Refrigeration Oil Market Estimated to Reach US$ 1.77 Billion by 2025, Globally: Transparency Market Research
ALBANY, New York, September 5, 2017 /PRNewswire/ --
Refrigeration oil is a special high-temperature formulation composed of additives and oil which provides lubrication to compressors. This oil is basically derived from either synthetic or mineral oil. Mineral oils were the prime oils used in refrigeration systems. Refrigerant oil is a fluid that absorbs or release heat from the place to be cooled or refrigerated. The demand of refrigerant oil increases with the increase in refrigerant system and types. Refrigeration oil is a lubricant, derived from either mineral oil or synthetic oil which is a blend of a special high-temperature formulation of oils and additives in order to provide lubrication to compressors. According to the report, the global Refrigeration Oil Market was valued at US$ 1.062 Bn in 2015 and is projected to reach US$ 1.77 Bn by 2025 at a CAGR of 5.8% from 2017 to 2025.
Some of the major reasons for the rise in demand for refrigeration oil in compressors as a lubricant of the cold chain transportation for frozen food, beverages and meat products, HVAC&R systems in healthcare sectors and increasing preferences towards low GWP refrigerants.
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Demand for cold chain logistics have increased need for the refrigeration equipment, and in turn resulted into increase in refrigeration oil use
The shift toward frozen and chilled food products is predicted to boost the demand for compressors. Consequently, the rising demand for compressors from the food & beverages industry is likely to drive the refrigeration oil market. For instance, the varying food habits of consumers resulted in the opening of numerous franchisees of stores such as, McDonald's, Pizza Hut it has also resulted into increase in refrigeration oil demand Moreover, the storage of medical products (such as vaccines, other medical products, etc.) are expected to increase demand for refrigeration systems. Further, it is expected to increase installation of refrigeration equipment in warehouses as well as in vehicles for distribution.
Synthetic oil segment is expected to gain momentum over the forecast period
On the basis of product type, the global refrigeration oil market is segmented into mineral oil and synthetic oil. Synthetic oil segment holds major share in global refrigeration oil market and is anticipated to remain dominant throughout the forecast period. This is mainly attributed to compatibility of synthetic oils with refrigerant used in refrigeration systems. On the basis of refrigerant type, the global refrigeration oil is segmented into CFC, HCFC, HFC, Ammonia and others. HFC Refrigerants demand was quite lucrative due to the extensive use of refrigeration in the supermarkets and others.
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Moreover global warming potential of HFC is expected to continue the demand for natural refrigerants.
Based on the application, the global refrigeration oil market is segmented into air conditioners, coolers, chillers, refrigerators/ freezers, condensers and others. Air conditioners segment registered a major share in 2016 and is expected to remain dominant throughout the forecast period. The segment is further anticipated to propel the expanding with a high CAGR over the forecast period. The installation of air conditioners has wide applications in vehicles, residences, centralized systems in offices and in industries are some of the key reasons driving the segment in the forecast period.
Based on the end user, the global refrigeration oil market is segmented into industrial, commercial and residential. Use of refrigeration equipment such as chillers, air-conditions in pharmaceutical research laboratories, research & development department of food & beverage, fine chemical industries are expected to witness a significant growth of the industrial segment in the forecast period. The revenue generated from the sale of the refrigeration oil in Asia Pacific region is expected to register a CAGR of near to 6% in the forecast period.
The global refrigeration oil market has been distributed geographically over North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is one of the key consumers of refrigeration oil globally. Emerging markets such as China and India expect significant growth in their frozen food and cold storage warehousing sectors, motivating the refrigeration oil market. Moreover, changing lifestyles and incorporation of refrigerators and air conditioners in developing economies also play a part in propelling the refrigeration oil market.
Key players in the global Refrigeration Oil Market include Idemitsu Kosan Co. Ltd, ExxonMobil Corporation, Royal Dutch Shell plc, BASF SE, MEIWA CORPORATION, Chevron Phillips Chemical Company, FUCHS Lubricants, and The Lubrizol Corporation, and others.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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