Press release
Refrigeration Oil Market Key Leading Suppliers - JXTG Holdings, BASF SE, China Petrochemical Corporation, Shell Global, Exxon Mobil Corporation, Indian Oil Corporation, COSMO OIL LUBRICANTS, Lubriplate Lubricants Company and Petro-Canada Lubricants
Refrigeration Oil Market Research Report -Forecast to 2023
Refrigeration oil is used as a lubricant in the compressor to reduce the friction between the metal parts and wear on the compressor. Refrigerant Oil is a high-temperature formulation with special characteristics such as chemical and thermal stability, low pour point, high dielectric strength, low contamination, and viscosity.
The Global Refrigerant Oil Market is segmented on the basis of the oil type as synthetic and mineral oils. The synthetic oils segment is the leading segment in the Global Refrigerant Oil Market due to its advantages over mineral oil such as high performance, better viscosity index, high shear stability, improved chemical resistance, and others. Additionally, the synthetic oil is compatible with low global warming potential refrigerants which are likely to propel the market growth during the review period. The synthetic oil segment is further segmented into polyolester (POE), polyalkylene glycol (PAG), polyalphaolefin (PAO), polyvinyl ether (PVE), and others. The limitations on the usage of fluorocarbon refrigerants are likely to challenge the market growth during the assessment period.
Competitive Analysis
Some of the manufacturers operating in the Global Refrigeration Oil Market are JXTG Holdings Inc. (Japan), BASF SE (Germany), China Petrochemical Corporation (China), Shell Global (Netherlands), Exxon Mobil Corporation (U.S.), Total (France), MEIWA CORPORATION (Japan), Indian Oil Corporation Ltd (India), Behr Hella Service GmbH (Germany), COSMO OIL LUBRICANTS Co.,Ltd. (Japan), Calumet Specialty Products Partners, L.P. (U.S.), Lubriplate Lubricants Company (U.S.), PETRONAS (Malaysia), Petro-Canada Lubricants Inc. (Canada), and Idemitsu Kosan Co. Ltd (Japan).
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Market Segmentation
The Global Refrigeration Oil Market is segmented on the basis of the Oil Type, Application and Region.
On the Basis of the Oil Type, the Global Refrigeration Oil Market is segmented into synthetic and mineral oils.
The Global Refrigeration Oil Market is segmented by its application as refrigerator, freezer, chillers, air conditioner, automotive AC system, and others.
Regional Analysis
The Global Refrigeration Oil Market is segmented into five regions of Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific is the fastest growing region market due to the growing demand for consumer appliances such as refrigerators, heaters, and others along with the high disposable income in this region.
The rebound in automotive sales in North America and Europe is the major driving factor of the refrigeration oil due to its use in automotive AC systems.
Significant growth in HVAC system in infrastructure buildings in the countries such as Saudi Arabia, the UAE, and Qatar owing to the burgeoning infrastructural developments is driving the market in the Middle East region.
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