Press release
What's driving the Refrigeration Oil Growth? BASF, Shell, ExxonMobil, PETRONAS, Chevron, Indian Oil Corporation Ltd., Johnson Controls, National Refrigerants, Inc., Total S.A., Petro-Canada Lubricants
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.
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.
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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.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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