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Refrigeration Oil Market Forecast till 2025 |JXTG Nippon Oil & Energy Corporation, BASF SE, Arkema, China Petrochemical Corporation

01-17-2020 01:43 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Kenneth Research

Refrigeration Oil Market Forecast till 2025 |JXTG Nippon Oil &

Global Refrigeration Oil Market: Information by Type (Mineral Oil and Synthetic Oil {Polyalkylene Glycol, Polyalphaolefin, Alkyl Benzene, Polyol Ester, and Polyvinyl Ether}), Refrigerant Type (Ammonia/CO2, Hydrofluorocarbon (HFCs), and Others), Application (Refrigerator and Freezer, Aftermarket, Automotive AC Systems, Air Conditioners, Chillers, and Others), and Region (North America (US, Canada), Europe(Germany, UK, Russia, France, Spain, Italy, and Poland), Asia-Pacific (China, India, Japan, Australia & New Zealand, Indonesia, and South Korea), Latin America(Brazil, Mexico, and Argentina), and the Middle East & Africa (South Africa, UAE, Turkey, Qatar, Kuwait, Bahrain, Oman, Egypt, and South Africa))—Forecast till 2025

Market Analysis

Refrigeration oil is derived from either synthetic oil or mineral oil. It is formulated by mixing oil and additives designed for its use in cooling systems. The purpose of refrigeration oil is to lubricate moving parts in the refrigerant compressor effectively. The oil flows under high pressure to turn from liquid to vapor state to generate a cooling effect on account of its high chemical and thermal stability. Also, it exhibits high viscosity, low pour point, and is contamination-free.The key factor driving the growth of the global refrigeration oil market is the increasing consumption of frozen and packaged food products, which has surged the demand for refrigeration systems to store goods at the required temperature, this is driving the demand for refrigeration oil. Moreover, the expanding healthcare industry with increased spending on development of new drugs is likely to increase the requirement of refrigeration system to store drugs and vaccines and thus, drive the growth of the global refrigeration oil market.

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The increasing demand for air conditioning systems and refrigerators, particularly in developing countries, coupled with increasing populace and urbanization, is expected to drive the growth of global market at a significant rate during the review period. Furthermore, one of the key trends observed in the market is the increasing demand for ammonia and CO2-based refrigeration systems across the food & beverage, chemical, plastic processing, and medical industries owing to their superior benefits and low/ zero global warming potential (GWP) and ozone depletion potential (ODP) as compared to conventional refrigerants such as HCFCs and HFCs, particularly in developed countries.

However, certain challenges associated with the natural refrigerants result in incompatibility issues with the existing refrigeration oil. This has resulted in increased spending on the development of new oil compatible with ammonia and CO2. POE and PAG are the commonly used synthetic oils in systems using natural refrigerants. Thus, the increasing demand for refrigeration oil with improved performance is projected to create lucrative opportunities for the players operating in the global refrigeration oil market in the coming years.

Market Segmentation

The global refrigeration oil market has been segmented based on type, refrigerant type, application, and region. Based on type, the global market has been segmented into synthetic oil and mineral oil.The synthetic oil segment dominated the global market in 2018 and is expected to register significant growth during the forecast period. The growth is attributed to the increasing demand for POE and PGA in ammonia and CO2 refrigeration systems.

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Based on refrigerant type, the global market has been divided into ammonia/CO2, hydrofluorocarbon (HFCs), and others. The ammonia/CO2 refrigerant segment accounted for largest share in 2018 and is expected to be the fastest-growing segment during the forecast period. The high growth is attributed to its zero/low ODP and GWP properties. Based on application, the global market has been segregated into refrigerator and freezer, aftermarket, automotive AC systems, air conditioners, chillers, and others. The refrigerator and freezer segment accounted for the largest share in 2018. The growth of the market is primarily driven by increased spending on infrastructure, increasing populace, and rapid urbanization in developing nations. The automotive AC systems segment is expected to be the fastest-growing application segment of the global refrigeration oil market.

Regional Analysis

Geographically, Global Refrigeration Oil Market has been split into regions like North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. The Asia-Pacific market dominated the global refrigeration oils market with a share of 38.9% by value in 2018 and is expected to register a CAGR of 5.89% during the forecast period. The market growth in Asia-Pacific is driven by various factors including increasing automobile production, rising demand for air-conditioners in the residential as well as commercial sectors, and expanding food & beverage, oil & gas, chemical, and medical industries. The European refrigeration oil market accounted for second-largest market share in 2018 and is expected to register a CAGR of 3.4% during the review period. The market growth in Europe and North America is primarily driven by increasing demand for natural refrigerants due to increasing F-gas regulations, which have resulted in phase out of use of HFCs and HCFCs. The refrigeration oil market growth in Latin America and the Middle East & Africa is expected to be driven by rising demand for air-conditioners in the residential sector and increasing industrialization.

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Major Players

JXTG Nippon Oil & Energy Corporation (Japan), BASF SE (Germany), Arkema (France), China Petrochemical Corporation (China), Royal Dutch Shell (The Netherlands), Exxon Mobil Corporation (US), Total (France), Calumet Specialty Products Partners, L.P. (US), Behr Hella Service GmbH (Germany), PETRONAS Dagangan Berhad (Malaysia), Lubriplate Lubricants Company (US), Indian Oil Corporation Ltd (India), and COSMO OIL LUBRICANTS Co., Ltd (Japan) are some of the major players in the global refrigeration oil market. The key players operating in the global refrigeration oil market are emphasizing strategic growth initiatives such as product launch, agreements, and expanding their production capacities to meet the growing demand for these chemicals across the globe.

For instance, in July 2019, BASF SE increased the production capacity of Higher Carboxylic Acids (HCAs), Isononanoic Acid (INA) and 2-Ethylhexanoic Acid (2-EHA) from 55,000 metric tons to 68,000 metric tons per year. These HCAs are used in high-performance formulations for synthetic lubricants, which are further used in the refrigeration industry. Moreover, the market participants are investing in research & development activities for product development to increase their market share and gain competitive advantages. In April 2017, Exxon Mobil launched mineral-based oil Mobil Gargoyle Arctic 68 NH for ammonia compressors used in refrigeration systems. The product has been developed to meet the growing demand for ammonia as a natural refrigerant.

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Contact Us

Kenneth Research
Email: Sales@kennethresearch.com
Phone: +1 313 462 0609

About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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