), Catalysts (21 %) and Adsorbents & Additives (25 %). FY 2025 sales were CHF 3.915 billion with an EBITDA margin before exceptional items of 17.8 %, the third consecutive annual improvement. Its franchise rests on surfactant and ethoxylation chemistry for consumer and industrial formulators, a globally relevant independent process-catalyst business (CATOFIN propane dehydrogenation, syngas, ethylene and specialty catalysts), bentonite-based adsorbents with captive mines, and halogen-free flame retardants and waxes. SABIC holds 31.5 %, which anchors the register and limits free float. The investment debate turns on whether self-help can lift reported margins to the 19–21 % target by 2027 in a flat demand environment, and on a large, unresolved ethylene-cartel damages overhang. Discrepancy note: data aggregators (PitchBook, Morningstar) show 10 449 employees; the company's own year-end 2025 figure is 10 281 FTE. The company figure is used throughout. --- **What the company does.** Clariant develops, manufactures and sells specialty chemicals to formulators, industrial processors and chemical producers. It does not sell to consumers. The Integrated Report 2025 states that the Group mainly addresses consumer, industrial and chemical-process end markets and that, since January 2023, business is conducted through three business units. **Company's own description (paraphrased from 2025–2026 releases).** Clariant presents itself as a focused, sustainability-oriented specialty chemical company guided by the purpose "Greater chemistry – between people and planet", with strategy built on four pillars: customer focus, innovative chemistry, leadership in sustainability and people engagement. **Independent characterisation.** Clariant is a portfolio of three quite different economic models under one balance sheet: 1. Care Chemicals is a formulated-ingredient and surfactant business. A large share of volume is ethylene-oxide-derived chemistry (ethoxylates, polyethylene glycols, glucamides) sold into personal and home care, crop protection formulation, industrial applications, oil services, mining flotation and aircraft de-icing. Part of the industrial book is priced by formula against raw material indices, which stabilises unit margin but passes deflation through to the top line (visible in Q4 2025, when pricing fell 1 % for that reason). 2. Catalysts is a project-and-refill business. Revenue depends on new-build petrochemical plants (first fills) and on replacement cycles at existing customers, which stretch when customer utilisation is low. This produces lumpy quarters and high operating leverage. Catalysts had the highest BU margin in 2025 (20.8 % before exceptional items) on the lowest sales base in five years. 3. Adsorbents & Additives combines a mining-based minerals business (bentonite bleaching earths for edible oil and renewable-fuel purification, foundry additives, desiccants) with polymer additives (phosphorus flame retardants, waxes, stabilisers) exposed to construction, electronics, automotive and coatings. **Revenue model.** Essentially 100 % product sales. Service and licensing income exists but is not reported separately: technical service embedded in catalyst and oil-service contracts, the CLARITY digital catalyst-monitoring platform (over 220 customer plants and over 800 users in 38 countries at end-2025, per the FY 2025 release), and process-technology partnerships. There is no subscription revenue line. Product/service/licensing mix: not publicly disclosed. **Value-chain position.** Midstream. Clariant buys commodity feedstocks (ethylene oxide, fatty alcohols, natural oils, phosphorus derivatives, metals for catalysts, energy) and mines its own bentonite. It sells performance ingredients and catalysts where qualification, application know-how and regulatory approvals matter more than scale. **Customer types.** Consumer goods formulators, agrochemical companies, oil and gas operators, mining companies, airports and airlines, petrochemical and chemical producers, engineering and licensing partners, edible-oil and renewable-fuel refiners, foundries, plastics compounders, and coatings and adhesives producers. **End-market mix.** The Integrated Report 2024 gives chemical-process end markets as 21 % of 2024 sales.
BASF is the world's largest chemical company by sales, built on the Verbund principle of physically and energetically integrated production sites that turn a handful of feedstocks into thousands of products. Since September 2024 it has run under the "Winning Ways" strategy, which splits the portfolio into four core segments (Chemicals, Materials, Industrial Solutions, Nutrition & Care) that stay integrated, and standalone businesses (Agricultural Solutions, Battery Materials, Environmental Catalyst and Metal Solutions, and the now-divested Coatings) that are being monetized or prepared for capital-market options. In 2025 it generated €59.7 billion in sales and €6.6 billion in EBITDA before special items, a cyclical trough. In 2026 it closed the €7.7 billion Coatings transaction, started up its €-multi-billion Zhanjiang Verbund site, raised earnings guidance, and approached Evonik about a takeover. The investment debate is whether structural cost cuts and portfolio proceeds can restore returns above the cost of capital. --- **The company's own description.** BASF describes its purpose with the line "we create chemistry for a sustainable future" (BASF news release boilerplate, 2026) and states its ambition to be the preferred chemical company for enabling customers' green transformation. It reports around 108,000 employees, customers in nearly every sector and almost every country, and sales of around €60 billion in 2025. The portfolio is described as four core segments plus standalone businesses bundled in Surface Technologies and Agricultural Solutions. **Independent characterization.** BASF is best understood as three businesses under one roof: 1. **An integrated commodity and intermediates engine** (Chemicals, the Monomers half of Materials). This is a steam-cracker-to-derivatives chain selling ethylene and propylene derivatives, isocyanates, polyamide precursors and intermediates on spread economics. Earnings are driven by feedstock and energy costs, operating rates and regional supply-demand. It is the most capital-intensive part of the group and the main source of the 2023–2025 earnings decline: Chemicals EBITDA before special items fell from €1,342 million in 2024 to €853 million in 2025 (Factsheet FY2025). 2. **Formulated and performance products** (Performance Materials, Industrial Solutions, Nutrition & Care). These sell on specification and performance to automotive, construction, packaging, consumer goods, pharma and nutrition customers. Margins are steadier but have come under pressure from Asian competition and, in Care Chemicals, from consumer trading-down to private-label products (Factsheet FY2025 commentary). 3. **Standalone franchises** with different industry logic: Agricultural Solutions (crop protection, seeds and traits, digital farming), ECMS (emissions catalysts plus precious-metal trading and recycling) and Battery Materials. Agricultural Solutions is the group's highest-margin segment at 21.7% EBITDA margin before special items in FY2025 and the largest single earnings contributor at €2,081 million. **Revenue model.** Revenue is almost entirely product sales under supply contracts and spot transactions. There is no subscription model of consequence; digital farming (xarvio) and licensing of process technology and catalysts are small. Seeds and traits include royalty and licensing income within Agricultural Solutions, not separately disclosed. Precious-metal trading inflates ECMS sales (€7,978 million in FY2025) with pass-through metal value, which is why BASF quotes group margins both including and excluding metals (12.3% excluding metals in FY2025 per the CFO on the February 27, 2026 call, versus 11.0% reported). **Value chain position.** Upstream to midstream in petrochemicals with captive crackers at Ludwigshafen, Antwerp, Port Arthur (joint venture with TotalEnergies), Nanjing (joint venture with Sinopec) and Zhanjiang; midstream to downstream in engineering plastics, polyurethane systems, dispersions, additives, surfactants and vitamins; branded and channel-driven in agriculture. BASF exited upstream oil and gas operations when Wintershall Dea's E&P business was transferred to Harbour Energy in September 2024. **Customers and end-markets.** BASF serves industrial customers in chemicals and plastics, transportation, construction, consumer goods, agriculture, electronics, energy and resources, and health and nutrition. Intersegment transfers are large (Chemicals transferred €3,432 million internally in FY2025 on €10,055 million of third-party sales), which shows how much of the upstream output feeds BASF's own downstream chains.
Company Headquarters: Denmark Founded: 1975 Workforce: ~400 Company Working: Hydratech is an expert in developing and producing hydraulic cylinders for offshore, marine, and industrial applications as well as cooling systems for the wind energy sector. With manufacturing facilities in China, the Czech Republic, and Denmark as well as a Service & Repair division with locations in USA, China, and Denmark, the company is able to provide its international clientele with comprehensive services. The Fluid Power division is headquartered in Vraa and is a leading provider of high-end customized hydraulic cylinders to Offshore-, Marine-, and Industrial applications. The Wind Power division is based in Silkeborg and is a major global supplier of hydraulic components for the wind turbine sector.
Company Headquarters: Northumberland, England, UK Founded: 1932 Workforce: ~200 Company Working: Kilfrost Group Ltd manufactures de-icing and anti-icing products and caters to the aviation, rail, and ground industries through its winter products division; and the heating, cooling, and ventilation applications through its speciality fluids division. It develops, manufactures, and distributes products including de-icing fluid, dual windscreen wash and de-icer fluid, anti-icing fluids, heat transfer fluids, railroad de-icers, and ground de-icers. Its sales its products in the UK and internationally.
3 interactive charts drawn from the Secondary Refrigerant Market dataset — market size, regional splits and each segment breakdown. Open one to read its full data table and download it.
Global Secondary Refrigerant Market By Application
Global Secondary Refrigerant Market By Product Type
Global Secondary Refrigerant Market By Region
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