Refrigeration Oil Market

Global Refrigeration Oil Market Anticipated to Be Valued at US$ 1,785.5 Mn by 2016 End;
Rising Demand for Commercial Refrigeration Systems in the Food & Beverages Industry
Expected to Boost Market Growth
Future Market Insights delivers key perceptions on the global refrigeration oil market in its latest
report titled ‘Refrigeration oil Market: Global Industry Analysis and Opportunity Assessment,
2016–2026’.
Global sales of refrigeration oil were estimated to be valued at US$ 1,026.8 Mn in 2015, and is
anticipated to increase with a CAGR of 5.3% over the forecast period. Asia Pacific Excluding Japan
is estimated to account for the regional share of 31.2% in the global refrigeration oil market by the
end of 2016 and is expected to retain its dominance throughout the forecast period.
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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. The refrigeration oil flows under pressure where it changes its state from liquid to
vapours for generation of the cooling effect. Some of the major reasons for the rise in demand for
refrigeration oil in compressors as a lubricant is the cold chain transportation for frozen food,
beverages and meat products, HVAC&R systems in healthcare sectors and increasing preferences
towards low GWP refrigerants.
Consumption of electricity power more than 70% by the refrigeration equipment and the depletion
of ozone layer due to increasing emission of Green House Gases (GHG) from refrigeration systems
has led to the production and adoption of low GWP refrigerants which will boost demand for more
energy efficient refrigeration oil. Various government organisations are trying to enforce
amendments over the industries to reduce the use of HCFCs and CFCs in refrigeration system until
2030 by A5 countries in order to identify such refrigerants as obsolete. Thus, adoption of new
refrigerants is expected to be the major reason behind the development of refrigeration oil
compatible with these refrigerants in refrigeration.
View and Download TOC of Refrigeration Oil Market Research [email protected]
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Segmentation highlights
Based on product type, the global refrigeration oil market can be segmented into mineral oil and
synthetic oil. The synthetic oil segment is expected to hold a significant share in the global
refrigeration oil market and is expected to expand relatively higher in terms of value over the
forecast period. The segment is expected to create incremental opportunity more than the mineral
oil segment during 2016–2026
Based on the refrigerant type the global refrigeration oil market can be segmented as
chlorofluorocarbon (CFC), hydro-chlorofluorocarbon (HCFC), hydro-fluorocarbon (HFC),
ammonia and others. The growth rate of the others segment is expected to accelerate as compared to
remaining refrigerants in terms of value and is anticipated to create a productive incremental
opportunity over the forecast period
Based on application the global refrigeration oil market can be segmented as air conditioners,
coolers, chillers, refrigerators/ freezers, condensers and others. The air conditioners segment is
estimated to account for a major share in the overall global refrigeration oil market with relatively
maximum CAGR value over the forecast period
Based on end user the global refrigeration oil market can be segmented as industrial, commercial
and residential. Industrial segment is estimated to be a major contributor in the overall global
refrigeration oil market followed by commercial and residential sectors by 2026 end
Regional market projections
The global refrigeration oil market is segmented on the basis of region into North America, Latin
America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the
Middle East & Africa. APEJ is anticipated to register the highest CAGR in terms of value over the
forecast period. North America and Europe are highly focussed on using low GWP refrigerants in
refrigeration oil. The markets of Latin America, Middle East & Africa and Japan are expected to
remain stagnant over the forecast period.
Vendor insights
The major shareholders of the global refrigeration oil market are MEIWA CORPORATION, Royal
Dutch Shell plc, ExxonMobil Corporation, Idemitsu Kosan Co. Ltd, FUCHS Lubricants, Chevron
Phillips Chemical Company, BASF SE and The Lubrizol Corporation. These players have adopted a
strategy of capacity expansion of their existing production units and strengthening the sales
distribution networks worldwide to meet the increasing demand for refrigeration oil across the
globe and are therefore expected to offer productive market opportunity over the forecast period.
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