According to the new market research report by IndustryARC titled “Refrigerant Oil Market: By Type of Oil (Polyolester oil (POE), Polyalkylene glycol (PAG), Polyalphaolefin (PAO) and others); By Refrigerant Type (CFC, HFC, HCFC, Ammonia, and Others); By End-user (Automobile, Commercial, Industrial, Households and others) & By Geography – Forecast (2018-2023)”, the market is driven by increasing demand for Refrigerant Oil from commercial end-user segment.
The global refrigerant oil market is set to experience a substantial growth owing to the strong demand from refrigerants in refrigerators and air conditioners worldwide. Moreover, the market for refrigerant oils remains a highly dynamic market, driven primarily by the consumer electronics based refrigerants and air conditioners. The global refrigerant oil market had registered $10.113 billion in 2017, and is expected to register $13.401 billion by 2023 at 4.9% CAGR.
Asia-Pacific continues to lead the market share and growth during 2018-2023.
APAC region is the major shareholder with more than 35% share in the global refrigerant oil market, due to the presence of numerous refrigerants and refrigerant oil providers and end user sectors. In 2017, APAC region occupied 49% share in the global refrigerant oil market, owing to the presence of numerous refrigerant oil providers and end user industries. For the period of 2017 until 2021, it is estimated that the APAC market will grow from $5.023 billion at a highest CAGR of 7.85% to reach $ 7.982 billion by 2023. America held the second major share with recorded revenue of $ 2.558 billion in 2017. Europe occupied 15% market share, and remaining 10% is occupied by the rest of the world (RoW).
In APAC, among all the end-user segments the commercial segment is projected to register highest growth rate of 8.94% CAGR, and will reach from $1.605 billion in 2017 to $2.783 billion by 2023.
Selected / Sample Analysis done in the full Report:
- The refrigerant oil industry value chain is a four step production to distribution system. The first step involves sourcing of raw materials, for e.g., ammonia (NH3) is the raw material for Polyalphaolefins (PAO). The key step to any value chain analysis is the production center, where the use of polyalphaolefins reduces the amount of oil mist and oil vapor which are collected in the oil separators. The key step to any value chain analysis is the production center, where manufacturing units’ use of polyalphaolefins can reduce the amount of oil mist and oil vapor which collects in oil separators.
- Raw materials such as ammonia and benzene are crucial for the production of refrigerant oil, which can be usually procured in bulk. Chemical suppliers or petrochemical refineries are basically the raw material suppliers for such products to the manufacturers.
- Manufacturers then considering various applications and parameters, prepare the product for the end-user industry. Idemitsu Kosan Co Ltd, Carrier Corporation and JX Holdings Inc. are amongst the major manufacturers for refrigerant oil.
- After the manufacturing process, there can be two scenarios for the end-users, who in this case can be refrigerator or air conditioning manufacturers or automobile manufacturer. First scenario is a system where manufacturers directly supply the finished product to the end-users.
- Second is, where suppliers or distributors take these finished products from the manufacturers to the end-users, leading to a wider reach of end-user industries. Major end-user industries for this market include industries such as industrial cooling, automotive, refrigerant manufacturers.
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Excerpts on Market Growth Factors Mentioned in the Full Report:
- With the increasing demand for refrigerators and air conditioners, the demand for refrigerants also increases, which drives the growth of refrigerant oils.
- High growth in global electronic appliance market that is driven by increasing demand for refrigerators and ACs for commercial applications is anticipated to drive the demand for refrigerants and oils.
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Key Players of the Refrigerant Oil Market:
The Lubrizol Corporation, Chemtura Corporation and Idemitsu Kosan Co. Ltd. are amongst the key market players in Refrigerant Oil market. The Lubrizol Corporation is a subsidiary of Berkshire Hathaway and is headquartered in Wickliffe, Ohio. The company provides wide range of refrigerant oil products. Idemitsu Kosan Co. Ltd. has been a major manufacturer of refrigerant oils for motor vehicle air conditioning, and has been successful in maintaining that place for quite a while now.
Refrigerant Oil Market Report is Segmented as below.
- Refrigerant Oil Market By Type of Oils:
- Polyolester oil (POE)
- Polyalkylene glycol (PAG)
- Polyalphaolefin (PAO)
- Refrigerant Oil Market By Refrigerant Type:
- Chlorofluorocarbon (CFC)
- Hydro-chlorofluorocarbon (HCFC)
- Hydrofluoro Carbon (HFC)
- Refrigerant Oil Market By End User:
- Refrigerant Oil Market By Geography ( Covers 14+ Countries )
- Refrigerant Oil Market Entropy
- Companies Citied / Interviewed
- BASF SE
- The Dow Chemicals Co.
- Fuch Lubricants
- Company 4
- Company 5
- Company 6
- Company 7
- Company 8
- Company 9
- Company 10+
- HFC Refrigerants Market
- Heat Transfer Fluids Market
What can you expect from the report?
The Refrigerant Oil Market Report is Prepared with the Main Agenda to Cover the following 20 points:
- Market Size by Product Categories
- Market trends
- Manufacturer Landscape
- Distributor Landscape
- Pricing Analysis
- Top 10 End user Analysis
- Product Benchmarking
- Product Developments
- Merges & Acquisition Analysis
- Patent Analysis
- Demand Analysis ( By Revenue & Volume )
- Country level Analysis (10+)
- Competitor Analysis
- Market Shares Analysis
- Value Chain Analysis
- Supply Chain Analysis
- Strategic Analysis
- Current & Future Market Landscape Analysis
- Opportunity Analysis
- Revenue and Volume Analysis
Frequently Asked Questions:
Q. Does IndustryARC publish country, or application based reports in Refrigerant Oil Market?
Response: Yes, we do have separate reports and database as mentioned below:
- North America Market for Refrigerant Oil (2018-2023)
- Europe Market for Refrigerant Oil (2018-2023)
- Asia-Pacific Market for Refrigerant Oil (2018-2023)
- Automobiles Market for Refrigerant Oil (2018-2023)
- Households Market for Refrigerant Oil (2018-2023)
- Commercial Market for Refrigerant Oil (2018-2023)
- Industrial Market for Refrigerant Oil (2018-2023)
Q. Does IndustryARC provide customized reports and charge additionally for limited customization?
Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:
- Increase the level of data in application or end user industry.
- Increase the number of countries in geography or product chapter.
- Find out market shares for other smaller companies or companies which are of interest to you.
- Company profiles can be requested based on your interest.
- Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.
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