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Refrigeration Oil Market Explores New Growth Opportunities from 2019 to 2025

Author : Ronak Bora | Published Date : 2019-05-21 

Global Market Insights, Inc.: The Report 2019-2025 Refrigeration Oil Market Report explores the essential factors of the market considering such as industry situations, market demands, market players adopted business strategies and their growth scenario.

The growing refrigeration oil market demand from the food and pharmaceutical industries to increase the shelf life will fuel the industry. In addition, increasing demand for consumer appliances and rising preference for low GWP refrigerants are some of the key factors expected to drive the refrigeration oil market. Growing consumption of packaged food products, and preservation & utilization of vaccines and drugs will propel the demand for refrigerators, freezers, air conditioners, and automobile HVAC systems. The transportation sector and new product development by the leading manufacturers are also expected to open new opportunities in the global refrigeration oil industry.

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Whereas on the other hand, stringent regulations have been formed by the government bodies to limit the use of fluorocarbon refrigerants due to increasing emission of Green House gases, and complexities of oil control function will likely to restrain the global refrigeration oil market. However, the shift towards frozen and chilled products such as poultry, meat and dairy is predicted to escalate the demand for compressors, thus soaring demand from food and beverages industry will drive the market over the forecast period.

The refrigeration oil market has been segmented by product type into synthetic and mineral oil. The synthetic oil segment is further sub-segmented into polyolester, polyalkylene glycol, polyalphaolefin, alkyl benzene, polyvinylether, etc. The synthetic oil segment is expected to have a larger share attributable to compatibility of synthetic oils with refrigerant, high thermal stability, and enhanced chemical resistance in comparison to mineral oil.

Based on refrigerant type, the global refrigeration oil market has been segmented into hydrocholoroflurocarbon (HCFCs), chlorofluorocarbon (CFCs), hydro fluorocarbon (HFCs), ammonia and others such as butane & Iso-butane, propane, etc. HFC, and ammonia is expected to grow at a faster pace as compared to others due to no greenhouse potential.

Based on end user industries, global refrigeration oil market size can be segmented into industrial, commercial and residential and others such as automobile, etc. Use of refrigerators freezers, chillers, and air conditioners in pharma research labs, R&D department of food & beverage, fine chemical industries are likely to witness a significant growth of industrial segment over the forecast period.

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The Asia-Pacific refrigeration oil market size will witness high growth during the forecast period owing to the escalating demand for air conditioner, refrigerator, consumer appliances and automobiles in the markets of APAC, such as India and China. Furthermore, development of supermarkets, shopping complexes pharmaceutical industries coupled with growth in the cold storage, and frozen food sectors are some of the factors that make APAC an appealing market for refrigeration oil producers.

The refrigeration oil market competitive landscape includes key players such as BASF SE, Royal Dutch Shell, ExxonMobil, PETRONAS, Chevron, Sinopec Group, FUCHS, Behr Hella Service GmbH, CAMCO Lubricants, Cosmo Oil Lubricants Co., Ltd., Indian Oil Corporation Ltd., Johnson Controls, National Refrigerants, Inc., Total S.A., Petro-Canada Lubricants Inc to name a few.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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