What is Refrigeration Oil Market?
Refrigerant oil is a special high-temperature formulation designed for use in cooling systems, and it is used in a refrigeration system to lubricate the compressor and keep the refrigeration unit running efficiently. Refrigerant Oil decreases friction on metal parts, reducing wear on the compressor and prolongs the life of the refrigeration system. Rising the transportation sector and new product development by the leading manufacturers are propelling the growth of the refrigerant oil market in the forecast period.
The market study is being classified by Type (Synthetic Oil and Mineral Oil), by Application (Refrigerator & Freezer, Air Conditioner, Automotive Ac System and Aftermarket) and major geographies with country level break-up.
JXTG Nippon Oil & Energy Corporation (Japan), BASF SE (Germany), Idemitsu Kosan Co., Ltd. (Japan), Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (United States), BP p.l.c. (United Kingdom), PETRONAS (Malaysia), Chevron Corporation (United States), Total S.A. (France) and Sinopec Group (China) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are FUCHS PETROLUB SE (Germany), Johnson Controls (Ireland) and The Lubrizol Corporation (CPI Fluid Engineering Services) (United States).
Research Analyst at AMA predicts that European and Asian Manufacturers will contribute to the maximum growth of Global Refrigeration Oil market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Refrigeration Oil market by Type, Application and Region.
On the basis of geography, the market of Refrigeration Oil has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Demand for Pharmaceutical Industries and Chilled & Frozen Food
- Growing Demand for Consumer Appliances
- Increasing Use of Low GWP Refrigerants
Market Trend
- Increasing Consumption of Packaged Food Products, and Preservation & Utilization of Drugs and Vaccines
Restraints
- Stringent Regulations to Limit the Use of Fluorocarbon Refrigerants
Opportunities
- Increased Development of Low Viscosity and High-Quality Refrigeration Oil are Creates Opportunities for Market
Challenges
- Compatibility of Refrigeration Oil With Refrigerants
Key Target Audience
Refrigeration Oil Manufacturers, Refrigerant Manufacturers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors and Other