ID: MRFR/CnM/4339-CR | October 2019 | Region: Global | 208 Pages
The Refrigeration Oils Market is expected to register a CAGR of 5.31% by the forecast year 2030. The refrigeration oils market is expected to generate a revenue of more than 1731 million U.S. dollars up till the forecast 2021-2030.
$1731 Million
5.31%
Asia-Pacific
2021-2030
The Refrigeration Oils Market is expected to register a CAGR of 5.31% by the forecast year 2030. The refrigeration oils market is expected to generate a revenue of more than 1731 million U.S. dollars up till the forecast 2021-2030. Refrigeration oil is majorly used for lubrication of the compressors that help in the production of cold air. The refrigeration oil helps in the reduction of friction between metal parts that diminishes the wearing out of compressors and increasing its life. The refrigeration oil has tolerance towards high temperature, which makes it the best lubricant in the metal industry.
As per the on-growing market trend with an increase in demand for food & pharmaceutical industries, consumer appliances, low GWP refrigerants, the refrigeration oil industry has shown an upward trend in recent years. The increasing demand for synthetic oil has changed the market dynamic for the refrigeration oil industry.
Asia-Pacific region, North America, and Europe have leading industries of refrigeration oils. China and India have accounted for to highest industrial market for the refrigeration oil industry.
COVID-19 Analysis:Looking at the current scenario, the world is said to be in a state of emergency. The virus that originated from a flea market in Wuhan, China, has taken a toll on the world in economic, political, and social terms. People have grown accustomed to like on the basics. With human life at the toss, governments around the world-imposed lockdowns globally and state-wise to control the spread of the virus. Industries around the world also went to a standstill state. The refrigeration oil Industry also saw a stagnant state accounting for less manpower involved in refining and extracting the oil. The industry is expected to overcome the stagnant nature in upcoming years by being more productive.
Market Dynamics:Drivers:
Challenges:
Technology Analysis:Refrigeration oil is extracted from synthetic or mineral oil. It is produced by mixing additives and oil. Refrigeration oil is majorly used for lubrication of the compressors that help in the production of cold air. The refrigeration oil helps in the reduction of friction between metal parts that diminishes the wearing out of compressors and increasing its life. The refrigeration oil has tolerance towards high temperature, which makes it the best lubricant in the metal industry.
As per the on-growing market trend with an increase in demand for food & pharmaceutical industries, consumer appliances, low GWP refrigerants, the refrigeration oil industry has shown an upward trend in recent years. The increasing demand for synthetic oil has changed the market dynamic for the refrigeration oil industry. With industries moving to green product usage to decrease environmental pollution, A.C. manufacturing industries have adopted the use of natural alternatives available like hydrocarbons, carbon dioxide, and ammonia. All these factors have led to the industrial growth of the refrigeration oil industry by creating new opportunities.
Study Objectives:The refrigeration oil market study's objectives are:
Asia-Pacific region has leading industries of refrigeration oils. China and India have accounted for to highest industrial market for the refrigeration oil industry. With the rising demand for automotive production, food & pharmaceutical industries, consumer appliances, low GWP refrigerants, the refrigeration oil industry has shown an upward trend in recent years. The factors like production sites and volumes, consumption volumes, price trend analysis, import-export analysis, upstream and downstream value chain analysis, and cost of raw materials
have forecasted the growth of the refrigeration oil market globally and rurally country-wise. Many global brands and domestic brands play a major role in trade, refining, and manufacturing refrigeration oil.
Competitive Landscape:The competitive landscape of the Refrigeration Oil market share details about the market competitors, company financials, company overview, market potential, revenue generated, new market initiatives, investment in research and development, production sites, global presence, production facilities, company strengths and weaknesses, production capacities, product width and breadth, product launch, and application dominance. The refrigeration oil market is segmented by region as North America, Europe, Asia-Pacific, and the Rest of the world, with local and global industries widespread. The prominent players of the refrigeration oil market are Exxon Mobil Corporation, Jxtg Group, China Petrochemical Corporation (Sinopec Group), Royal Dutch Shell Plc, Petroleum Nasional Berhad (PETRONAS), Total S.A., BASF SE, The Lubrizol Corporation, CAMCO Lubricants, Cosmo Oil Lubricants Co. Ltd., Sun Company, Lubriplate Lubricants Company, Idemitsu Kosan Co. Ltd., Behr Hella Service Gmbh, Chevron Corporation, Phillips 66 Lubricants, Indian Oil Corporation Ltd., B.P. P.L.C., Kluber Lubrication, Isel, Johnson Controls, CITGO Petroleum Corporation, Petro-Canada Lubricants Inc., FUCHS Petrolub Se, L.P., Calumet Specialty Products Partners, Summit Oil Company, Ente Nazionale Idrocarburi (Eni), Lukoil, National Refrigerants, and others.
Recent Developments:
Report Overview:
The refrigeration oil market report shares meaningful insights on trade regulations, new recent developments, value chain optimization, import-export analysis, the impact of domestic and local market players, production analysis, opportunities, market share, market value, product launches, product approvals, technological innovation, and geographical expansions. The report shares the challenges faced by the refrigeration oil industry. It shares the study on regional analysis of the refrigeration oil considering market dominants and key players. The report pays attention to the study and analyzes the competitive landscape of the refrigeration oil industry. The report also specifies analysis and clarity on the product sales, value, market share, and market rivalry about the refrigeration oil industry manufacturers.
Report Attribute/Metric | Details |
---|---|
Market Size | USD 1731 million |
CAGR | USD 5.31% 2030 |
Base Year | 2021 |
Forecast Period | 2021-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Application and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Exxon Mobil Corporation, Jxtg Group, China Petrochemical Corporation (Sinopec Group), Royal Dutch Shell Plc, Petroleum Nasional Berhad (PETRONAS), Total S.A., BASF SE, The Lubrizol Corporation, CAMCO Lubricants, Cosmo Oil Lubricants Co. Ltd., Sun Company, Lubriplate Lubricants Company, Idemitsu Kosan Co. Ltd., Behr Hella Service Gmbh, Chevron Corporation, Phillips 66 Lubricants, Indian Oil Corporation Ltd., B.P. P.L.C., Kluber Lubrication, Isel, Johnson Controls, CITGO Petroleum Corporation, Petro-Canada Lubricants Inc., FUCHS Petrolub Se, L.P., Calumet Specialty Products Partners, Summit Oil Company |
Key Market Opportunities | The major challenge faced by the refrigeration oil industry is the discontinuation of the HCFCs (hydrochlorofluorocarbons) and HFCS. |
Key Market Drivers |
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Refrigeration Oil Market is expected to reach a valuation in excess of USD 1731 Million by 2030.
The market is expected to exhibit a strong 5.31% CAGR over the forecast period from 2021-2030.
Asia Pacific dominates the global refrigeration oil market, accounting for more than 38% of the market in 2018.
Leading players in the refrigeration oil market include China Petrochemical Corporation, BASF, and Arkema, among others.
The refrigeration oil market is segmented by application as refrigerators, freezers, aftermarket, automotive A.C. systems, air conditioners, chillers, and others.