Market Research Report
Refrigeration Oil Market by Oil Type (Mineral Oil, Synthetic Oil (Polyolester, Polyalkylene Glycol)), Application (Refrigerator & Freezer, Air Conditioner, Automotive AC System, and Aftermarket), and Region - Global Forecast to 2024
|Published by||MarketsandMarkets||Product code||621930|
|Published||Content info||126 Pages
Delivery time: 1-2 business days
|Refrigeration Oil Market by Oil Type (Mineral Oil, Synthetic Oil (Polyolester, Polyalkylene Glycol)), Application (Refrigerator & Freezer, Air Conditioner, Automotive AC System, and Aftermarket), and Region - Global Forecast to 2024|
|Published: August 22, 2019||Content info: 126 Pages||
"Increasing demand for freezers and refrigerators expected to drive the refrigeration oil market."
The refrigeration oil market is estimated to grow from USD 1.1 billion in 2019 to USD 1.4 billion by 2024, at a CAGR of 4.7%. It is driven mainly by driven by the rising demand for consumer appliances and automobiles. Refrigeration oil is used for lubrication in compressors and reduces the friction of metal parts, thereby reducing the wear and tear of compressors in consumer appliances and automotive AC systems. The growing demand for refrigeration oil from the food and pharmaceutical industries, along with the rising demand for low GWP refrigerants are other factors expected to drive the refrigeration oil market.
The POE oil type segment is expected to witness the highest growth, in terms of value, from 2019 to 2024. POE oil has high thermal stability and excellent wear performance; its usage in all applications is one of the key factors expected to drive the growth of this oil type in the coming years.
The refrigerator & freezer segment is estimated to be the fastest-growing application segment between 2019 and 2024, in terms of both value and volume. The growth of the segment can be attributed to the increasing demand and manufacture of refrigerators and freezers in APAC. The region accounts for more than two-thirds of the global demand for refrigerators and freezers. This is majorly due to the increasing urbanization and rapid industrialization in the region.
The APAC refrigeration oil market is estimated to witness significant growth during the forecast period. The growing demand for consumer appliances and automobiles is expected to fuel the growth of the refrigeration oil market in the APAC region. In addition, the presence of major manufacturers such as JXTG Group (Japan), Idemitsu Kosan Co., Ltd. (Japan), China Petrochemical Corporation (Sinopec Group) (China), Indian Oil Corporation Ltd. (India), and PETRONAS (Malaysia), have positively influenced the demand trend for refrigeration oil in the region.
The key players profiled in the report include are: JXTG Group (Japan), BASF (Germany), Idemitsu Kosan Co. (Japan), Royal Dutch Shell (Netherlands), ExxonMobil (US), BP (UK), PETRONAS (Malaysia), Chevron (US), Total (France), Sinopec Group (China), FUCHS (Germany), Johnson Controls (Ireland), and Lubrizol (CPI Fluid Engineering Services) (US).
This report segments the market for refrigeration oil based on oil type, application, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and partnership & agreement associated with the market for the refrigeration oil market.
This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the refrigeration oil market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
pharmaceutical industries 33
refrigeration oil 34
expected to drive the demand for POE 40
in the segment 44
to drive the market 45
IN THE SEGMENT 47
CONDITIONER, AND AUTOMOTIVE AC SYSTEM TO SIGNIFICANTLY
BOOST THE MARKET GROWTH 48
to drive the market 55
country propels the growth of the market 56
& freezer application, which influences the market positively 57
to drive the market 58
the market 60
drives the market 64
are estimated to drive the market 64
to drive the market 68
export purposes to drive the market 69
country increases the demand for refrigeration oil 75
drives the demand for refrigeration oil 76
to drive the market 77
for consumer appliances, which increases the demand for refrigeration oil 80
drive the market 81
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.