Refrigeration Oil Market by Oil Type (Mineral Oil, Synthetic Oil (Polyolester, Polyalkylene Glycol)), Application (Refrigerator & Freezer, Air Conditioner, Automotive AC System, and Aftermarket), and Region - Global Forecast to 2022
“Increasing demand for freezers and refrigerators expected to drive the refrigeration oil market.”
The refrigeration oil market is estimated to be USD 1,005.2 million in 2017 and is projected to reach USD 1,243.6 million by 2022, at a CAGR of 4.3% between 2017 and 2022. The refrigeration oil market is largely driven by the rising demand for consumer appliances and automobiles. Refrigeration oil is used for lubrication in compressors and reduces friction of metal parts thereby reducing the wear and tear of compressors in consumer appliances and automotive AC systems. The growing demand for refrigeration oil from the food and pharmaceutical industries along with the rising demand for low GWP refrigerants are other factors expected to drive the refrigeration oil market. However, the stringent regulations to limit the use of fluorocarbon refrigerants is one of the major restraints for the growth of the market.
“The POE oil type segment is expected to be the fastest-growing segment of the refrigeration oil market, in terms of value, from 2017 to 2022.”
The POE oil type segment is expected to witness the highest growth, in terms of value, from 2017 to 2022. POE oil has high thermal stability and excellent wear performance; its usage in all applications is one of the key factors expected to drive the growth of this oil type in the coming years.
“The refrigerator & freezer application segment is expected to be the fastest-growing segment of the refrigeration oil market, in terms of value, from 2017 and 2022.”
The refrigerator & freezer segment is estimated to be the fastest-growing application segment between 2017 and 2022, in terms of both, value and volume. The growth of the segment can be attributed to the increasing demand and manufacture of refrigerators and freezers in APAC. The region accounts for more than two-thirds of the global demand for refrigerators and freezers. This is majorly due to the increasing urbanization and rapid industrialization in the region.
“APAC is expected to be the fastest-growing market during the forecast period, in terms of value and volume.”
The growing demand for consumer appliances and automobiles is expected to fuel the growth of the refrigeration oil market in the Asia Pacific region. In addition, the rising population and increasing disposable income in countries such as China and India are further fueling the growth of the consumer appliances and automotive industries in APAC, thereby driving the refrigeration oil market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, primary interviews were conducted as follows:
• By Company Type: Tier 1 (75%), Tier 2 (20%), and Tier 3 (5%)
• By Designation: C-Level (28%), Director Level (52%), and Others (20%)
• By Region: Europe (50%), APAC (25%), Middle East & Africa (12%) North America (7%), and South America (6%).
Key players profiled in the report include JXTG Group (Japan), BASF (Germany), Idemitsu Kosan Co. (Japan), Royal Dutch Shell (Netherlands), ExxonMobil (US), BP (UK), PETRONAS (Malaysia), Chevron (US), Total (France), Sinopec Group (China), FUCHS (Germany), Johnson Controls (Ireland), Lubrizol (CPI Fluid Engineering Services) (US), Behr Hella Service GmbH (Germany), BVA, Inc. (US), Calumet Specialty Products Partners, L.P. (US), CAMCO Lubricants (US), CITGO Petroleum Corporation (US), Cosmo Oil Lubricants Co., Ltd. (Japan), Eni (Italy), Indian Oil Corporation (India), Isel (US), National Refrigerants, Inc. (US), Summit Oil Company (US), Lubriplate Lubricants Company (US), Lukoil (Russia), Petro-Canada Lubricants, Inc. (Canada), Phillips 66 Lubricants (US), and Sun Company, Inc. (US).
This report segments the market for refrigeration oil on the basis of oil type, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, agreements, partnerships, and recent developments associated with the market for refrigeration oil.
Reasons to Buy This Report
This research report is focused on various levels of analyses—industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together comprise and discuss the overall view on the competitive landscape; emerging and high-growth segments of the refrigeration oil market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on refrigeration oil offered by top players in the global refrigeration oil market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the refrigeration oil market.
• Market Development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for refrigeration oil across regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, and recent developments in the global refrigeration oil market.
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the refrigeration oil market.