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Shell, BASF Profiled in Refrigeration Oil Market Report to 2025 - Petronas, Cosmo Oil Lubricants, Sinopec Group, Behr Hella Service GmbH, and Chevron
Refrigeration oil is a mixture of oil and additives formulated under high temperature, often used in cooling systems. The formula serves as a lubricant used in refrigeration compressors, derived from both minerals and synthetic oil, used to reduce friction of metal parts or wear on the compressor. Refrigerator oils are flown under high-temperature to transfer them from liquid to vapor state to produce a cooling effect due to special characteristics like better chemical and thermal stability, low pour point, low contamination, viscosity, and high dielectric strength.
The rapidly growing demand for refrigeration oil from the food and pharmaceutical industries to extend the shelf life of fresh produces, beverages, medicines, and drugs will drive the refrigeration oil market during 2018-2025. Additionally, growing demands for consumer appliances like refrigerators and the rise in preference for low GWP refrigerants are some of the significant factors that are expected to contribute to the expansion of refrigeration oil market in the ensuing years.
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The consumer’s growing need for packaged food products followed by preservation and utilization of medication, vaccines, and other drugs at healthcare facilities will drive the demand for refrigerators, air-conditioners, and automobile HVAC systems. In addition to the food and pharmacy businesses, the expanding transportation industry is also predicted to boost the demand for refrigeration oil. Global refrigeration oil market players are anticipated to tap newer opportunities across the food, pharma, and transportation sectors over 2018-2025.
However, the market growth is also prone to some obstacles during the predicted timeframe, particularly due to the concerns about environmental conservation. With government bodies of several countries forming stringent regulations to limit the use of fluorocarbon refrigerants, to control the emission of greenhouse gases and the complexities surrounding oil control function, the growth of refrigeration oil market is likely to be hampered to some extent.
The consumer’s growing preference for frozen and chilled products like poultry, meat, and dairy is estimated to spiral the demand for compressors. Hence, the growth of the food and beverage industry will eventually propel refrigeration oil market growth over 2018-2024.
The product spectrum of refrigeration oil market is segmented into synthetic and mineral oil. The synthetic oil segment is further categorized into polyolester, polyalkylene glycol, polyalphaolefin, polyvinylether, alkyl benzene etc. The synthetic oil segment is predicted to have a larger share of refrigeration oil market attributed to the compatibility of synthetic oils that consist of refrigerant, enhanced chemical resistance and high thermal ability as compared to mineral oil.
Depending on the type of refrigerant the international refrigeration oil market has been segmented into chloroflurocarbons (CFCs), hydro fluorocarbons (HCFCs), ammonia and others like propane, butane, and Iso-butane. Considering the rising environmental concerns among consumers HFC and ammonia are expected to grow at a higher rate due to high greenhouse potential in comparison to others. The shifting preferences for environmentally compatible solutions may also positively impact the growth of the refrigeration oil market in the coming years.
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The application landscape of the refrigeration oil market include freezers and refrigerator, coolers, chillers, ACs and others like automotive air-conditioning systems etc. However, freezers and refrigerators will dominate the market, owing to the rising demand for packaged food products attributed to the changing lifestyles of individuals in developed regions. The massive growth in the trade for food products is also expected to drive refrigeration oil market over 2018-2025.
In terms of the end user landscape, the global refrigeration oil market can be divided into industrial, residential, commercial and others like automobile. The use of freezers, coolers, refrigerators, and ACs in pharmaceutical research labs, chemical industries and R&D departments are estimated to witness immense growth from its industrial segments, which will substantially increase the demand for refrigeration oil in the future.
The competitive spectrum of refrigeration oil market comprises BASF, Exxon Mobil, Shell, Petronas, Cosmo Oil Lubricants, Sinopec Group, Behr Hella Service GmbH, and Chevron. Having recognized the potential for these ingredients across numerous end-use domains, companies have been striving to expand their production facilities and gain momentum.
Complete report for 2018-2025 on Refrigeration Oil market is now available at https://www.marketstudyreport.com/reports/refrigeration-oil-market
Related Report:
Refrigeration Oil Market Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2025
Global Refrigeration Oil Market 2018 by Manufacturers, Countries, Type and Application, Forecast to 2025 to its research database. This research study is segmented on the bases of applications, technology, geography and types.
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