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Refrigeration Oil Market Emergence of advanced technologies and global industry analysis 2024
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As per the projections of the TMR report, the demand in the global refrigeration oil market will augment at a CAGR of 5.8% during the forecast period of 2017 to 2025. This considerable growth rate over the course of next eight years will mean that the valuation of the global refrigeration oil market, which was evaluated at US$1.06 bn in 2016, will be worth US$1.77 bn by 2025. As far as strategies of the market leaders is concerned, Idemitsu Kosan Co, Ltd. is making efforts to diversify the risk by concluding the long-term threats, besides focusing on making good trading network in the International market. On the other hand, Exxon Mobil Corporation is reinforcing its sales network and expanding the capacity of its existing refrigeration compressor oil manufacturing units to cater to the rising demand for refrigeration compressors that work using CFC, HFC, and ozone-friendly refrigerants. Royal Dutch Shell has tactically set up its production plants near key markets in order to maintain rapid and consistent long-term supply.
Based on product, synthetic oil is the most in-demand segment of the global refrigeration oil market, estimated to reach a valuation of US$1,314.5 mn by 2025, owing to its compatibility with refrigerant used in the system. On the basis of refrigerant type, HFC refrigerant had the maximum demand in 2016 due to the extensive use of refrigeration in the supermarkets. Application-wise, the global refrigeration oil market gains most prominent chunk of demand from air conditioners, whereas residential requirements lead in terms of end-use, and is projected for a better-than-average CAGR. Geographically, emerging economies such as India and China makes Asia Pacific one of the key region for the vendors operating in the refrigeration oil market.
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Government Support for Energy-saving Products and Services Driving Uptake
Rebates for energy-efficient products and practices, increasing preference toward low-GWP refrigerants, advent of HVA&R systems in the healthcare sector, and increasing refrigeration application are some of the key factors driving the global refrigeration oil market. The report observes that there has been a worldwide shift towards using energy-efficient systems, with various governments and non-government organizations (NGOs) offering rebate to the manufacturers of refrigeration systems and equipment in order to encourage the use of energy-efficient products and services. Refrigerants are widely used in heating, ventilation, air-conditioning and refrigeration (HVAC&R). CFCs, HCFCs, and HFCs are widely used synthetic refrigerants. Ammonia and CO2 are natural refrigerants and their impact on environment is not so high.
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Complexity in Compatibility Hindering Growth
Compatibility of refrigeration oil with refrigerants and the need for proper oil control function are two restraints over the global refrigeration oil market. For ideal functioning of compressor systems, refrigeration oil should be compatible with the refrigerant in terms of viscosity, solubility, miscibility, and chemical stability. The choice of refrigeration oil depends on the design of the air-conditioner, chiller, refrigerator, and its compressor. The process becomes complex due to compatibility of the refrigeration oil with the refrigerant. Nevertheless, transportation refrigeration systems and new product development are expected to open new opportunities in the global refrigeration oil market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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