CHICAGO, Aug. 22, 2019 /PRNewswire/ -- According to the new 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™, the Refrigeration Oil Market is projected to reach USD 1.4 billion by 2024, at a CAGR of 4.7% from USD 1.1 billion in 2019.
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Emerging economies are witnessing rapid urbanization along with a rise in disposable income. The consequent increase in the standard of living and growing consumption of convenience/packaged food products, coupled with the mass adoption of vaccines and drugs will drive the demand for refrigerators, freezers, air conditioners, and automobile HVAC systems. This will fuel the demand for refrigeration oil, ultimately driving the refrigerator oil market.
Synthetic oil is the largest segment of the Refrigeration Oil market.
The synthetic oil segment accounted for the largest share of the refrigeration oil market in 2018, in terms of value. Synthetic refrigeration oil has several advantages over conventional mineral refrigeration oil, such as high viscosity index, superior chemical resistance, excellent shear stability, and stable performance in extreme conditions. Additionally, its compatibility with low GWP and modern refrigerants gives it an added advantage over mineral refrigeration oil.
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Refrigerator & freezer application is estimated to be the largest segment of the natural fragrance market during the forecast period.
The refrigerator & freezer application is estimated to be the largest segment of the refrigeration oil market, in terms of value, during the forecast period. The growth of this segment can be attributed to the rising demand for packaged food items and the changing lifestyle of people in developed and developing regions.
APAC is estimated to be the largest market for Refrigeration Oil during the forecast period.
The APAC region is estimated to lead the refrigeration oil market in 2018 in terms of value and volume. The increasing population in the region and the rising demand for refrigerators, freezers, air conditioners, and automobiles in the emerging markets of APAC, such as China and India, are some of the major factors projected to drive the demand for refrigeration oil in the region. Furthermore, the improving lifestyle, increasing employment rate, rising disposable income of the people, and mounting foreign investments in various sectors of the economy are some of the other factors that make APAC an attractive market for refrigeration oil manufacturers.
The key market players profiled in the report include 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), and Johnson Controls (Ireland).
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