Refrigeration Oil Market Scope
The Refrigeration Oil market refers to the sales of lubricants specifically designed for use in refrigeration systems. These oils play an important role in ensuring the efficient operation of refrigeration compressors and preventing damage to the equipment. The market size and growth of this market can vary depending on factors such as the number of refrigeration systems in use, economic conditions, and advances in technology.
The report offers a detailed analysis of the Refrigeration Oil market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios. According to the new market research report "Refrigeration Oil Market by Type (Synthetic Oil (POE, PAG), Mineral Oil), Application (Refrigerators & Freezers, Air conditioner, Automotive AC System, Aftermarket), & Region(APAC, North America, South America, Europe, & MEA) - Global Forecasts to 2026", published by MarketsandMarkets™, is projected to reach USD 1.4 billion by 2026, at a CAGR of 4.1% from USD 1.1 billion in 2021.
Refrigeration Oil Market Key Players
The key market players profiled in the report include
- Eneos Holdings Inc. (Japan)
- BASF SE (Germany)
- Idemitsu Kosan Co. Ltd (Japan)
- ExxonMobil Corporation (U.S.)
- Royal Dutch Shell Plc. (Netherlands)
- Total Energies SE(France)
- China Petrochemical Corporation (Sinopec Corp)
- Petroliam Nasional Berhad(Petronas)
- FUCHS Petrolub SE (Germany)
- Johnson Controls(Ireland)
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Refrigeration Oil Market Drivers
The refrigeration oil market is driven by various factors, including increasing demand for refrigeration in various end-use industries such as food and beverage, pharmaceuticals, and retail, and the growth of the air conditioning and heat pump market. Additionally, technological advancements in refrigeration systems and the increasing use of natural refrigerants are also expected to drive the market growth. Government regulations and initiatives to promote energy-efficient cooling systems are also expected to drive the market.
Refrigeration Oil Market Restraints
Some potential restraints for the refrigeration oil market include:
- Environmental regulations
- Substitute products
- Technical challenges
- High competition and low switching costs
- Uncertainty in the demand and price of raw materials
This growth is primarily triggered by the increasing demand from the refrigerator & freezer, air conditioner, and automotive AC system applications. APAC is the largest refrigeration oil market due to a rise in the manufacturing of consumer appliances and automobiles. Furthermore, the changing lifestyle of consumer and rising income levels have led to higher demand for refrigerators & freezers and air conditioners, which, in turn, drives the refrigeration oil market. The growing demand for perishable food products along with growth in the pharmaceutical industry also drives the demand for refrigerators & freezers, fueling the growth of the refrigeration oil market.
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Refrigeration Oil Market Segmentation
Refrigeration oil is a type of lubricant used in refrigeration systems to lubricate compressor motors and other moving parts. The market for refrigeration oil can be segmented by oil type, application, and region.
basis of oil type
- Synthetic oil
- Mineral oil
Synthetic oil is the largest oil type of refrigeration oil market.
Synthetic oil accounted for the largest share of the overall refrigeration oil market, in terms of value, in 2020. Synthetic oil is manufactured by combining synthetic base oils and additives. It has several advantages over conventional mineral oil due to its high performance in extreme conditions, better viscosity index, higher shear stability, and improved chemical resistance. In addition, its compatibility with low GWP and modern refrigerants gives them an added advantage over mineral oil.
basis of application
- Refrigerators & Freezers
- Air Conditioner
- Automotive AC System
Refrigerators & Freezers is estimated to be the largest application of the refrigeration oil market during the forecast period.
Refrigerator & freezer is the largest application of refrigeration oil. This growth is attributed to the rising demand for perishable food items and changing the lifestyle of people in developed and developing regions. Refrigeration oil is used in domestic, commercial, and industrial refrigerators & freezers. In addition, the growing demand for refrigerated food products and increasing trade of food products are driving the refrigeration oil market in the refrigerator & freezer application.
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On the basis of region
- North America
- Middle East & Arica
- South America
APAC is estimated to be the largest market for refrigeration oil during the forecast period.
APAC is the largest market for refrigeration oil, followed by North America and Europe. APAC dominates the refrigeration oil market due to the rapid economic growth, particularly in the consumer goods and automobile industries in the region. The rapid urbanization in APAC, coupled with the improved living standard is driving the refrigeration oil market. The advantage of shifting production to the Asian region is that the cost of production is low here. Also, it is easier to serve the local emerging market. Also, due to the massive production and demand for consumer appliances and automobiles in countries such as China, Japan, India, and South Korea. This high growth is attributed to the growing manufacturing of consumer goods and automobile in the region.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward-looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed based on how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pinpoint analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
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