Press release
Refrigeration Oil Market worth $1.4 billion by 2026 | Key players Eneos Holdings, BASF SE, Idemitsu Kosan, ExxonMobil Corp, Total Energies SE
Refrigeration Oil Market, Refrigerant Oil Market, Polyolester Oil Market, Refrigeration Oil
Browse 213 market data Tables and 58 Figures spread through 226 Pages and in-depth TOC on "Refrigeration Oil Market - Global Forecast to 2026"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/refrigeration-oil-market-126068118.html
Synthetic oil accounted for the largest share of the overall refrigeration oil market, in terms of value, in 2020. Synthetic oil is manufactured by combining synthetic base oils and additives. It has several advantages over conventional mineral oil due to its high performance in extreme conditions, better viscosity index, higher shear stability, and improved chemical resistance. In addition, its compatibility with low GWP and modern refrigerants gives them an added advantage over mineral oil.
Refrigerator & freezer is the largest application of refrigeration oil. This growth is attributed to the rising demand for perishable food items and changing the lifestyle of people in developed and developing regions. Refrigeration oil is used in domestic, commercial, and industrial refrigerators & freezers. In addition, the growing demand for refrigerated food products and increasing trade of food products are driving the refrigeration oil market in the refrigerator & freezer application.
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The refrigeration oil market size is projected to reach USD 1.4 billion by 2026 from USD 1.1 billion in 2021, at a CAGR of 4.1%. Growing demand for frozen food and in the pharmaceutical industry is expected to support the growth of the refrigeration oil market. However, huge investment in R&D and strict rules to limit the use of fluorocarbon refrigerants is restraining the growth of the market. On the other hand, innovation in product development has created opportunities for manufacturers.
Eneos Holdings Inc. (Japan), BASF SE (Germany), Idemitsu Kosan Co. Ltd (Japan), ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Energies SE(France), China Petrochemical Corporation (Sinopec Corp), Petroliam Nasional Berhad(Petronas), FUCHS Petrolub SE (Germany), Johnson Controls(Ireland) are the major players in this market.
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Eneos Holdings Inc. engages in the development, production, and sale of petroleum, natural gas, and metals. The company operates through four business segments, namely, Energy, Metals, Oil, Natural gas E&P, and Others. The company operates its refrigeration oil business in Japan, China, and other among other countries.
BASF SE is one of the largest chemical producers in the world. It engages in manufacturing and selling a wide range of chemicals and intermediate solutions. The company offers various products including chemicals, additives, plastics, functional solutions, performance products, agricultural solutions, and crude oil. It operates through seven different business segments namely: Chemicals, Industrial solutions, Nutrition & care, Materials, Surface technologies, Agricultural solutions and others. The company has a presence in more than 60 countries of Europe, North America, APAC, South America, and the Middle East & Africa.
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