Press release
Refrigeration Oil Market Future 2018 to 2023, Top Brands - JXTG Holdings, BASF SE, Total, Indian Oil, Behr Hella Service GmbH, COSMO OIL LUBRICANTS, Calumet Specialty Products Partners, L.P, Lubriplate Lubricants Company, PETRONAS, Petro-Canada Lubricants
Refrigeration Oil Market is segmented on the basis of the Oil Type, Application and Region
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 anticipated to be the highly lucrative region for the Refrigeration Oil Market and accounts for around 35% of the market share. The changing lifestyle and high disposable income have increased the demand for consumer appliances and automotive in this region which has augmented the market growth.
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North America is a growing market due to the high demand for the product in automotive AC system. The high production and sales of automotive in this region are likely to drive the market growth further.
The European market is majorly driven by the high demand for refrigeration oil in the automotive sector for automotive AC system and consumer goods such as freezer, AC, etc.
Latin America and the Middle East & Africa are expected to experience a significant market growth due to growing demand for HVAC regulating temperature from infrastructural buildings in this region.
Refrigerant Oil is a special high-temperature formulation designed for use in cooling systems. The purpose of oil in a refrigeration system is to lubricate the compressor by reducing the friction on metal parts and wear on the compressor. Refrigeration Oil has special characteristics such as excellent chemical and thermal stability, low pour point, high dielectric strength, low contamination, and viscosity.
The Global Refrigeration Oil Market is majorly driven by the growing demand for consumer appliances such refrigerators and air conditioners. The technological advancements and changing lifestyles across the globe is an important factor positively influencing the market growth. The other major drivers of the Global Refrigeration Oil Market include the high demand for refrigeration systems from food and pharmaceutical industries to increase the shelf life of the products. However, the limitation on the use of fluorocarbons due to the ozone depletion caused by them is a challenge to the market growth. Nevertheless, the research and developments prevailing in the market is likely to drive the market growth.
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