In terms of revenue, the Global Refrigeration Oil Market is expected to reach USD 1,295 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 3.9% from 2022 to 2028.
The refrigeration oil is primarily used in moving parts for lubrication purposes. It is mainly used to lubricate the compressor bearings, minimize the friction of metal parts, and help expand the parts' life. Owing to all its uses, it is used in applications such as air conditioners, freezers & refrigerators, and automotive AC systems. This demand is expected to boost the growth of the Refrigeration Oil Market during the forecast period. In addition, the availability of beneficial properties of Refrigeration Oil such as high thermal & chemical stability, superior aging resistance, and flow characteristics is accelerating the high growth of the Refrigeration Oil Market in upcoming days.
Key Highlights from Report:
· Based on the Oil Typesegment, the Mineral Oil segment is anticipated to propel the most significant growth of the Refrigeration Oil Market during the forecast period. This growth is mainly attributed to its properties, including a protective feature for expected compressor temperatures and good chemical stability.
· Based on the Application segment, the Air Conditioner segment is expected to witness a noticeable growth in the Refrigeration Oil Market in 2021. This growth is majorly accounted for owing to the increasing use of energy-efficient air conditioners in commercial and household projects. In addition, the growing shift toward smart homes and the rising popularity of using smart air conditioning systems are expected to bolster the segmental growth of the Refrigeration Oil Market.
· Asia Pacific is likely to mention notable growth of the Refrigeration Oil Market in 2021. This surge is accelerated owing to the increasing investment in multiple sectors such as automotive, chemical, infrastructure, oil & gas, and electronics.
Nowadays, there is a massive development in the food industry. The emergence of longer-shelf-life products and the growing working population are the major contributor to the growth of the frozen food industry. In addition, increasing population, changing food habits, and growing use of ready-to-eat/packaged food is also responsible for the growth of the food industry. Since this food needs to store at low temperatures, the demand for refrigerator & freezer applications has increased, increasing the demand for the Refrigeration Oil Market. Furthermore, in the pharmaceutical industry, the storage and transportation of drugs require low-temperature conditions for storage, which also increases the demand for refrigerator & freezer applications in this sector. Thus, rapid growth in the pharmaceutical and frozen food industries is expected to boost the development of the Refrigeration Oil Market during the forecast period.
Asia Pacific is accounted to have the potential growth of the Refrigeration Oil market in 2021 and is likely to continue the same trend during the forecast period. Increasing Research and Development (R&D) activities and increasing investment in multiple industries are likely to propel the growth of the Refrigeration Oil Market in this region. In addition, this region has the most robust market for various applications, such as electronics, automotive, home appliances, oil & gas, infrastructure, and chemical. Therefore, many manufacturers are shifting their production to this region because of fewer production costs. For instance, BASF India Limited, a subsidiary of BASF SE, expanded the technical lab for lubricant and fuel solutions in South Asia. This expansion will grow the refrigeration oil business in industrial and automotive applications.
The Global Refrigeration Oil Market is Segmented as follows:
- Oil Type
- Synthetic Oil
- Mineral Oil
- Refrigerators & Freezers
- Air Conditioner
- Automotive AC System
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players of the Global Refrigeration Oil Market is:
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)
The Global Refrigeration Oil Market Scope can be tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|