New York, Sept. 25, 2019 (GLOBE NEWSWIRE) -- Increasing demand for consumer appliances and rising demand for low global warming potential (GWP) refrigerants are propelling the market growth.
The global refrigeration oil market is forecast to reach USD 1.59 Billion by 2026, according to a new report by Reports and Data. Refrigeration oil is a high-temperature lubricant and is derived from either mineral oil or synthetic oil. It is made from a mixture of oil and additives designed for its use in the cooling system. Refrigeration oil exhibits properties such as high viscosity, low contamination, low pour point, and high dielectric strength.
The market for refrigeration oil is influenced by the rising demand from various consumer appliances, including refrigerators, freezers, and air conditioners, among others. Additionally, growth in consumption of packaged food products and storage requirement for drugs escalates the demand for refrigerators, air conditioners, and automobile HVAC systems.
The above-mentioned factors create opportunities for market growth, while factors such as stringent regulations to limit the use of fluorocarbon refrigerants pose limitations in the market. However, each factor would have a definite impact on the market during the forecast period. Consistent advancement in the refrigeration oil market owing to the innovative efforts have enhanced the efficiency of refrigeration oil.
The Asia Pacific region is forecasted to witness the highest growth during the forecast period. This is due to the growing demand for consumer appliances, air conditioners, automobiles, and refrigerators from countries like China and India. These countries consist of over 40% population across the globe and application of refrigeration oil in this region will grow with a very high rate.
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Further key findings from the report suggest
- The synthetic oil type held the largest market share of 61.4% in the year 2018. Synthetic oil possesses properties such as high performance in extreme conditions, high shear stability, superior viscosity index, and enhanced chemical resistance, and it lasts longer in comparison to mineral oil. This type of oil is compatible with low global warming potential (GWP) and refrigerants, such as ammonia and carbon dioxide.
- Hydro Fluorocarbon segment held the largest market share of 33.9% in the year 2018. HFCs are chemically stable, non-flammable, and nonreactive. HFCs are used in a wide variety of cooling systems, from refrigerators and freezers to automotive air-conditioning units.
- The refrigeration and freezer segment held the largest market share of 55.3% in the year 2018. This growth is due to the increasing demand for perishable food products and an increase in trade for food products. The rising sales of refrigerators & freezers are predicted to drive the growth of the market during the forecast period.
- The Asia Pacific region held the largest market share of 56.3% in the year 2018. The presence of established refrigeration oil players and growth in refrigerator & freezer, air conditioner, automotive AC systems, and aftermarket sales in the region are increasing the demand for refrigeration oil.
- Key Participants BASF SE, JXTG Holdings, ExxonMobil Corporation, Idemitsu Kosan Co., Ltd., Royal Dutch Shell Plc, Total S.A., FUCHS PETROLUB SE, Johnson Controls, Chevron Corporation, and B.P. Plc among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global Refrigeration Oil market on the basis of oil type, refrigerant type, application, and region:
Oil Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Mineral Oil
- Synthetic Oil
Refrigerant Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Hydrochlorofluorocarbon
- Chlorofluorocarbon
- Hydro Fluorocarbon
- Ammonia
- Others
Applications Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Refrigeration & Freezer
- Air Conditioner
- Automotive AC System
- Aftermarket
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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