Refrigerant oil is a special high-temperature formulation designed for use in cooling systems. The purpose of oil in a refrigeration system is to lubricate the compressor by reducing the friction on metal parts and wear on the compressor. Refrigeration oil has special characteristics such as excellent chemical and thermal stability, low pour point, high dielectric strength, low contamination, and viscosity.
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 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 the market growth. Nevertheless, the research and developments prevailing in the market is likely to drive the market growth.
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For instance, the U.S. Department of Energy’s (DOE) Building Technology Office (BTO), a part of the Office of Energy Efficiency and Renewable Energy, developed research and development (R&D) opportunities for next generation low global warming potential (GWP) refrigerants. In 2014, the United States, Canada, and Mexico proposed an amendment to the Montreal Protocol to reduce production and consumption of hydrofluorocarbon (HFCs) 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 2016–2030. In June 2016, the Australian Federal Government announced that it would deliver an 85% phasedown of HFCs. Greg Hunt, then Environment Minister, stated that the phasedown would contribute to around 80 million tons to Australia’s 2030 emissions reduction target. The EPA ruling has legalized the use of hydrocarbon propane, isobutene, and a chemical named R-441A as a substitute for refrigerants.
The global refrigeration oil market is segmented into five regions of Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific is anticipated to be the highly lucrative region for the refrigeration oil market and accounts for around 35% of the market share. The changing lifestyle and high disposable income have increased the demand for consumer appliances and automotive in this region which has augmented the market growth.
North America is a growing market due to the high demand for the product in automotive AC system. The high production and sales of automotive in this region are likely to drive the market growth further.
The European market is majorly driven by the high demand for refrigeration oil in the automotive sector for automotive AC system and consumer goods such as freezer, AC, etc.
Latin America and the Middle East & Africa are expected to experience a significant market growth due to growing demand for HVAC regulating temperature from infrastructural buildings in this region.
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The global refrigeration oil market is segmented on the basis of the oil type, application, and region.
Based on the oil type, the global refrigeration oil market is segmented into synthetic and mineral oils.
The global refrigeration oil market is segmented by its application as refrigerator, freezer, chillers, air conditioner, automotive AC system, and others.
Regionally, the global refrigeration oil market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Some of the manufacturers operating in the global refrigeration oil market are JXTG Holdings Inc. (Japan), BASF SE (Germany), China Petrochemical Corporation (China), Shell Global (Netherlands), Exxon Mobil Corporation (U.S.), Total (France), MEIWA CORPORATION (Japan), Indian Oil Corporation Ltd (India), Behr Hella Service GmbH (Germany), COSMO OIL LUBRICANTS Co.,Ltd. (Japan), Calumet Specialty Products Partners, L.P. (U.S.), Lubriplate Lubricants Company (U.S.), PETRONAS (Malaysia), Petro-Canada Lubricants Inc. (Canada), and Idemitsu Kosan Co. Ltd (Japan).
- Refrigeration oil Manufacturers
- Traders and distributors of refrigeration oil
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratory
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