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Market Research Report

Global Refrigeration Oil Market - 2019-2026

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Global Refrigeration Oil Market - 2019-2026
Published: May 23, 2020 Content info:
Description

Market Overview

The refrigeration oil is a lubricant obtained through the mineral oil or synthetic oil. It is used as a hydraulic control, functional fluid and lubricating oil in the refrigeration compressors. The refrigeration oil dissipates heat away from hot compressor components. This oil is useful for sealing the compression chambers and valves. The refrigeration oil helps in removing the friction on metal parts, reducing wear and tear on the compressor. It is useful to prolong system life. The refrigeration oil market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.

Market Dynamics:

The market is driven by the rising demand for the refrigerator oil for the consumer appliances, pharmaceutical, and food industries. There is increasing consumption of frozen and packaged food products which involves commercial refrigerators. The rising preservation of the vaccines and drugs shall boost demand for refrigerators, freezers, air conditioners, and automobile HVAC systems.

The rise in the launch of the novel and innovative refrigerator oil shall stimulate market growth. For instance, in May 2017, ExxonMobil had launched a mineral-based oil i.e. Mobil Gargoyle Arctic 68 NH for ammonia compressor refrigeration systems. This mineral-based oil helps in improving the improve system efficiency, and offers cost benefits for industrial refrigeration operators. The Mobil Gargoyle Arctic 68 NH is developed to meet the growing use of ammonia as a natural refrigerant. This oil is designed for large industrial reciprocating and rotary refrigeration compressors used in food freezing, cold storage, and marine applications.

In April 2016, ExxonMobil had launched its new synthetic oil i.e. Mobil SHC Gargoyle 80 POE for CO2-cooled industrial refrigeration applications. This synthetic oil is designed specifically to lubricate compressors. It is suitable for the reciprocating compressors using carbon dioxide as a refrigerant.

However, the stringent regulations regarding the Chlorofluorocarbons (CFCs) emission shall hinder the market growth. The government has limited the use of fluorocarbons refrigerants with the increasing emission of greenhouses gases. There are complexities of controlling the oil function could have a negative impact on the market.

Segment Analysis

The refrigeration oil market is segmented based on synthetic oil and mineral oil. The synthetic oil segment accounts for the highest market share due to the higher penetration of the synthetic oil in comparison to the mineral oil due to its properties such as superior viscosity index, high shear stability, compressor efficiency, and enhanced chemical resistance. Synthetic oil has demonstrated higher performance in extreme conditions. Synthetic oil has longer life as it lasts for longer. It is compatible with the low GWP products and modern refrigerators. It is easy to blend synthetic oil specifically for use in refrigeration systems. The synthetic oil segment includes the polyolester (POE), polyalkylene glycol (PAG), and others. The market is dominated by the availability of several synthetic oil. For instance, RENISO ACC 68 is a fully synthetic refrigeration oil developed by the Fuchs Lubricants. It is based on the special double end-capped polyalkylene glycols (PAG). It provides the optimal wear protection even under unfavorable operating conditions. It has demonstrated good miscibility properties at low oil concentrations with the refrigerant CO2 (R744). It is highly thermal and chemical stability under the CO2 atmosphere. ExxonMobil's Mobil Gargoyle Arctic SHC NH 68 is a supreme-performance synthetic oil for the refrigeration compressors with ammonia refrigerant. It has excellent low-temperature fluidity and evaporator efficiency. It has shown the outstanding thermal/oxidative and chemical stability for long oil life. It is compatible with the seals with mineral lubricants for limiting the risk of oil leakage.

Further, the market is also classified based on the application as refrigerator & freezer, automotive AC system, air conditioner, chillers, condensers, and others. The refrigerator & freezer segment accounts for the highest market share of XX% in 2019. There is high usage of the refrigeration oil for lubricating the compressors of the refrigerators & freezers. The refrigeration oil helps in the smooth running of the refrigerators & freezers. The refrigeration oil is effective in increasing the life of the refrigerators & freezers. It helps in reducing the friction and wear on the metal parts of the refrigerators & freezers. There is a high usage of refrigerators & freezers with the rising demand for perishable food products. The increasing sales of the refrigerators & freezers that require the use of the refrigeration oil shall stimulate market growth. The increasing spending on infrastructure and the populace shall boost the demand for refrigerators & freezers.

Geographical Presentation

By region, the refrigeration oil market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Asia-Pacific dominated the refrigeration oil market due to the increasing sales of the refrigerator & freezer, air conditioner, automotive AC systems, chillers, condensers, and others with the changing lifestyle and growing urbanization. There is the presence of a large number of companies developing refrigeration oil. The drastic market growth is expected to be observed in developing countries such as India, and China due to the growing development of the supermarkets, shopping complexes that involve the high use of the refrigerator & freezer, and air conditioners. The growing domestic income and purchasing power shall stimulate market growth.

North America is expected to have positive market growth due to the rising demand for commercial refrigerators & freezers from the food and pharmaceutical industries. The increasing production of the refrigerators & freezers, automobiles, air-conditioners shall boost the demand for the refrigeration oil. There is a high growth of the air-conditioners in the residential sector. There is growing food & beverage, oil & gas, chemical, and medical industries. There is a rising demand for natural refrigerants with the growing F-gas regulations resulting in the removal of the HFCs and HCFCs.

Competitive Analysis

The refrigeration oil market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. JXTG Holdings, Basf SE, Idemitsu Kosan Co., Ltd., Exxonmobil Corporation, Depuy Synthes (part of Johnson & Johnson), Petroliam Nasional Berhad (PETRONAS), Fuchs Petrolub Se, and Johnson Controls, Inc. are the leading market players with significant market share.

The companies are focusing on product launch, product development, market expansion, patent filing, and technological advancement strategies for holding their position in the market. For instance, In June 2018, KH Neochem Co. had built a 7.5 billion (U.S. $67 million) facility in western Japan to manufacture additives for refrigeration lubricants.

In January 2019, BASF had expanded its production capacity of the antioxidants for lubricants in China and Mexico for increasing the production of antioxidants for lubricants. The capacity expansions address the growing demand for antioxidants from the increasing number of vehicles in Asia and the increasing global demand for long-life lubricant additives.

In June 2019, Idemitsu Kosan Co., Ltd. had filed the patent with the patent application number "20190300769" entitled "Lubricating oil composition for refrigerators". This patent covers the lubricating oil composition for a refrigerator which uses a base oil including as the main component at least one kind of oxygen-containing compounds selected from polyoxyalkylene glycols, polyvinyl ethers, copolymers of poly(oxy)alkylene glycols or monoethers thereof and polyvinyl ethers, polyol esters, and polycarbonates.

In October 2017, Idemitsu Kosan Co., Ltd. had begun its Service Station business through IdemitsuQ8 Petroleum in Vietnam. In May 2019, the company expanded its production capacity of antioxidants for lubricants in China and Mexico due to the increasing global demand for long-life lubricant additives, which will, in turn, will increase the requirement for refrigeration oil.

The companies are entering into the collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for refrigeration oil products and their expansion across the globe. For instance, in April 2018, The STS Group had acquired the Refrigeration Engineering International Pty Ltd., a leading Process Design and Engineering Company specialized in process cooling, gas compression, natural gas processing, and tank cooling solutions for oil, gas and downstream industries.

Why Purchase the Report?

  • Visualize the composition of the refrigeration oil market in terms of oil type, refrigerant type, and application highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the refrigeration oil market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of refrigeration oil market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • *The global refrigeration oil market report will provide access to approximately 53 market data tables, 44 figures, and 178 pages

Target Audience

  • Industry Investors/Investment Bankers
  • Suppliers/Buyers
  • Education & Research Institutes
  • Manufacturers
  • Research Professionals
  • Emerging Companies
  • Distributors
Table of Contents

Table of Contents

1. Global Refrigeration Oil Market Methodology and Scope

  • 1.1. Research Methodology
  • 1.2. Research Objective and Scope of the Report

2. Global Refrigeration Oil Market - Market Definition and Overview

3. Global Refrigeration Oil Market - Executive Summary

  • 3.1. Market Snippet by Oil Type
  • 3.2. Market Snippet by Refrigerant Type
  • 3.3. Market Snippet by Application
  • 3.4. Market Snippet by Region

4. Global Refrigeration Oil Market Dynamics

  • 4.1. Market Impacting Factors
    • 4.1.1. Drivers
    • 4.1.2. Restraints
    • 4.1.3. Impact Analysis
  • 4.2. Opportunity

5. Global Refrigeration Oil Market - Industry Analysis

  • 5.1. Porter's Five Forces Analysis
  • 5.2. Supply Chain Analysis
  • 5.3. Regulatory Analysis
  • 5.4. Pricing Analysis

6. Global Refrigeration Oil Market - By Oil Type

    • 6.1.1. Introduction
    • 6.1.2. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Oil Type
    • 6.1.3. Market Attractiveness Index, By Oil Type
  • 6.2. Mineral Oil*
    • 6.2.1. Introduction
    • 6.2.2. Market Size Analysis, US$ Mn, 2016-2025 and Y-o-Y Growth Analysis (%), 2018-2026
  • 6.3. Synthetic Oil
    • 6.3.1. Polyolester (POE)
    • 6.3.2. Polyalkylene glycol (PAG)
    • 6.3.3. Others

7. Global Refrigeration Oil Market - By Refrigerant Type

  • 7.1. Introduction
    • 7.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Refrigerant Type
    • 7.1.2. Market Attractiveness Index, By Refrigerant Type
  • 7.2. Chlorofluorocarbon (CFC)*
    • 7.2.1. Introduction
    • 7.2.2. Market Size Analysis, US$ Mn, 2016-2025 and Y-o-Y Growth Analysis (%), 2018-2026
  • 7.3. Hydrochlorofluorocarbon (HCFC)
  • 7.4. Ammonia
  • 7.5. Hydrofluorocarbon (HFC)

8. Global Refrigeration Oil Market - By Application

  • 8.1. Introduction
    • 8.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
    • 8.1.2. Market Attractiveness Index, By Application
  • 8.2. Refrigerator & Freezer*
    • 8.2.1. Introduction
    • 8.2.2. Market Size Analysis, USD Mn, 2016-2025 and Y-o-Y Growth Analysis (%), 2018-2026
    • 8.2.3. Domestic Refrigerator & Freezer
    • 8.2.4. Commercial Refrigerator & Freezer
    • 8.2.5. Industrial Refrigerator & Freezer
  • 8.3. Automotive AC System
  • 8.4. Air Conditioner
    • 8.4.1. Domestic Air Conditioner
    • 8.4.2. Commercial Air Conditioners
  • 8.5. Chillers
  • 8.6. Condensers
  • 8.7. Others

9. Global Refrigeration Oil Market - By Region

  • 9.1. Introduction
    • 9.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region
    • 9.1.2. Market Attractiveness Index, By Region
  • 9.2. North America
    • 9.2.1. Introduction
    • 9.2.2. Key Region-Specific Dynamics
    • 9.2.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Oil Type
    • 9.2.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Refrigerant Type
    • 9.2.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
    • 9.2.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 9.2.6.1. U.S.
      • 9.2.6.2. Canada
      • 9.2.6.3. Mexico
  • 9.3. Europe
    • 9.3.1. Introduction
    • 9.3.2. Key Region-Specific Dynamics
    • 9.3.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Oil Type
    • 9.3.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Refrigerant Type
    • 9.3.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
    • 9.3.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 9.3.6.1. Germany
      • 9.3.6.2. U.K.
      • 9.3.6.3. France
      • 9.3.6.4. Rest of Europe
  • 9.4. South America
    • 9.4.1. Introduction
    • 9.4.2. Key Region-Specific Dynamics
    • 9.4.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Oil Type
    • 9.4.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Refrigerant Type
    • 9.4.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
    • 9.4.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 9.4.6.1. Brazil
      • 9.4.6.2. Argentina
      • 9.4.6.3. Rest of South America
  • 9.5. Asia Pacific
    • 9.5.1. Introduction
    • 9.5.2. Key Region-Specific Dynamics
    • 9.5.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Oil Type
    • 9.5.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Refrigerant Type
    • 9.5.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
    • 9.5.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 9.5.6.1. China
      • 9.5.6.2. India
      • 9.5.6.3. Japan
      • 9.5.6.4. Australia
      • 9.5.6.5. Rest of Asia Pacific
  • 9.6. Middle East and Africa
    • 9.6.1. Introduction
    • 9.6.2. Key Region-Specific Dynamics
    • 9.6.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Oil Type
    • 9.6.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Refrigerant Type
    • 9.6.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application

10. Global Refrigeration Oil Market Competitive Landscape

  • 10.1. Competitive Scenario
  • 10.2. Market Positioning/Share Analysis
  • 10.3. Mergers and Acquisitions Analysis

11. Global Refrigeration Oil Market Company Profiles

  • 11.1. JXTG Holdings*
    • 11.1.1. Company Overview
    • 11.1.2. Form Portfolio and Description
    • 11.1.3. Key Highlights
    • 11.1.4. Financial Overview
  • 11.2. Basf SE
  • 11.3. Idemitsu Kosan Co., Ltd.
  • 11.4. Exxonmobil Corporation
  • 11.5. Royal Dutch Shell Plc
  • 11.6. Total S.A.
  • 11.7. China Petrochemical Corporation (Sinopec Corp.)
  • 11.8. Petroliam Nasional Berhad (Petronas)
  • 11.9. Fuchs Petrolub SE
  • 11.10. Johnson Controls
  • List is not exhaustive

12. Global Refrigeration Oil Market - Premium Insights

13. Global Refrigeration Oil Market - DataM

  • 13.1. Appendix
  • 13.2. About Us and Services
  • 13.3. Contact Us
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