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″, 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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The refrigeration oil market is estimated to grow from USD 1.1 billion in 2019 to USD 1.4 billion by 2024, at a CAGR of 4.7%. Refrigeration oil is a high-temperature formulation consisting of additives and oil. It is specially formulated to perform in extreme environments. It is designed for use in cooling systems. The primary function of refrigeration oil is to lubricate the compressor bearings and other moving parts. It is also used to reduce friction on metal parts, decrease wear on the compressor, and extend the life of the system.
Based on oil type, the refrigeration oil market is segmented into mineral oil and synthetic oil. The synthetic oil segment accounted for the largest share, in terms of value, in 2018. The synthetic oil segment is further sub-segmented into POE, PAG, and others. The POE oil segment is estimated to grow at the highest rate during the forecast period, in terms of value. The superior performance of POE oils in comparison to other synthetic oils makes it a suitable option for refrigeration and air conditioning applications. Besides, POE oil has high thermal stability and excellent wear performance.
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The refrigeration oil market size is projected to reach USD 1.4 billion by 2024 from USD 1.1 billion in 2019, at a CAGR of 4.7% between 2019 and 2024. The increasing demand for refrigerators & freezers from the food and pharmaceutical industries to preserve packaged food items and drugs is one of the major factors to drive the demand for the refrigeration oil market. Stringent regulations to limit the use of fluorocarbon refrigerants is restraining the growth of the refrigeration oil market.
On the other hand, increasing demand for consumer appliances drives the demand for refrigeration oil. The players in the refrigeration oil market are mainly concentrating on expansions, new product launches, and partnership & agreements to meet the growing demand in various applications. New product launches help companies strengthen their product portfolio and meet the specific requirements of customers.
The growth of the refrigeration oil market has been influenced mainly by expansions, new product launches, and partnership & agreement that took place between 2016 and 2019. JXTG Group (Japan), BASF (Germany), and Idemitsu Kosan Co. (Japan), ExxonMobil Corporation (US), and Royal Dutch Shell plc. (Netherlands) adopted expansions, new product launches, and agreements to remain competitive in the refrigeration oil market.
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BASF is one of the world’s largest chemical companies and one of the world’s largest players in the refrigeration oil market. It engages in manufacturing and selling a wide range of chemicals and intermediate solutions. The company offers POE and PAG refrigeration oils. It focusses on joint ventures and expansions to remain competitive in the refrigeration oil market. In May 2019, the company expanded its production capacity of antioxidants for lubricants in China and Mexico due to the increasing global demand for long-life lubricant additives, which, in turn, will increase the demand for refrigeration oil.
Idemitsu Kosan Co. is a petroleum refining and manufacturing company in Japan. The company has a major presence in APAC and manufactures and sells petrochemical and oil products. It offers PVE and PAG refrigeration oils to global customers. Idemitsu focuses on joint ventures, agreements, and expansions to remain competitive in the refrigeration oil market. In October 2017, the company started operating a service station business in Hanoi, Vietnam, that helped it strengthen its businesses ranging from production and procurement of petroleum products to the sale of such products in the overseas market of the Pacific Rim.
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