New York, USA, June 23, 2022 (GLOBE NEWSWIRE) -- Refrigeration Oil Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Refrigeration Oil Market Information by Type, Refrigerant Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 5.31% CAGR to reach USD 1731 Million by 2030.
Market Synopsis
Refrigeration oil is primarily used to lubricate compressors, which assist in generating cold air. Refrigeration oil aids in the decrease of friction between metal components, reducing compressor wear and extending compressor life. Refrigeration oil has a high-temperature tolerance, making it the most acceptable lubricant for the metal sector. These oils are made to be used in air conditioning systems. Refrigeration oil is primarily used to lubricate compressor bearings and other mechanical parts. It's also utilized to reduce resistance on metal parts, decrease compressor wear, and lengthen the system's life. Mineral oil and synthetic oil are the two kinds of refrigeration oils utilized.
The refrigeration oil business has increased in recent years, owing to increasing market development and increased demand for food and pharmaceutical industries, home appliances, and low GWP refrigerants. The refrigeration oil industry's market dynamics have shifted due to the rising demand for synthetic oil. Furthermore, a shift toward green products has led to the manufacture of air conditioners using greener alternatives such as natural refrigerants such as hydrocarbons, CO2, and ammonia, which are some of the essential drivers accelerating the market's growth.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 1731 Million |
| CAGR | 5.31% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Refrigerant Type, Application, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Refrigeration systems increased demand in the industrial and commercial sectors |
| The increasing demand for synthetic oil has changed the market dynamic |
Market Competitive Landscape:
The impressive contenders in the refrigeration oil market are:
- Petroleum Nasional Berhad (PETRONAS)
- Total S.A.
- BASF SE
- Calumet Specialty Products Partners
- Summit Oil Company
- Ente Nazionale Idrocarburi (Eni)
- Lukoil
- The Lubrizol Corporation
- CAMCO Lubricants
- Cosmo Oil Lubricants Co. Ltd.
- B.P. P.L.C.
- Kluber Lubrication
- Isel
- Johnson Controls
- CITGO Petroleum Corporation
- Petro-Canada Lubricants Inc.
- Sun Company
- Lubriplate Lubricants Company
- Idemitsu Kosan Co. Ltd.
- Behr Hella Service Gmbh
- Chevron Corporation
- Exxon Mobil Corporation
- Jxtg Group
- China Petrochemical Corporation (Sinopec Group)
- Royal Dutch Shell Plc
- Phillips 66 Lubricants
- Indian Oil Corporation Ltd.
- FUCHS Petrolub Se, L.P.
- National Refrigerants
Market U.S.P. Covered:
Market Drivers:
The rising demand for refrigeration systems in the industrial and commercial sectors has propelled the refrigeration oil business to new heights. The refrigeration oil business has increased in recent years, owing to increasing market popularity and increased demand for pharmaceutical and food industries, consumer appliances, and low GWP refrigerants. The refrigeration oil industry's market dynamics have shifted due to the rising demand for synthetic oil. Refrigeration oils are also used to boost the performance of new automotive air conditioning systems. The growing economies of countries such as India and China have fueled the expansion of the refrigeration oil sector in their respective regions.
Increased use of frozen food and pharmaceutical sectors are two primary drivers for the refrigeration oil market. In the refrigerator and freezer industry, these are the most common consumers of refrigeration oils. The expansion of packaged and ready-to-eat food products, which are perishable and must be refrigerated at a low temperature, is fueled by a rising population and changing eating habits.
Market Restraints:
The discontinuance of HCFCs and HFCS is a big challenge for the refrigeration oil sector. Overheating can cause mechanical damage if the oil levels are too low to lubricate the metal. The use of fluorocarbon refrigerants is restricted by severe restrictions, which may hinder the expansion of the refrigeration oil business.
Browse In-depth Market Research Report (208 Pages) on Refrigeration Oil: https://www.marketresearchfuture.com/reports/refrigeration-oil-market-5795
COVID 19 Analysis
The epidemic had a significant impact on the refrigeration oil industry. As a result of the epidemic, various countries worldwide came to a standstill to prevent the virus from spreading further. As a result, the supply and demand chain was interrupted, which impacted the market. Due to the pandemic, manufacturing units, industries, and mining operations have been put on hold for the previous two years, resulting in lower sales in electronics and autos. As fewer laborers were engaged in processing and extracting the oil, the refrigeration oil industry likewise remained stationary. In the coming years, the industry is predicted to rise above its current state of stagnation by becoming more productive.
The refrigeration oil market has been hampered by the changing price of raw materials used to create refrigeration oil and the COVID-19 epidemic. On the plus side, corporations anticipate a return to normalcy and an improvement in the market shortly. Nations such as China and the United States, among others, are resuming normal operations.
Market Segmentation
By Type
The Mineral Oil segment is predicted to gain the top position in the forecast period.
By Application
The refrigeration oil market is likely to dominate the air conditioner segment. Because of the changing environment and rising temperatures and humidity levels in many places, the usage of energy-efficient air conditioners in homes and commercial buildings is expanding.
By Refrigerant Type
The ammonia/CO2 segment will take a significant market share in the forecast period.
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Regional Insights
Refrigeration oils are produced in large quantities throughout the Asia-Pacific region. The refrigeration oil industry's most critical industrial markets are China and India. The refrigeration oil business has seen an upward growth in recent years, thanks to rising demand for automobile production, consumer appliances, food and pharmaceutical industries, and low GWP refrigerants.
In the next few years, the refrigeration oil sector in North America is expected to grow significantly. The need for refrigeration systems in laboratories is expanding due to ongoing advances and increased R&D in the pharmaceutical industry. Furthermore, these systems are critical in extending the life of medications, vaccines, and other consumables. Due to increased research activity for the development of new COVID-19 vaccines, the ongoing COVID-19 pandemic has also offered new prospects for regional producers.
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