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Refrigeration Oil Market Global Analysis With: BP, SINOPEC, Idemitsu Kosan Co.,Ltd. , Jx Holdings Inc (jhj), Shell, FUCHS PETROLUB Group, PETRONAS, BASF, Chevron, Total, Behr-Hella Thermocontrol (BHTC), CITGO Petroleum, Johnson Controls, ExxonMobil
Refrigeration Oil
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Global Refrigeration Oil Market is expected to reach USD 1.42 billion by 2025, from USD 1.03 billion in 2017 growing at a CAGR of 4.5% during the forecast period of 2018 to 2025. The refrigeration oil market report contains data for historic years 2015 & 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Refrigeration oil is a high-temperature oil composed of additives & oil which efficiently provides lubrication to the compressors. This oil is mostly derived from either synthetic or mineral oil. Mineral oils are considered to be the prime oils used in the refrigeration systems. Refrigeration is the process of cooling a substance or an area below the temperature of the atmosphere. The refrigerants follow a cycle which includes vapour-compression, absorption, steam ejection and air. Renowned players operating in the global refrigeration oil market consist of
· Jxtg Group
· BASF SE
· Idemitsu Kosan Co., Ltd.
· Exxonmobil Corporation
· Royal Dutch Shell Plc
· Total S.A.
· China Petrochemical Corporation (Sinopec Group)
· Petroliam Nasional Berhad (PETRONAS)
· FUCHS Petrolub Se
· Johnson Controls
· The Lubrizol Corporation
· BP P.L.C.
· Chevron Corporation
· Behr Hella Service Gmbh
· BVA, Inc.
· Calumet Specialty Products Partners, L.P.
· CAMCO Lubricants
· CITGO Petroleum Corporation
Others: Cosmo Oil Lubricants Co., Ltd., Ente Nazionale Idrocarburi (Eni), Indian Oil Corporation Ltd., Isel, National Refrigerants, Inc., Summit Oil Company, Inc. (Klüber Lubrication Na Lp), Lubriplate Lubricants Company, Lukoil, Petro-Canada Lubricants Inc., Phillips 66 Lubricants, Sun Company, Inc. and many more. The global refrigeration oil market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of refrigeration oil market for global, Europe, North America, Asia Pacific and South America.
Furthermore, refrigeration oil also plays a key role in the area of lubricants and lubrication technology. It is said to hold huge influence on the industry, lifestyle, agriculture and settlement patterns.
According to the International Trade Organization, cold chain services that support perishable food distribution worldwide was valued nearly USD 250 billion in the year 2016.
· Cold chain logistics expenditure in support of biopharma sector is estimated around USD 10 billion currently and will grow to USD 13 billion by 2019. Additionally, Asia-Pacific also notably contributes to USD 1.2 billion in growth and is estimated to grow at the CAGR of 16.0% in 2019.
· This growth is eventually impacting the global demand for cold chain market. Furthermore, increase in the food import and export will boost the refrigerant consumption and help in the expansion of refrigerant market, eventually raising refrigerant oil demand.
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The global refrigeration oil market is segmented based on
• Oil type
• Application
• Geographical segments
Based on the oil type, the global refrigeration oil market is segmented into
• Synthetic oil
• Mineral oil
· Synthetic oil is further segmented into POE, PAG and others.
On the basis of application, the global refrigeration oil market is classified into
· Refrigerator & freezer
· Air conditioner
· Automotive ac system
· Aftermarket
Refrigerator & freezer are further segmented into domestic refrigerator & freezer, commercial refrigerator & freezer and industrial refrigerator & freezer. Air conditioner is further segmented into domestic air conditioner and commercial air conditioner.
· Based on geography, the global refrigeration oil market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa.
· Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others.
Major Market Drivers and Restraints:
· Growing demand for consumer appliances
· Demand in food and pharmaceutical sector
· Increasing demand for low GWP refrigerants
· Stringent regulations
· Growing demand for low viscosity and high-quality refrigeration oil
· Compatibility issue of refrigeration oil with refrigerants
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