According to the current analysis of Reports and Data, the globalRefrigeration Oil Marketwas valued at USD 1,147.6 Million in 2020 and is expected to reach USD 1,618.1 Million by year 2028, at a CAGR of 4.30%. The global refrigeration oil market is majorly driven by the growing demand for consumer appliances such refrigerators and air conditioners. The technological advancements and changing lifestyles across the globe is an important factor positively influencing the refrigeration oil market growth. The other major drivers of the global refrigeration oil market include the high demand for refrigeration systems from food and pharmaceutical industries to increase the shelf life of the products. However, the limitation on the use of fluorocarbons due to the ozone depletion caused by them is a challenge to market growth.
In 2014, the North American countries of United States, Canada, and Mexico proposed a revision to the Montreal Protocol to reduce production and consumption of hydrofluorocarbon by 85% during the period of 2016-2035 for Non-A5 (developed) countries. Furthermore, It is stated in the proposal of the A5 (developing) countries would reduce the production and consumption of HFC by 85% during the later years of 2025-2045. Moreover, in 2013, the European F-gas legislation was issued, which may help to reduce hydrofluorocarbon (HFC) consumption by 79% over the period 20162030. In June 2016, the Australian Federal Government announced that it would deliver an 85% phase-down of HFCs.
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Top Companies:JXTG Holdings Inc., BASF SE, China Petrochemical Corporation, Shell Global, Exxon Mobil Corporation, Total, Meiwa Corporation, Indian Oil Corporation Ltd , Behr Hella Service Gmbh, Cosmo Oil Lubricants Co. Ltd., Calumet Specialty Products Partners, L.P., Lubriplate Lubricants Company, Petronas, Petro-Canada Lubricants Inc., and Idemitsu Kosan Co.
Further key findings from the report suggest
- The refrigeration oil market is growing at a CAGR of 2 %in Asia Pacific followed by North America and Europe, with 4.3 % and 3.9% CAGR, respectively. The high refrigeration oil market across the globe is the key factor in accelerating market growth during the forecast period across all regions.
- Hydro chlorofluorocarbon has the highest market share of 35% in the global market.
- Hydro fluorocarbon is expected to be the fastest-growing market segment during forecast period 2019-2028 with a CAGR of 5.4%.
- A refrigerator has the highest market share in refrigeration oil market of 41% and was valued at USD 4.21 billion and is expected to reach USD 5.96 billion by 2028.
- Air conditioners have the highest market CAGR of 5.7 in the global forecast period for refrigeration oil market.
- The Asia Pacific is expected to account for 30% of the global refrigeration oil market. Developing nations including China and India are likely to witness high growth in the refrigeration oil market.
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Product (Revenue in USD Million; Volume in Tons, 20202028)
- Mineral Oil
- Synthetic Oil
Refrigerant Type(Revenue in USD Million; Volume in Tons, 20202028)
- Hydro Chlorofluorocarbon
- Chlorofluorocarbon
- Hydro Fluorocarbon
- Ammonia
Application (Revenue in USD Million; Volume in Tons, 20202028)
- Air Conditioners
- Coolers
- Chillers
- Refrigerators
- Condensers
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Significant Features that are under Offering and Key Highlights of the Reports:
Detailed overview of the Refrigeration Oil Market
Changes in industry market dynamics
Detailed market segmentation by type, application, etc.
Historical, current and projected market size in terms of quantity and value
Recent industry trends and developments
Competition situation of Refrigeration Oil Market
Key companies and product strategies
Potential niche segment/region showing promising growth.
Finally, the Refrigeration Oil Market Report is the authoritative source for market research that can dramatically accelerate your business. The report shows economic conditions such as major locales, item values, profits, limits, generation, supply, requirements, market development rates, and numbers.
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