Refrigeration Lubricants Market to grow at an estimated CAGR of 2.5%

Reports And Markets Publish a New Market Research Report On –"Refrigeration Lubricants Market - Segmented By Base Stock, By Application, and Geography - Trends and Forecasts (2017 - 2022)"

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The global market for refrigeration lubricants is valued at USD 2.3 billion in 2016. This market is expected to grow at an estimated CAGR of 2.5%, to reach USD 2.6 billion by 2021.

Refrigeration is a process of transferring heat from one location to another in controlled conditions. Refrigeration has many applications such as household refrigerators, industrial freezers, cryogenics, air conditioning etc. in food and beverage sector, petrochemical, chemical, and pharmaceutical industries, natural gas liquefaction, infrastructure facilities and ice factories.

It is a cyclic process, commonly known as cyclic refrigeration which describes the changes in the refrigerants as it internally absorbs and rejects heat as it circulates through a refrigerator. Components such as compressor, condenser, evaporator, expansion valve etc. are set up in a cyclic process to facilitate heat transfer from a high-temperature source to the surroundings.

Lubrication plays a significant role in the refrigeration process as the components of the compressors should be maintained in a hermetic environment. The choice of a lubricant depends on the compatibility such as miscibility, net viscosity of the mixture etc. with the refrigerant that is used in the compressor as it moves along the refrigerant as a mixture (working fluid) in the cycle and it has multitudes of application in the refrigeration industry.

Refrigeration lubricant must lubricate internal parts of the cycle, remove heat generated due to compression, and keep the system clean, act as a fluid seal for non-contact surfaces that require sealing, be stable enough over the lifetime of the compressor and reduce the energy requirements. It also helps to control foam formation and reduce noise generation by the moving parts of a compressor.

Refrigeration lubricants market is foreseen to grow considerably due to the increase in the global cold chain industry which includes transportation of food materials, chemicals that needed refrigeration and increase of demand in the automotive industry. Market demand will also be benefited from synthetics growth in the lubricant market, as well as increasing stringent environmental standards and the availability of new and high quality base stock for refrigeration lubricants.

Global Refrigeration Lubricants market is segmented on the basis of base oils into mineral oil lubricants, synthetic lubricants, and others. The mineral oil lubricants segmented is further drilled down into paraffinic oils, naphthenic oils, and aromatic oils.

Synthetic lubricants are further segmented into synthetic hydrocarbons [polyalphaolefins (PAO), alkylated aromatics, and polybutenes), esters (diesters, polyol esters, phosphate esters, and polymer esters), polyalkylene glycols, and others. On the basis on application, the global refrigeration lubricants market is segmented into air conditioning (residential, industrial, transportation, and commercial), refrigeration compressors, production of soft drinks, and others.

Additionally, the market has been segmented on the basis of geography into Asia-Pacific (China, India, Japan, South Korea, ASEAN Countries, Australia & New Zealand, and Rest of Asia-pacific), Europe (Germany, UK, Italy, France, and Rest of Europe), North America (United States, Canada, Mexico, and Rest of North America), South America (Brazil, Argentina, and Rest of South America), and Middle-East & Africa (Saudi Arabia, Qatar, UAE, South Africa, and Rest of MEA).

Asia-Pacific is anticipated to dominate the global refrigerant global market with the highest CAGR. Some of the major companies in the refrigeration lubricants market are BASF SE (Germany), The Lubrizol Corporation (U.S.), The Dow Chemical Co. (U.S), JX Nippon Oil & Energy Corp & others.

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