ALBANY, New York, May 23, 2019 /PRNewswire/ -- The global refrigeration oil market seems to be consolidated, as prominent players are holding 95% of share in the market. These players are BASF, Royal Dutch Shell, Idemitsu Kosan Co., Ltd., Exxon Mobil Corp., and MEIWA. With continuous efforts made by these players, they will help them retain their position in the global refrigeration oil market. Concentrating on research and developmental activities and enhancing their product portfolios has made these players hold a dominant share in this market. Based on recent developments in 2018, Exxon Mobil Corp. expanded its new grease and synthetic production facility in Singapore. This development will help them achieve a stronghold in the lubricants segment.
Players are also focusing on implementing different organic and inorganic business development strategies to mark their presence in different regions. These strategies play a central role in benefiting the company growth as well as in bringing forth developments in the global refrigeration oil market. Other players are also engaged in incorporating different activities to get a strong hold in the market.
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With all these activities remaining intact, the revenue generated in the global refrigeration oil market is expected to reach US$1.77 bn by the end of 2025. To reach this valuation, the market is prognosticated to progress at a CAGR of 5.8% during the projected period between 2017 and 2025.
Among the products type, the demand for synthetic oil is highest as compared to mineral oil. High demand for synthetic oil is attributed to its compatibility with refrigerant used in the system. This segment will contribute up to US$1.31 bn in the global refrigeration oil market by the end of 2025. However, higher benefits of mineral oil over synthetic oil have increased their application in industrial and mechanical domains.
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Regionally, North America has taken the lead in the global refrigeration oil market due to a high demand for medical freezers, residential and commercial refrigeration, and air conditioners. Additionally, high demand for food storage equipment has also made the region lead the global refrigeration oil market.
Growing Use of Refrigeration Oil in Multiple Products to Enhance Market Performance
The global refrigeration oil market is experiencing high growth due to increasing applications of the oil products in coolers, air conditioners, refrigerators, chillers, condensers, and others. Rising demand for these products among urban population and gradual rise in other areas has also resulted in expanding demand in this market. Apart from high demand in developed economies, developing economies are also showing high demand for refrigeration oil. Moreover, rapidly expanding food, pharmaceutical, and electronic industries have further augmented growth in the global refrigeration oil market.
Growing demand for low global warming potential (GWP) refrigerants is having a positive impact on the refrigeration oil market. Changing trends and growing inclination for higher standard of living are also accelerating demand in this market.
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Strict Regulations Limiting Use of Fluorocarbon Refrigerants to Deter Market Growth
Despite the high growth and increased revenue generation, few factors need to be kept in mind to get even better results for refrigeration oil market. Limited use of fluorocarbon refrigerants due to strict regulations and issues with compatibility of refrigeration oil with refrigerants are expected to deter demand in the global refrigeration oil market.
But with growing demand for low-viscosity and high-quality refrigeration oil are projected to drive the demand in the global refrigeration oil market. High demand for low GWP refrigerants will also fuel growth in this market.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, "Refrigeration Oil Market (Product - Mineral Oil and Synthetic Oil; Refrigerant Type - Hydro Chlorofluorocarbon (HCFC), Chlorofluorocarbon (CFC), Hydro Fluorocarbon (HFC), and Ammonia; Application - Air conditioners , Coolers, Chillers, Refrigerators, and Condensers; End-use - Residential, Commercial, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
The global refrigeration oil market is segmented based on:
- Mineral Oil
- Synthetic Oil
- Hydro Chlorofluorocarbon (HCFC)
- Chlorofluorocarbon (CFC)
- Hydro Fluorocarbon (HFC)
- Air conditioners
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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