Introduction
Global refrigeration oil market was valued at USD XX Billion and is projected to reach USD XX billion by 2025, growing at a CAGR of XX% from 2020-2025. With rising demand for consumer appliances, growth in food and pharmaceutical industries and increasing demand of low GWP refrigerants need for refrigeration oil is on high. In addition to the mentioned ones increase in consumption and demand of packaged food product has also paved the way for refrigeration oil market in positive direction. The continuous growing demand for refrigeration and air conditioning system particularly in developing countries due to increasing population and urbanization are expected to heavily influence the growth rate of the refrigeration oil market.
On the other hand, increase in the regulation of various government policies to curb greenhouse gasses and environmental pollution has let the manufacturer to invest towards greener products which has ultimately driven the focus towards synthetic refrigeration oil market which has restraint its growth as it is facing compatibility issue in respect to performance as compared to existing refrigeration oil.
Geographical Overview
At a global level, the Asia-Pacific region was holding the highest market share in 2019 and is expected to maintain its dominance in upcoming as well. Whereas Europe is holding the second biggest market followed by North America. Key factors like increase in automobile production, rising demand of air conditions, increasing population and urbanization, expanding food and oil, chemical and medical industries are driving the Refrigeration Oil Market in Asia-Pacific region. Presence of various major refrigeration oil manufacturing companies have a great positive impact on the market as well. Growth in Europe and North American is driven by increasing demand of natural refrigerants due to government imposing various F-Gas regulations.
Segmental Overview
Refrigeration Oil Market is segmented as per below specifications
By Product Type:
• Mineral Oil
• Synthetic Oil
o Polyalkylene Glyco
o Polyalphaolefin
o Alkyl Benzene
o Polyol Ester
o Polyvinyl Ether
By Refrigerant Type:
• Ammonia/CO2
• Hydro Fluorocarbon (HFCs)
• Others
By Application:
• Refrigerator and Freezer
• Aftermarket
• Automotive AC Systems
• Air Conditioners
• Chillers
• Others
Competitor Analysis
Refrigeration Oil Market has presence of some of the key major players across globe which includes
• JXTG Group
• BASF SE
• Idemitsu Kosan Co. Ltd.
• Royal Dutch Shell plc
• Exxon Mobil Corporation
• BP p.l.c
• PETRONAS
• Chevron Corporation
• Total S.A.
• Sinopec Group
• FUCHS PETROLUB SE
• Johnson Controls
• The Lubrizol Corporation
These key players are concentrating its efforts on the continuous product improvement with innovative initiatives to have an edge over other competitors. Further, to garner maximum market share, companies are adopting merger/ acquisition/ partnership and maintaining strong distribution networks strategies.
By Geographical Locations:
• North America
o U.S.
o Canada
• Europe
o U.K.
o France
o Italy
o Germany
o Spain
o Russia & CIS
o Rest of Europe
• Asia-Pacific
o China
o India
o Japan
o South Korea
o ASEAN
o Rest of Asia Pacific
• Latin America
o Brazil
o Argentina
o Rest of LATAM
• Middle East & Africa
o UAE
o South Africa
o Rest of MEA
Highlights of the report
What is Refrigeration Oil Market?
Who all are key market players in the industry?
How the Parent Industry is growing?
Where are the key opportunities for new market entrant?
A comprehensive analysis, which covers key growth factors across the value chain
Recent developments in market
Granular Market Segmentation
Market size projection based on Historical & current market trends
Market share analysis and key strategies adopted by leading Players
Production Cost & Sensitivity Analysis
Country Level Market Analysis of Top 16 countries
Data Driven Decision Recommendations
