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Refrigeration Oil Market Analysis - Industry Forecast 2024 | BASF, Shell, ExxonMobil, PETRONAS, Chevron, Sinopec Group, FUCHS, Behr Hella Service GmbH, CAMCO Lubricants, Cosmo Oil Lubricants Co., Ltd., Indian Oil Corporation Ltd., Johnson Controls, Nation
Global Market Insights
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Based on refrigerant type, the global refrigeration oil market has been segmented into hydrocholoroflurocarbon (HCFCs), chlorofluorocarbon (CFCs), hydro fluorocarbon (HFCs), ammonia and others such as butane & Iso-butane, propane, etc. HFC, and ammonia is expected to grow at a faster pace as compared to others due to no greenhouse potential.
The application areas of the product include refrigerators & freezers, air conditioners, coolers, chillers, condensers and others such as automotive AC systems, etc. The refrigerator & freezer segment will dominate the refrigeration oil market attributable to the growing demand for perishable food products due to the changing lifestyle of people in developed and developing regions. and growth in the trade of food products.
Based on end user industries, global refrigeration oil market can be segmented into industrial, commercial and residential and others such as automobile, etc. Use of refrigerators freezers, chillers, and air conditioners in pharma research labs, R&D department of food & beverage, fine chemical industries are likely to witness a significant growth of industrial segment over the forecast period.
Refrigeration Oil Market size is set to grow at a healthy CAGR from 2018 to 2025. Refrigeration oil is a high-temperature formulation of a mixture of oil and additives devised for usage in cooling systems. It acts as a lubricant in refrigeration compressors, derived from both mineral and synthetic oil in order to lubricate or reduce friction of metal parts and wear on the compressor. The product flows under high pressure to turn from liquid to vapor state to generate a cooling effect due to its special characteristics such as better chemical and thermal stability, low contamination, low pour point, high dielectric strength and viscosity.
The growing refrigeration oil market demand from the food and pharmaceutical industries to increase the shelf life will fuel the industry. In addition, increasing demand for consumer appliances and rising preference for low GWP refrigerants are some of the key factors expected to drive the refrigeration oil market. Growing consumption of packaged food products, and preservation & utilization of vaccines and drugs will propel the demand for refrigerators, freezers, air conditioners, and automobile HVAC systems. The transportation sector and new product development by the leading manufacturers are also expected to open new opportunities in the global refrigeration oil market.
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Whereas on the other hand, stringent regulations have been formed by the government bodies to limit the use of fluorocarbon refrigerants due to increasing emission of Green House gases, and complexities of oil control function will likely to restrain the global refrigeration oil market. However, the shift towards frozen and chilled products such as poultry, meat and dairy is predicted to escalate the demand for compressors, thus soaring demand from food and beverages industry will drive the refrigeration oil market over the forecast period.
The Asia-Pacific refrigeration oil market will witness high growth during the forecast period owing to the escalating demand for air conditioner, refrigerator, consumer appliances and automobiles in the markets of APAC, such as India and China. Furthermore, development of supermarkets, shopping complexes pharmaceutical industries coupled with growth in the cold storage, and frozen food sectors are some of the factors that make APAC an appealing market for refrigeration oil producers. Refrigeration oil market demand has been restricted in Europe due to stringent governmental regulations related to environmental concerns.
The refrigeration oil market competitive landscape includes key players such as BASF SE, Royal Dutch Shell, ExxonMobil, PETRONAS, Chevron, Sinopec Group, FUCHS, Behr Hella Service GmbH, CAMCO Lubricants, Cosmo Oil Lubricants Co., Ltd., Indian Oil Corporation Ltd., Johnson Controls, National Refrigerants, Inc., Total S.A., Petro-Canada Lubricants Inc to name a few. Last year ExxonMobil Corporation has expanded new synthetic and grease production facility in Singapore to strengthen company’s flagship in lubricants segment. Singapore is being recognized as emerging market for lubricants.
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