DUBLIN--(BUSINESS WIRE)--The "Refrigeration Oil Market by Oil Type (Mineral Oil, Synthetic Oil (Polyolester, Polyalkylene Glycol)), Application (Refrigerator & Freezer, Air Conditioner, Automotive AC System, and Aftermarket), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The refrigeration oil market is estimated to grow from USD 1.1 billion in 2019 to USD 1.4 billion by 2024, at a CAGR of 4.7%. It is driven mainly by driven by the rising demand for consumer appliances and automobiles.
The growing demand for refrigeration oil from the food and pharmaceutical industries, along with the rising demand for low GWP refrigerants are other factors expected to drive the refrigeration oil market.
The key players profiled in the report include are JXTG Group (Japan), BASF (Germany), Idemitsu Kosan Co. (Japan), Royal Dutch Shell (Netherlands), ExxonMobil (US), BP (UK), PETRONAS (Malaysia), Chevron (US), Total (France), Sinopec Group (China), FUCHS (Germany), Johnson Controls (Ireland), and Lubrizol (CPI Fluid Engineering Services) (US).
Research Coverage
This report segments the market for refrigeration oil based on oil type, application, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and partnership & agreement associated with the market for the refrigeration oil market.
Market Dynamics
Drivers
- Increasing Demand for Consumer Appliances
- Growing Demand for Chilled & Frozen Food and Pharmaceutical Industries
- Rising Demand for Low GWP Refrigerants
Restraints
- Stringent Regulations to Limit the use of Fluorocarbon Refrigerants
- The Complexity of Functioning of Oil Control
Opportunities
- Growing Demand for Low Viscosity and High-Quality Refrigeration Oil
Challenges
- Compatibility of Refrigeration Oil With Refrigerants
POE oil type segment is expected to be the fastest-growing segment of the refrigeration oil market, in terms of value, between 2019 and 2024
The POE oil type segment is expected to witness the highest growth, in terms of value, from 2019 to 2024. POE oil has high thermal stability and excellent wear performance; its usage in all applications is one of the key factors expected to drive the growth of this oil type in the coming years.
Refrigerator & freezer application segment is estimated to witness the highest growth rate between 2019 and 2024
The refrigerator & freezer segment is estimated to be the fastest-growing application segment between 2019 and 2024, in terms of both value and volume. The growth of the segment can be attributed to the increasing demand and manufacture of refrigerators and freezers in APAC. The region accounts for more than two-thirds of the global demand for refrigerators and freezers. This is majorly due to the increasing urbanization and rapid industrialization in the region.
Growing demand for consumer appliances and automobiles is likely to drive the demand for the refrigeration oil market in APAC
The APAC refrigeration oil market is estimated to witness significant growth during the forecast period. The growing demand for consumer appliances and automobiles is expected to fuel the growth of the refrigeration oil market in the APAC region. In addition, the presence of major manufacturers such as JXTG Group (Japan), Idemitsu Kosan Co., Ltd. (Japan), China Petrochemical Corporation (Sinopec Group) (China), Indian Oil Corporation Ltd. (India), and PETRONAS (Malaysia), have positively influenced the demand trend for refrigeration oil in the region.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on refrigeration oil offered by top players in the global market
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the refrigeration oil market
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for refrigeration oil across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global refrigeration oil market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the refrigeration oil market
Companies Profiled
- BASF SE
- Behr Hella Service GmbH
- BP P.L.C.
- BVA, Inc.
- Calumet Specialty Products Partners, L.P.
- Camco Lubricants
- Chevron Corporation
- China Petrochemical Corporation (Sinopec Corp.)
- CITGO Petroleum Corporation
- Cosmo Oil Lubricants Co., Ltd.
- Ente Nazionale Idrocarburi ENI
- ExxonMobil Corporation
- FUCHS Petrolub SE
- Idemitsu Kosan Co., Ltd.
- Indian Oil Corporation Ltd.
- ISEL
- Johnson Controls
- JXTG Holdings
- Lubriplate Lubricants Company
- Lukoil
- National Refrigerants, Inc.
- Petro-Canada Lubricants Inc.
- Petroliam Nasional Berhad (PETRONAS)
- Phillips 66 Lubricants
- Royal Dutch Shell PLC
- Summit Oil Company, Inc. (Kluber Lubrication NA LP)
- Sun Company, Inc.
- The Lubrizol Corporation (CPI Fluid Engineering)
- Total S.A.
For more information about this report visit https://www.researchandmarkets.com/r/vrxne7
