China Refrigeration Lubricants Market Growth, Trends, COVID-19 Impact, and Forecasts 2021 - 2026 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "China Refrigeration Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The market for refrigeration lubricants is expected to grow at a CAGR > 3% during the forecast period.

Major factors driving the market studied are emergence of new-generation lubricants optimized for energy efficiency and increasing momentum in the Chinese HVACR industry.

Augmenting prominence for lubricant technology and rise in the demand from cryogenic applications are expected to offer various opportunities for the growth of market.

Air conditioning segment is expected to account for the largest application of the China refrigeration lubricants market and is expected to grow at a considerable pace over the forecast period.

Key Market Trends

Increasing Momentum in the China HVACR Industry:

• HVACR (Heating, Ventilation, Air Conditioning, and Refrigeration) is an important part of residential and commercial buildings. The market is filled with different kind of HVACR appliances. Heating appliances, like heater, furnace, and heat pumps, are used to generate heat in buildings via central heating or local heating.
• Ventilation appliances are used to change or replace air in any building to regulate temperature, and air conditioning appliances are used in cooling of indoor air for thermal comfort.
• Refrigeration appliances, like refrigerators and freezers, are used in maintaining low temperature below the ambient temperature.
• Refrigeration lubricants for high-purity ammonia, such as R600a (isobutane), R290 (propane), R1270 (propene/propylene), R1150 (ethene/ethylene), and R170 (ethane) are used in a wide range of applications in domestic refrigeration, industrial refrigeration, and transport refrigeration. These are also used in small air conditioning systems, heat pumps, and water heaters, and in large air conditioning and chiller systems.
• The dynamic nature of the industry can mainly be attributed to the increasing urbanization, unprecedented population growth, and frequently changing governmental regulations for making HVAC products more energy efficient, which, in-turn, is stimulating the demand of the market studied, over the forecast period.

Air-Conditioning Application to Dominate the Market

• Air conditioning (AC) units are designed to modify humidity and air temperature in an enclosed area. The primary components of an air conditioner are compressor, evaporator, expansion valve, and condenser. These components are also the areas where oil cocking will lead to the loss of efficiency. To provide better compatibility with common refrigeration gases, lubricants are used to reduce side effects, such as pipeline corrosion.
• Refrigeration lubricants have multiple purposes, such as removing heat, lubricating moving parts, acting as a sealant, and cooling the key parts of compressors.
• Some major features of refrigeration lubricants include high resistance to oxidation, resistance to thermal degradation, non-foaming, water separation, anti-wear properties, and corrosion resistance.
• Energy demand for space cooling in commercial buildings in China is growing rapidly, owing to the rising population with higher purchase power, rapid urbanization, development of infrastructure, and global warming.
• Presently, China produces around 70% of the world's room air conditioners and covers almost 22% of installed cooling capacity across the world.
• The aforementioned factors coupled with government support are contributing to the increasing demand for refrigeration lubricants market during the forecast period.

Competitive Landscape

The China refrigeration lubricants market is consolidated in nature, where majority of the market demand is captured by the top players. Few companies include Idemitsu Kosan Co. Ltd, Petronas Lubricants Belgium NV, JXTG Nippon Oil & Energy Corporation. China National Petroleum Corporation, China Petroleum & Chemical Corporation.

Companies Mentioned

• BASF SE
• BP PLC
• Chevron Corporation
• China National Petroleum Corporation
• China Petroleum & Chemical Corporation (SINOPEC GROUP)
• Exxon Mobil Corporation
• FUCHS
• Idemitsu Kosan Co. Ltd
• JX Nippon Oil & Energy Corporation
• Kluber Lubrication
• Petronas Lubricants Belgium NV
• Royal Dutch Shell PLC

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