New York, NY, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Refrigeration Oil Market by Oil Type (Mineral Oil and Synthetic Oil), By Refrigerant Type (Chlorofluorocarbon (CFC), Hydrochlorofluorocarbon (HCFC), Ammonia, Hydrofluorocarbon (HFC)), and by Application (Refrigerator & Freezer, Air Conditioner, Automotive AC System, Chillers, and Condensers): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global refrigeration oil market was valued at approximately USD 1005 million in 2017 and is expected to generate around USD 1340 million in revenue by the end of 2024, growing at a CAGR of around 4.2% between 2018 and 2024.
Refrigeration oil has several benefits, such as low pour point, low contamination, excellent thermal and chemical stability, high dielectric strength, and low viscosity. It majorly lubricates all the moving parts, which includes gears, bearing, and mechanical seals, among other loaded contacts to the compressor. The rising demand for consumer appliances, such as refrigerators and air conditioners, among others, will primarily drive this market’s growth during the forecast period. Moreover, technological advancements and the changing lifestyles of people globally are considerable factors positively influencing this market’s growth.
Browse through 81 Tables & 23 Figures spread over 110 Pages and in-depth TOC on “Global Refrigeration Oil Market 2017: Industry Size, Share, Type, Trends, Applications and Forecast to 2024”.
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On the basis of oil type, the refrigeration oil market is bifurcated into mineral oil and synthetic oil. The synthetic oil segment held the largest market share in terms of value in 2017 and is anticipated to be dominant during the forecast period. This growth is attributed to the compatibility of synthetic oils with refrigerant used in the refrigeration systems. Moreover, synthetic refrigeration oil benefits in providing high performance in extreme conditions, higher shear stability, better viscosity index, and improved chemical resistance.
Based on refrigeration type, this market is categorized into chlorofluorocarbon (CFC), hydrochlorofluorocarbon (HCFC), ammonia, and hydrofluorocarbon (HFC). The hydrofluorocarbon (HFC) segment within the refrigeration type is estimated to dominate the market in the upcoming years. Since HFC contributes to global warming, the demand for natural refrigerants is likely to rise during the forecast period.
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On the basis of application, this market is segmented into the air conditioner, refrigerator and freezer, automotive AC system, chillers, and condensers. The refrigerator and freezer segment occupied a major share in 2017 and is projected to remain dominant during the forecast timeframe. The rising demand for packaged food products and the changing lifestyles of people in emerging countries are major growth factors for this segment.
On the basis of geography, Asia Pacific is anticipated to be the dominant region during the forecast period. This growth can be attributed to the rising population, which, in turn, leads to the increase in the demand for freezers, refrigerators, air conditioners, and automobiles in the developing markets, such as India and China. Furthermore, increasing employment rate, improving lifestyle, and rise in the disposable income of people are some factors that make this region a lucrative market for refrigeration oil manufacturers. The increase in demand for refrigerant oil in industrial refrigeration and automobile industries is also anticipated to boost the market in this region.
Browse the full "Refrigeration Oil Market by Oil Type (Mineral Oil and Synthetic Oil), By Refrigerant Type (Chlorofluorocarbon (CFC), Hydrochlorofluorocarbon (HCFC), Ammonia, Hydrofluorocarbon (HFC)), and by Application (Refrigerator & Freezer, Air Conditioner, Automotive AC System, Chillers, and Condensers): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/refrigeration-oil-market
North America is projected to show considerable growth during the forecast period. The region is propelled by increasing demand for food storage apparatus and the rising demand for refrigerant oil in automobile industries has accelerated the market in North America. The U.S. contributes the major share in terms of revenue, as it is the leading consumer of refrigeration oils, due to the high demand for refrigerant-based goods, which includes medical freezers, air conditioners, and commercial refrigerators.
The refrigeration oil market in Europe is estimated to be relatively mature than the markets in Asia Pacific and North America during the forecast timeline. Moreover, the demand for refrigeration oil has been restricted in this region due to the stringent government regulations regarding environmental concerns. Hence, the growth of this market in this region is estimated to grow at a steady pace.
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The refrigeration oil market in the Middle East and Africa is anticipated to grow due to various macroeconomic factors, such as steady population growth, massive economic growth, and economic diversification.
Major players of the refrigeration oil market are Fuchs Lubricants, BASF SE, Idemitsu Kosan Co. Ltd., Meiwa Corporation, ExxonMobil Corporation, Chevron Royal Dutch Shell Plc, Phillips Chemical Company, The Lubrizol Corporation, China Petrochemical Corporation, Indian Oil Corporation Ltd, JXTG Holdings Inc., Behr Hella Service GmbH, Lubriplate Lubricants Company, and Calumet Specialty Products Partners, L.P., among others.
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This report segments the global refrigeration oil market as follows:
Global Refrigeration Oil Market: Oil Type Segment Analysis
- Mineral Oil
- Synthetic Oil
Global Refrigeration Oil Market: Refrigerant Type Segment Analysis
- Chlorofluorocarbon (CFC)
- Hydrochlorofluorocarbon (HCFC)
- Ammonia
- Hydrofluorocarbon (HFC)
Global Refrigeration Oil Market: Application Segment Analysis
- Microbial Contamination
- Refrigerator & Freezer
- Air Conditioner
- Automotive AC System
- Chillers
- Condensers
Global Refrigeration Oil Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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