Pune India, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the refrigeration oil market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the refrigeration oil market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, end-use, application, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global refrigeration oil market are ExxonMobil Corporation, Shell Plc, CPI Fluid Engineering (Part of The Lubrizol Corporation), FUCHS Lubricants (Part of FUCHS Petrolub SE), Idemitsu Kosan Co., Ltd., MEIWA CORPORATION, Chevron Phillips Chemical Company LLC, Performance Chemicals (Division of BASF SE), Royal Dutch Shell, Johnson Controls, and TotalEnergies SE. among others. To achieve a substantial market share in the worldwide refrigeration oil market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
In refrigeration systems, refrigeration oil is a formulation made up of additives and oil, formulated especially to withstand extreme temperatures. The main purpose of refrigeration oil is to lubricate the refrigerators parts. Refrigeration oil is designed for use in cooling systems. As packaged food and frozen meat consumption surges throughout the globe, the adoption of refrigeration systems is predicted to grow in the food & beverage industry. As frozen food products are perishable, and require low temperatures. End users are adopting refrigeration oil to ensure the quality of their products, thereby fueling sales. Furthermore, as air conditioning systems become increasingly popular in commercial buildings, homes, and automobiles, the refrigeration oil industry is expected to grow. The compressor requires refrigeration oils to function correctly. In addition to reducing friction, and wear and tear, they form a seal between the high- and low-pressure sides of the compressor. In addition to the increase in investment in research in a wide variety of industries, such as automotive, oil and gas, infrastructure, chemical, and electronics, the pharmaceutical industry is increasing its demand for laboratory refrigeration systems as it advances and conducts research and development (R&D), which is boosting the growth of the refrigeration oil market.
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Scope of Refrigeration Oil Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product, End-Use, Application, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | ExxonMobil Corporation, Shell Plc, CPI Fluid Engineering (Part of The Lubrizol Corporation), FUCHS Lubricants (Part of FUCHS Petrolub SE), Idemitsu Kosan Co., Ltd., MEIWA CORPORATION, Chevron Phillips Chemical Company LLC, Performance Chemicals (Division of BASF SE), Royal Dutch Shell, Johnson Controls, and TotalEnergies SE. among others |
Segmentation Analysis
Electronic system control is expected to be the fastest-growing segment in 2022.
The product segment is mineral oil and synthetic oil. The mineral oil segment is expected to witness the highest growth rate during the forecast period. ESC systems automate the braking of individual wheels to assist drivers in maintaining control of a car during critical moments. In addition, electronic stability control-equipped vehicles are involved in 32% fewer single-vehicle crashes, and 58% fewer rollover crashes resulting in injury to the driver.
Commercial is expected to be the fastest-growing segment in 2022.
The end-use includes industrial, commercial, and residential. The commercial segment is expected to witness the highest growth rate during the forecast period. In response to the rapid growth of the food service industry, key companies are creating new facilities and outlets to take advantage of expansion, including food retail, full-service restaurants, bars, and taverns. Due to the increasing demand for frozen and chilled food products, refrigeration systems are in demand. Consequently, sales of commercial refrigeration systems, including refrigerators, chillers, ice makers, and beer dispensers, are expected to increase.
Air conditioners are expected to be the fastest-growing segment in 2022.
The application includes coolers, air conditioners, refrigerators/freezers, condensers, and others. The air conditioners segment is expected to witness the highest growth rate during the forecast period. Due to climate change, increased levels of humidity, and rising temperatures in many places, energy-efficient air conditioners are increasingly being used in homes and commercial buildings. As smart homes become increasingly popular, smart, connected air conditioning systems are also becoming increasingly popular. Future product demand will be robust as technological breakthroughs continue and environmentally friendly AC systems emerge.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the refrigeration oil market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. As a result of the expansion of the healthcare and food & beverage sectors, the market share has increased significantly. Refrigeration systems are becoming increasingly important in laboratories because of ongoing advances and increased R&D in the pharmaceutical industry. Furthermore, these systems can extend the shelf life of medicines, vaccines, and other supplies, which boost the growth of the market in the region.
Country Analysis
- Germany
Germany's refrigeration oil market size was valued at USD 0.1 billion in 2022 and is expected to reach USD 0.12 billion by 2030, at a CAGR of 3% from 2023 to 2030.
Germany is the largest market in Europe and the third-largest market in the world for medical technology which will lead to a growth in the demand for refrigerators in the country. Companies can expect fierce competition between Germany and the rest of the world in terms of export quantities and prices.
- China
China’s refrigeration oil market size was valued at USD 0.2 billion in 2022 and is expected to reach USD 0.27 billion by 2030, at a CAGR of 4.2% from 2023 to 2030.
Refrigeration oil's expansion will be limited by demand for refrigerators and air conditioning systems, while manufacturers' increased investments in R&D efforts to develop cutting-edge products at affordable prices will create new opportunities for the industry.
- India
India's refrigeration oil market size was valued at USD 0.15 billion in 2022 and is expected to reach USD 0.19 billion by 2030, at a CAGR of 3.5% from 2023 to 2030.
Due to the growing demand for chilled, cooled, and frozen food to maintain food quality, refrigeration oil sales have increased in the country. In the pharmaceutical industry, refrigeration systems are widely used to preserve temperature-sensitive medications, which increases the demand for refrigeration oil.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand from the healthcare sector due to rising R&D activities, propelling the growth of the market across the countries.
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