Refrigeration Oil Market

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REFRIGERATION OIL MARKET ANALYSIS 

• Refrigeration Oil Market, By Product Type
  (Mineral Oil, Synthetic Oil (Polyol Ester, Poly
  Alpha Olefin, Alkyl Benzene, Polyalkylene Glycol,
  Polyvinyl ether, Others)), By Refrigerant Type
  (Chlorofluorocarbon (CFC), Hydro-chlorofluorocarbo
  n (HCFC), Hydro-fluorocarbon (HFC), Ammonia,
  Others), By End User (Industrial, Commercial,
  Residential), By Application (Air Conditioners,
  Coolers, Chillers, Refrigerators/Freezers,
  Condensers, Others) - Size, Share, Outlook, and
  Opportunity Analysis, 2020 - 2027

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Refrigeration oil can be derived from either
synthetic or mineral oil. It has excellent
thermal and chemical stability and is completely
contamination-free. It is used in the
refrigeration system to lubricate the moving
parts and reduce the friction of the metal
components. It flows under high pressure to get
convert into the liquid to vapor state in order
to generate a cooling effect. Moreover, it has
excellent viscosity index and high shear
stability.The global refrigeration oil market is
projected to surpass US 1800 million by the end
of 2027, in terms of revenue, growing at CAGR
of 5.3 during the forecast period (2020 to
2027).

• Drivers
• The booming healthcare industry, advancement in
  the treatment, and increasing prevalence of
  chronic disease are projected to fuel the demand
  for refrigeration systems this is, in turn,
  propelling the market growth. Increasing use of
  refrigeration systems due to growing need for
  storing drugs and vaccines along with the growing
  development of novel drugs is further anticipated
  to accelerate the market growth of the
  refrigeration oil.
• Growth in the food beverage industry is a prime
  factor fueling the market growth of the
  refrigeration oil. Rising demand for perishable
  food products coupled with the increasing trade
  of food around the globe is also contributing to
  the market growth of the refrigeration oil.
  Moreover, increasing the consumption of frozen
  and packaged food products is another major
  factor expected to augment the market growth of
  the refrigeration oil.
• Regionally, Asia-pacific dominated the global
  refrigeration oil market in 2019,
  reporting 35 market share in terms of revenue,
  followed by Europe and North America,
  respectively.

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Figure 1. Global Refrigeration Oil Market,
Revenue Share (), By Region, 2019
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Market Restraints

• Strict rules and regulations on the use of
  fluorocarbon refrigerants system are expected to
  hamper the market growth over the forecast
  period.
• Various environmental factors associated with the
  use of a refrigeration system is expected to be a
  major challenge for the market growth of the
  refrigeration oil.

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Market Opportunities

• The growing use of the refrigeration system in
  transportation application such as the cold chain
  is expected to provide numerous growth
  opportunities. According to the UNs Food and
  Agriculture Organisation (FAO), 40 of food
  produced in the developing countries undergoes
  wasted before reaching a market. In addition to
  this, 25 of vaccines go waste in India before
  reaching to doctors or to patients. Thus,
  emerging cold chain sector is projected to foster
  the market growth of refrigeration oil.
• Growth in the chemical industry for storing
  sensitive chemicals that require a proper storage
  system is expected to augment the demand for
  refrigeration system which in turn is fueling the
  market growth. Also, growing demand for low
  global warming potential (GWP) and ozone
  depletion potential (ODP) conditioning systems
  for reducing environmental impact is expected to
  accelerate the market growth of the refrigeration
  oil over the forecast period.

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Figure 2. Global Refrigeration Oil Market
Opportunity Analysis
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 Market Trends 

• Increasing adoption of polyvinyl ether (PVE) as a
  refrigerant oil a miscible and compatible oil to
  all types of HFC refrigeration systems is
  expected to be a major trend in the market.
  Moreover, PVE oil offers better compatibility
  with R-410A as compared to poly olester (POE)
  oils. Thus rising adoption of polyvinyl ether
  (PVE) as a refrigeration oil is expected to
  foster the market growth of over the forecast
  period.
• The growing production of alkyl benzene by the
  manufacturer in order to meet the rising demand
  for high-performance lubricants is expected to
  augment the market growth. For instance, in April
  2017, Cepsa expands production of linear
  alkylbenzene in Brazil. The revamping process
  allows it to increase the plants production
  capacity up to 260,000 metric tons per year
  (m.t./yr). Thus, the rising production of alkyl
  benzene will favor market growth over the
  forecast period.

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• Figure 3. Global Refrigeration Oil Market,
  Revenue Share (), By Application, in 2019

On the basis of application, air conditioners
dominated the global refrigeration oil market in
2019 with around 27 of market share in terms of
revenue, followed by chillers and
refrigerators/freezers, respectively.
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• Global Refrigeration Oil Market - Impact of
  Coronavirus (Covid-19) Pandemic
• Refrigeration oils market has witnesses a decline
  in demand from majority of its end use industries
  for such as power generation, machinery,
  chemicals, metal manufacturing, and others amidst
  of government implementation of lockdown in
  various countries. The global refrigeration oil
  market is expected to grow at very low cagr till
  the early quarter of 2021.
• Competitive Section
• Key players are operating in the global
  refrigeration oil market are ExxonMobil
  Corporation, Royal Dutch Shell Plc, Idemitsu
  Kosan Co., Ltd., Meiwa Corporation, CPI Fluid
  Engineering, FUCHS Lubricants, and Performance
  Chemicals

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