Refrigeration oil is a lubricant derived from either mineral oil or synthetic oil. It is a special high-temperature formulation of oil to provide lubrication to compressors. Global consumption of refrigeration oil was pegged at 300,420.6 tonnes in 2015. Sales revenue of refrigeration oil is expected to increase at a CAGR of 5.3% over the forecast period (2016–2026).
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Changing food habits coupled with spending capacity have resulted in a number of licenced and franchised stores of limited service restaurants such as McDonald’s and Subway, KFC and local services and is driving demand for frozen and chilled food products. Moreover, storage of medical products (such as vaccines, other medical products, etc.) is expected to increase demand for refrigeration systems. Hence, it is expected to increase installation of refrigeration equipment in warehouses as well as in vehicles for distribution.
Synthetic oil segment is expected to gain traction over the forecast period
On the basis of product type, the global refrigeration oil market is segmented into mineral oil and synthetic oil. Synthetic oil segment holds major share in global refrigeration oil market and is anticipated to remain dominant throughout the forecast period. This segment is expected to expand at a value CAGR of 5.8% over the forecast period. This is mainly attributed to compatibility of synthetic oils with refrigerant used in refrigeration systems.
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On the basis of refrigerant type, the global refrigeration oil is segmented into CFC, HCFC, HFC, Ammonia and others. HFC segment in the global refrigeration oil market is estimated to be valued at US$ 285.7 Mn by 2016 end and is projected to expand at a CAGR of 5.2% over the forecast period to reach US$ 476.4 Mn by 2026 end.
However, global warming potential of HFC is expected to drive the demand for natural refrigerants. Thus, others segment is estimated to dominate the market by the end of forecast period.
On the basis of application, the global refrigeration oil market is segmented into air conditioners, coolers, chillers, refrigerators/ freezers, condensers and others. Air conditioners segment occupied a major share in 2015 and is expected to remain dominant throughout the forecast period. Moreover, this segment is anticipated to expand at relatively high CAGR over the forecast period. The installation of air conditioners in vehicles, residences, centralised systems in offices and in industries is one of the reasons for the growth of the segment during the forecast period.
On the basis of the end user, the global refrigeration oil market is segmented into industrial, commercial and residential. Use of chillers, refrigerators, and air conditioners in pharmaceutical research laboratories, research & development department of food & beverage, fine chemical industries are expected to witness a significant growth of industrial segment over the forecast period.
Revenue generated from sales of refrigeration oil in APEJ is set to register a CAGR of 5.7% during 2016–2026
Development of supermarkets, shopping complexes, research and development in food & beverage, automotive, pharmaceutical industries is expected to increase the demand for air conditioners, chillers, and refrigerators in APEJ region. This, in turn, is expected to increase the demand for refrigeration oil in the APEJ region. The refrigeration oil market in North America and Western Europe is expected to be relatively mature than the APEJ market over the forecast period.
Strengthening the sales channel of refrigeration oil is the main strategy adopted by key players across the globe
The major players operating the global refrigeration oil market are ExxonMobil Corporation, Idemitsu Kosan Co. Ltd, Royal Dutch Shell plc, MEIWA CORPORATION, BASF SE, Chevron Phillips Chemical Company, FUCHS Lubricants and The Lubrizol Corporation. These key players are focusing on strengthening their sales channels to cater to the rising demand for refrigeration oil across the globe.
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