Global Refrigeration Oil Market, By Type (Synthetic Oil, Mineral Oil), Application (Refrigerator and Freezer, Air Conditioner, Automotive AC System and Aftermarket), Refrigerant Type (Ammonia, Hydro Fluorocarbon and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights of Refrigeration Oil Market
The refrigeration oil market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the market to reach at an estimated value of USD 2.0 billion by 2029 and to grow at a CAGR of 9.13% in the above-mentioned forecast period.
Refrigeration oil is basically an oil that is basically formulated by mixing oil and additives designed for its use in the cooling system. It is generally derived by mineral oil or synthetic oil. The major purpose of the refrigeration oil is to lubricate the compressor that produces cold air. It reduces friction on metal parts, reducing wear on the compressor and extends the life of the system.
The factors such as expanding healthcare industry with increased spending on development of new drugs will increase the requirement of refrigeration system to store drugs and vaccine are the root cause fueling up the market growth rate. The factors expected to cushion the growth of the refrigeration oil market in the forecast period are demand for the air conditioner systems and refrigerators in the developing countries with increase in population and urbanization. Additionally, decrease in environmental pollution have resulted in a shift toward green products, this will result in manufacturing of ACs using greener alternatives that is natural refrigerants such as CO2, hydrocarbons and ammonia are some of the significant factors that accelerate the growth of the market within the above mentioned forecast period. On the other hand, the stringent regulations to limit the use of fluorocarbon refrigerants is expected to impede the growth of the refrigeration oil market.
Furthermore, the increasing focus of the manufacturers for research and development activities to develop innovative products at low cost is estimated to generate numerous opportunities for the market. On the flip side, the disruption in supply chain due to restrictions because of COVID-19 pose as a major challenge to the growth of the refrigeration oil market.
This refrigeration oil market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on refrigeration oil market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Refrigeration Oil Market Scope and Market Size
The refrigeration oil market is segmented on the basis of type, application and refrigerant type. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of type, the refrigeration oil market is segmented into synthetic oil and mineral oil. The synthetic oil is sub-segmented into polyalkylene glycol, polyalphaolefin, alkyl benzene, polyol ester and polyvinyl ether.
- On the basis of application, the refrigeration oil market is segmented into refrigerator and freezer, air conditioner, automotive AC system and aftermarket.
- Based on refrigerant type, the refrigeration oil market is segmented into ammonia, hydro fluorocarbon and others.
Refrigeration Oil Market Country Level Analysis
The refrigeration oil market is analyzed and market size, volume information is provided by type, application and refrigerant type as referenced above.
The countries covered in the refrigeration oil market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the refrigeration oil market owing to the increasing automobile production, presence of numerous refrigerant oil providers, rising demand for air-conditioners in the commercial and residential sectors are the factors for market growth in the region. Europe, on the other hand, will continue to however show lucrative growth within the forecast period owing to the increasing demand for commercial refrigerators from food and pharmaceutical industries in economies in this region.
The country section of the refrigeration oil market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Refrigeration Oil Market Share Analysis
The refrigeration oil market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to refrigeration oil market.
Some of the major players operating in the refrigeration oil market report are ENEOS Holdings, Inc, BASF SE, Idemitsu Kosan Co.,Ltd, Exxon Mobil Corporation., Shell., China Petrochemical Corporation, Petroliam Nasional Berhad (PETRONAS), FUCHS, Johnson Controls, The Lubrizol Corporation, BP P.L.C., Chevron Corporation, MAHLE GmbH., Calumet Specialty Products Partners, L.P., CAMCO Lubricants, CITGO, Cosmo Oil Lubricants Co., Ltd., Eni, Indian Oil Corporation Ltd., ISELGLOBAL, National Refrigerants, Inc., Klüber, Lubriplate Lubricants Company, Lukoil, Petro-Canada Lubricants Inc., Phillips 66 Company, and Sun Company., among others.
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