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Refrigeration Oil Market - Overview
The global refrigeration oil market is majorly driven by the growing demand for consumer appliances such refrigerators and air conditioners. The technological advancements and changing lifestyles across the globe is an important factor positively influencing the market growth. Oil used in refrigeration system for the purpose to lubricate compressor and keep refrigeration unit running smoothly is collectively known as refrigeration oil.
Refrigeration oil lubricates compressor and reduces the friction on metal parts and wear on the compressor. The overall application scope of the refrigeration oil includes refrigerator, freezer, coolers, condensers, chiller, air conditioner, automotive ac systems, and others.
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Growth of refrigeration oil is largely driven by strong demand from consumer appliances such as air conditioner and refrigerator. Technological innovation coupled with changing lifestyle is the key factor raiding demand for refrigeration oil and is expected to further drive the global demand. Food industry is one of the important are wherein, refrigeration systems used in largely followed by pharmaceutical industry to increase the shelf life of the product. This in turn, has driving massive demand for refrigeration oil. However, restriction on the fluorocarbons use expected to hamper the overall refrigeration oil.
Segmentation
The global refrigeration oil market is segmented on the basis of the oil type, application, and region.
Based on the oil type, the global refrigeration oil market is segmented into synthetic and mineral oils.
The global refrigeration oil market is segmented by its application as refrigerator, freezer, chillers, air conditioner, automotive AC system, and others.
Regionally, the global refrigeration oil market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Regional Overview
Globally, Asia Pacific expected to be the largest market for refrigeration oil. The growth observed in this region is relatively high that other regions. Demand for refrigerator-based products such as refrigerators, residential and commercial freezers has surged demand for refrigerators in this region.
North America is the second largest market after Asia Pacific and is growing at moderately driven by contribution of U.S. High demand for food storage equipment, strengthening urbanization, and rising consumer electronics industry are some of the vital growth driving factors in this region.
Europe has presence of stringent governmental regulatory bodies which has limited refrigeration oil demand in Europe reason being growing environmental
Intended Audience
Refrigeration oil Manufacturers
Traders and distributors of refrigeration oil
Research and development institutes
Potential investors
Raw material suppliers
Nationalized laboratory
Prominent Players
JXTG Holdings Inc (Japan), BASF SE (Germany), China Petrochemical Corporation (China), Shell Global (Netherlands), ExxonMobil Corporation (U.S.), Total (France), WEIWA Corporation (Japan), Indian Oil Corporation (India), Behr Hella Service GmBh (Germany), COSMO OIL LUBRICANTS Co Ltd (Japan), Calumet Specialty Products Partners, L.P. (U.S.), Lupriplate Lubricants Company (U.S.), PETRONAS (Malaysia), Petro China Lubricants (Canada), and the other are the global industry players operating in the global Refrigeration Oil market and are profiled in MRFR analysis.
Industry news
April 27, 2015 – BASF SE appointed BTC as their core distribute for the lubricants industry North and Central Europe. BTC would solely engage and responsible in the lubricants distribution. BTC is the European sales organization for specialty chemical distribution for small and medium sized customers. The company would be associated with BASF SE hereafter and would be responsible for distributing lubricating oil additive, base stock, component for metalworking fluids.
June 6, 2017 – ExxonMobil Corporation has expanded new synthetic and grease production facility in Singapore. It is the leading company in the synthetic oil market and has this capacity expansion due to strengthen company’s flagship in lubricants segment. Singapore is being recognised as emerging market for lubricants and is expected to offer considerable demand for the same.
December 20, 2017- BASF SE and Sinopec China collective expanded the neopentylglycol (NPG) production in China. By operating at 80,000 tons of existing production capacity, the company has added additional 80,000 tons of neopentylglycol. With this additional capacity, the company would be able to support increasing demand for NPG.
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