Research Nester published a report titled “Refrigeration Oil Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global refrigeration oil market in terms of market segmentation by type, refrigerant type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global refrigeration oil market is anticipated to gain a significant CAGR over the forecast period, i.e., 2021–2030. On the basis of refrigerant type, the market is segmented into chlorofluorocarbon (CFC), hydrofluorocarbon (HFC), and others, out of which, the HFC segment is anticipated to hold the largest market share over the forecast period, owing to the increasing use of HFC in the new generation appliances, as it is less polluting, and has lower ozone depletion potential. On the basis of application, the market is segmented into refrigerators, deep freezers, air conditioners, automotive AC, and others, out of which, the air conditioners segment is estimated to garner the highest revenue during the forecast period, owing to the rising sales and manufacturing of ACs on a global level, with more than 90 million units sold in 2018, backed by the raised living standards, and high personal disposable income of the middle class.
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The global refrigeration oil market is estimated to grow on the back of growing demand for consumer appliances, such as AC, refrigerator, and deep freezers. The growing food & beverages industry is estimated to drive the growth of the market, as there is an increased demand for freezers and refrigerators to store perishable food items, such as, sea food, dairy products, and fruits and vegetables. Establishment of new food outlets, super markets and cold storages is estimated to increase the demand for refrigeration oil, which, in turn, is expected to drive the market growth. Similarly, the rising need for deep freezers to store drugs and vaccines is estimated to boost the market growth. The growing production of automobiles, with more than 61 million vehicles sold in 2020, is further projected to boost the growth of the market.
Regionally, the global refrigeration oil market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is foreseen to garner a major share over the forecast period on the back of presence of major consumer electronics manufacturers in the region, along with the growing manufacturing industry. Moreover, the increasing demand for automobiles among the masses, backed by high disposable income, is estimated to boost the market growth. In 2020, the total sale of commercial and passenger cars crossed 3.5 million, in the U.S. The market in the Asia Pacific region is projected to garner highest CAGR over the forecast period, on the back of industrial development, including manufacturing and chemical industry, in the region. Moreover, Asia Pacific region is the largest market for air conditioners, backed by the hot and humid climatic conditions. Japan is one of the major markets for ACs, as more than 90% households use them. This is expected to significantly boost the regional market growth.
The Increasing Demand for Electronic Appliances to boost the Market Growth
Refrigeration oil is used to lubricate the condenser in the electric appliances, such as, air conditioners, freezers, refrigerators, and ac systems in automobile. Increasing demand for these appliances, in various end-user industries, including, healthcare, food & beverages, and automotive industry, is estimated to drive the growth of the global refrigeration oil market.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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However, strict regulations for using fluorocarbon refrigerant system, due to its impact on environment, is expected to operate as key restraint to the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global refrigeration oil market which includes company profiling of ENEOS Corporation, BASF SE, Idemitsu Kosan Co., Ltd., Chevron Corporation, Shell International B.V., China Petrochemical Corporation (SINOPEC), Exxon Mobil Corporation, Lubrizol Corporation, Petroliam Nasional Berhad (PETRONAS), and FUCHS PETROLUB SE. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global refrigeration oil market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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