Global Refrigeration Lubricants Market - Segmented by Base Oil, by Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global refrigeration lubricants market is expected to register a CAGR of 3.10% during the forecast period, 2018 to 2023. Asia-Pacific accounted for the largest market in 2017. Asia-Pacific is also expected to register the fastest growth during the forecast period.
Expansion of the Global Cold Chain Market
Cold chain is a temperature controlled supply chain, uninterrupted storage and distribution activities, which maintain a given temperature range. Cold chain market operations that are meant to extend and ensure the shell life of fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and pharmaceutical drugs are expected to increase due to the considerable growing demand from the consumers because of change in lifestyles and growth in advanced technology. For instance, the global demand for frozen food has continued to grow, driven by the convenience with consumers. Meat segment has accounted for the highest share of the frozen food market, followed by frozen fish/sea food, fruits, and vegetables, etc. With increased consumer demand for frozen food products and a highly competitive market with low margins, food processors, distributors and retailers are shifting from the manually operated obsolete facilities to high bay deep-freeze warehouses. Moreover, the expansion of food retail chains by multinationals and the growth in international trade due to trade liberalization have led to an increase in the demand for the cold chain process.
Air Conditioning – The Largest Application
Refrigeration lubricants have multiple purposes, such as, removing heat, lubricating moving parts, acting as a sealant, and cooling the key parts of compressors. Some major features of refrigeration lubricants include high resistance to oxidation, resistance to thermal degradation, non-foaming, water separation, anti-wear properties, and corrosion resistance. Petroleum refineries are one of the major consumers of refrigeration lubricants, as some of the major processes are subjected to refrigeration. Globally, the increasing consumption of air conditioners for commercial and residential purposes is estimated to boost the refrigeration lubricants market.
Asia-Pacific the Largest Market
Asia-Pacific region was the largest market for refrigeration lubricants. This growing demand for refrigeration lubricants can be attributed to the increasing use of air conditioning systems for domestic and industrial applications. China dominated the market due to the growing population in urban areas, and increasing use of lubricant refrigerants replacing gaseous lubricants due to emission problems associated them. The growing Chinese cold chain logistics industry, which constitutes refrigeration trucks, and cold storages, is one of the major drivers of the market. With the growing demand from end-user industries, the consumption of refrigeration lubricants is projected to increase during the forecast period.
Key Developments in the Market
April 2017: Lanxess completed acquisition of US-based Chemtura Corporation
Major Players: Shell, Exxon Mobil Corporation, Chevron Corporation, Idemitsu Kosan Co., Ltd., FUCHS, and Total, amongst others.
Reasons to Purchase this Report
How the expansion of global cold chain market will drive the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Which base oil and application is expected to dominate the market
Which region is expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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