WASHINGTON, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Refrigeration Oil is a high-temperature formulation composed of additives and oil formulated to implement in extreme environments. These oils are intended for use in cooling systems. The most crucial benefit of refrigeration oil is lubricating the compressor bearings and other moving parts. It is also used to reduce wear on the compressor, lessen friction on metal parts, and extend the system's life. The different types of refrigeration oils, such as mineral oil and synthetic oil, are used. These are utilized in applications including air conditioning, automobile AC systems, refrigerators and freezers, and aftermarket replenishing.
The Global Refrigeration Oil Market revenue is expected to reach a value USD 1,295 Million in 2028.
The Global Market revenue was valued at USD 1,029.4 Million in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 3.9% during the forecast period; states Vantage Market Research, in a report, titled “Refrigeration Oil Market Size, Share & Trends Analysis Report by Oil Type (Synthetic Oil, Mineral Oil), by Application (Refrigerators & Freezers, Air Conditioner, Automotive AC System, Aftermarket), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Refrigeration Oil Market was valued USD 1,029.4 Million in 2021 and is all set to surpass USD 1,295 Million by 2028, exhibiting a CAGR of 3.9% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Refrigeration Oil industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Drivers:
Increased Demand for Frozen Food and Pharmaceutical Industries
The growing usage of frozen food and the developing pharmaceutical sectors is one of the key factors driving the demand for refrigeration oil. These sectors are the primary users of refrigeration oils. The demand for packaged and ready-to-eat foods is driven by the growing world population and shifting dietary preferences. These products must be kept at a low temperature as they are perishable. Additionally, the pharmaceutical sector needs low-temperature conditions for the storage and transportation of pharmaceuticals. The pharmaceutical industry is witnessing significant expansion, particularly in the region's largest rising nations, China and India. As a result, the market for refrigeration oil is anticipated to rise along with the pharmaceutical sector.
Technological Development and Product Innovation
The market's current demand is focused on refrigeration oils that are cost-effective and meet the minimum standards or regulations mandated in the region. In addition, customers now need more functionalities than cooling due to the changing nature of applications. Thus, Customers are concentrating more on multi-purpose refrigerators, freezers, air conditioners, and automobile products. As a result, the growing demand for cutting-edge gadgets fuels technical and product innovation. Hence, several major players are investing their money heavily in the market for technological development, ultimately driving the market growth.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Refrigeration Oil Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
Regional Analysis:
Asia Pacific is expected to dominate the growth of Refrigeration Oil Market in 2021. Asia Pacific is a developing market for refrigeration oil, and it is mostly due to the region's rapid economic expansion and significant investment in various sectors, including oil and gas, transportation, infrastructure, the chemical industry, and electronics, among others. The demand is shifting to the Asia Pacific due to the economic downturn and market saturation in Europe and North America. As the strongest regional market for various applications, including automotive, electronics, and household appliances, among others, makers of refrigeration oil are focusing on this area. The fact that production costs are cheap in Asia Pacific is a key benefit of moving operations to the region.
List of Prominent Players in Refrigeration Oil Market:
- Eneos Holdings Inc. (Japan)
- BASF SE (Germany)
- Idemitsu Kosan Co. Ltd (Japan)
- ExxonMobil Corporation (U.S.)
- Royal Dutch Shell PLC (Netherlands)
- Total Energies SE(France)
- China Petrochemical Corporation (Sinopec Corp)
- Petroliam Nasional Berhad (Petronas)
- FUCHS Petrolub SE (Germany)
- Johnson Controls (Ireland)
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Refrigeration Oil Market Size, Share & Trends Analysis Report by Oil Type (Synthetic Oil, Mineral Oil), by Application (Refrigerators & Freezers, Air Conditioner, Automotive AC System, Aftermarket), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
In 2020, BASF SE is collaborating with FUCHS for more sustainable refrigerant lubricants and oil products, also to produce more ester-based and mineral oil-based fluids.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Refrigeration Oil Market for the base year and forecast period?
This market titled “Refrigeration Oil Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
Customization of the Report:
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