Refrigeration Oil Market: Information by Type (Mineral Oil and Synthetic Oil {Polyalkylene Glycol, Polyalphaolefin, Alkyl Benzene, Polyol Ester and Polyvinyl Ether}), Refrigerant Type (Ammonia/CO2, Hydrofluorocarbon (HFCs) and others), Application (Refrigerator and Freezer, Aftermarket, Automotive AC Systems, Air Conditioners, Chillers and others) and Region (North America, Europe, Asia-Pacific, South America and the Middle East & Africa) - Forecast till 2030

Refrigeration Oil Market Overview:

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:

• Refrigeration systems increased demand in the industrial and commercial sectors have led the refrigeration oil industry to new heights.


• 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.


• The new automotive A.C. systems are also uplifted by refrigeration oils to increase their performance.


• The increasing rate of the economy of countries like India and China have marketed the growth of refrigeration oil industry shares in respective regions.


• The refrigeration oil has tolerance towards high temperature, which makes it the best lubricant in the metal industry.

Challenges:

• The major challenge faced by the refrigeration oil industry is the discontinuation of the HCFCs (hydrochlorofluorocarbons) and HFCS.


• If the oil level is low in lubricating the metal, it could lead to mechanical damage due to overheating.

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:

• To study the details on drivers responsible for the growth of the market


• The challenges faced by the refrigeration oil industry.


• To examine and study the refrigeration oil market size, market structure, and market growth.


• To study regional analysis of the refrigeration oil considering market dominants and key players.


• To study and analyze the competitive landscape of the refrigeration oil industry.


• To specify, analyze, and clarify the product sales, value, market share, and market rivalry about the refrigeration oil industry manufacturers.

• North America (U.S., Mexico, and Canada)


• Europe (France, Germany, UK, Switzerland, Netherlands, Russia, Belgium, Spain, Italy, Turkey)


• APAC region (China, South Korea, Japan, India, Malaysia, Singapore, Indonesia, Australia, Thailand, Philippines)


• Middle East, U.A.E., Saudi Arabia, Egypt, Israel, South Africa, Egypt, Argentina, and Brazil

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:

• October 2021: Daikin Industries stated to be interested in a breakthrough green technology to remain the world's top air conditioner producer by sales, as well as a new refrigerant to allow the Japanese business to join the electric car industry, as global warming pushes demand for energy efficiency. Elon Musk, the CEO of Tesla, who has businesses ranging from space travel to brain chips, hinted to shareholders earlier this month that he would start a home heating, ventilation, and air conditioning (HVAC) system company.


• In Oct 2017, Kuwait Petroleum International Ltd. and Idemitsu Kosan Co. Ltd. from Kuwait and Japan respectively built a business in Hanoi city of Vietnam called a service station business. The helped to boost the sales for companies by strengthening the procurement and production of petroleum products. This helped them outsource the product's market of the Pacific Rim.


• In September 2017, BASF SE's subsidiary, i.e., BASF India Limited, built a technical lab in South Asia to expand the market of industrial applications and automotive oil business by increasing the production and refining of lubricant and fuel solutions in the region.


• In April 2017, a compressor testing lab was built by Johnson Controls to test and create large screw compressors used in gas compression applications and refrigeration in the oil and gas industry. This has generated high revenue for Johnson Control.


• In May 2018, L.N.G. Canada signed a deal with PETRONAS at about 25% to strengthen and increase the value chain, market share, and market value of the company's (PETRONAS) lubricant business.

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.