A recent report published by Infinium Global Research on refrigeration oil market provides in-depth analysis of segments and sub-segments in the global as well as regional refrigeration oil market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional refrigeration oil market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global refrigeration oil market. According to the report, the global refrigeration oil market is projected to grow at a CAGR of 4.20% over the forecast period of 2018-2024.
Refrigeration oil is used to lubricate all moving parts in the refrigerant compressor and keep the refrigeration unit running smoothly. Additionally, refrigeration oil helps in environmental issues such as the disposal of waste oil and ozone depletion that contributes to global warming. Refrigeration oil reduces the friction, wear and tear of metal parts on the compressor and prolongs the life of the system. This oil has several benefits including high dielectric strength, low pour point, low contamination, excellent thermal and chemical stability, and low viscosity. Refrigerant oil plays an important role in the area of lubricants and lubrication technology. Two types of lubricant are used in a refrigeration system which includes synthetic and mineral oil. The exact formulation of oil for a particular compressor depends on the power and size requirements of the compressor.
The growing demand for refrigeration oil from consumer appliances such as air conditioners, refrigerators, dehumidifiers, and freezers has majorly driven the growth of refrigeration oil market. The rising disposable income and an increase in the number of single and two-person households are increasing the demand for consumer appliances, that in turn drives the growth of refrigeration oil market. Additionally, growth in consumption of packaged food products and storage requirement for drugs escalates the demand for refrigerators, air conditioners, and automobile HVAC systems. Moreover, increasing preference of low global warming potential refrigerants across the globe and high demand of refrigeration oil from food and pharmaceutical industries to increase the shelf life of the products are some factors positively prompting the market growth. On the other hand, the regulatory bodies such as Occupational Safety and Health Administration’s and American Industrial Hygiene Association limits the use of refrigerants due to its toxicity and growing environmental protection acts to control the emission of greenhouse gases are likely to hamper the growth of the global refrigeration oil market. Going further, new product development by leading players is anticipated to create fruitful opportunities for the refrigeration oil market during the forecast period.
Among the regions, Asia Pacific is expected to be the largest region for the refrigeration oil market. It is also projected to witness the highest growth rate during the forecast period. The growing demand for consumer appliances, automobiles, air conditioner and refrigerator from China and India is a major factor in boosting the demand of refrigeration oil market in the Asia Pacific. Moreover, the changing lifestyle and growing disposable income level led to high demand for consumer appliances and automotive, this, in turn, drives the demand for market growth. North America region is the fastest growing region in the refrigeration oil market due to high demand for the product in automotive AC system.
The report on global refrigeration oil market covers segments such as oil type, application, and refrigerant type. On the basis of oil type, the sub-markets include mineral oil and synthetic oil. On the basis of application, the sub-markets include air conditioner, automotive ac system, refrigerator & freezer, aftermarket, chillers, condensers, and others. On the basis of refrigerant type, the sub-markets include hydrochlorofluorocarbon (HCFC), ammonia, chlorofluorocarbon (CFC), hydrofluorocarbon (HFC), and others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in this region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China
The report provides profiles of the companies in the market such as JXTG Group, Idemitsu Kosan Co., Meiwa Corporation, ExxonMobil Corporation, BASF SE, Royal Dutch Shell Plc, PETRONAS, The Lubrizol Corporation, Chevron Phillips Chemical Company, Behr Hella Service GmbH, Johnson Controls, Calumet Specialty Products Partners, L.P., and CAMCO Lubricants.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of refrigeration oil market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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