A fresh report has been added to the wide database of Market Research Report Search Engine (MRRSE). The research study is titled "Refrigeration Oil Market - Size is Projected to be around US$ 1.77 Billion by 2025" which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview.
Refrigeration oil is a high-temperature formulation oil composed of additives and oil which provides lubrication to compressors. This oil is basically derived from either synthetic or mineral oil. Mineral oils are the prime oils used in the refrigeration systems; however, they are no longer suitable for the new refrigerants, mainly due to their insufficient lubricity and miscibility.
Refrigeration is the process of cooling a substance or an area below the temperature of the atmospheres. The refrigerants follow a cycle which includes: vapor-compression, absorption, steam ejection and air. Refrigeration oil play an important role in the area of lubricants and lubrication technology. It has a large influence on industry, lifestyle, agriculture and settlement patterns.
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The shift towards frozen and chilled products is predicted to increase the demand for compressors, thus rising demand for food and beverages industry is likely to drive the refrigeration oil market. The globally varying food habits have resulted into demand of stores like Subway, and McDonald’s, KFC moreover the rising need for storage of medical products such as HVAC&R systems and vaccines in the health care sector is projected to motivate the refrigeration oil market.
With the increase in the usage of air conditioners and refrigerators, there will be a continuous growth in the refrigerant oil market for the high performance and longer life of these systems as these oils add long life to the refrigerant systems. Global Synthetic oil market is around 71% and rest of the market is shared by the mineral oil, thus many refrigerant oil manufacturing companies are producing more synthetic oil based products.
The future of the global refrigeration oil market is prosperous, with the demand estimated to increment at a CAGR of 5.8% during the forecast period of 2017 to 2025. Some of the key factors favoring the global refrigeration oil market are: increasing preference of low-GWP refrigerants, rebates offered by government and NGOs to promote energy-efficient product and services, technological advancement such as advent of HVAC&R systems in the healthcare sector, and expanding refrigeration application. The transportation sector and new product development by the leading vendors are also expected to open new opportunities in the global refrigeration oil market, which on the other hand is facing obstruction from compatibility issues and complexity of oil control function. The refrigeration oil market is projected to reach a global valuation of US$1.77 bn by the end of 2025.
The refrigeration oil market has been segmented by product type into the synthetic and mineral varieties. The synthetic oil segment is estimated to increase and hold a significant share in the market during the forecast period, thus creating more opportunities compared to mineral oil in the near future. Based on refrigerant type, the market has been divided into the following categories: hydro-chlorofluorocarbon (HCFC), chlorofluorocarbon (CFC), ammonia, hydro-fluorocarbon (HFC), and others. On the basis of application, the refrigeration oil market has been classified into the following sections: coolers, air conditioners, chillers, condensers, refrigerators/freezers, and others. The air conditioners segment is assessed to witness considerable growth in the near future.
In terms of the end-user sector, the refrigeration oil market has been divided into the commercial and residential sectors. The industrial segment is predicted to be a key contributor in the market. The global refrigeration oil market has been distributed geographically over North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is one of the key consumers of refrigeration oil globally. The India and China are the key countries expected to propel the demand in the forecast period.
Report offers comprehensive study of Refrigeration Oil types that include Mineral Oil and Synthetic Oil. The total oil market is segmented into oil type, refrigeration type, application and region. Based on the type of oil, market is segmented into oil type, refrigeration type, application and region.
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In the refrigeration oil by type segment includes mineral oil, alkyl benzene oil, Polyolester Oils, Polyalkylene Glycol, & PAO Oils. On the basis of refrigeration type, the market can be segmented into CFC, HCFC, HFC & Others. In the forecast period HFC, and Ammonia due almost no greenhouse potential is expected to grow at a fast pace in comparison to other oil by type segment. Based on the end user segment report is divided into three segments such as industrial, commercial, residential in end use segment residential type is expected to grow at a fast pace due to rise in use of chillers, refrigerators, and air conditioners in pharmaceutical research laboratories, research and development department of food & beverage.
The global Refrigeration Oil market has been segmented as follows:
Refrigeration Oil Market: Product Type
Mineral Oil
Synthetic Oil
Refrigeration Oil Market: By Refrigerant Type
Hydro Chlorofluorocarbon (HCFC)
Chlorofluorocarbon (CFC)
Hydro Fluorocarbon (HFC)
Ammonia
Refrigeration Oil Market: by Application
Air conditioners
Coolers
Chillers
Refrigerators
Condensers
Others
Refrigeration Oil Market: by End Use
Residential
Commercial
Industrial
Refrigeration Oil Market: Regional Analysis
North America
U.S.
Canada
Europe
U.K.
Italy
Russia
France
Germany
Rest Of Europe
Asia Pacific
China
India
ASEAN
Japan
Rest Of Asia Pacific
Latin America
Brazil
Mexico
Rest of South America
Middle East & Africa (MEA)
GCC
South Africa
Rest of MEA
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