Increasing demand for refrigerators & freezers from the food and pharmaceutical industries to preserve packaged food items and drugs drives the market for the refrigeration oil
The refrigeration oil market size is projected to reach USD 1.4 billion by 2024 from USD 1.1 billion in 2019, at a CAGR of 4.7%. Emerging economies are witnessing rapid urbanization along with a rise in disposable income. The consequent increase in the standard of living and growing consumption of convenience/packaged food products, coupled with the mass adoption of vaccines and drugs will drive the demand for refrigerators, freezers, air conditioners, and automobile HVAC systems. This will fuel the demand for refrigeration oil, ultimately driving the refrigerator oil market. APAC is the key market for refrigeration oil, globally, followed by North America and Europe.
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Synthetic oil is the largest segment of the Refrigeration Oil market
The synthetic oil segment accounted for the largest share of the refrigeration oil market in 2018, in terms of value. Synthetic refrigeration oil has several advantages over conventional mineral refrigeration oil, such as high viscosity index, superior chemical resistance, excellent shear stability, and stable performance in extreme conditions. Additionally, its compatibility with low GWP and modern refrigerants gives it an added advantage over mineral refrigeration oil.
Refrigerator & freezer application is estimated to be the largest segment of the natural fragrance market
The refrigerator & freezer application is estimated to be the largest segment of the refrigeration oil market, in terms of value, during the forecast period. The growth of this segment can be attributed to the rising demand for packaged food items and the changing lifestyle of people in developed and developing regions.
The APAC region is estimated to lead the refrigeration oil market in 2018 in terms of value and volume. The increasing population in the region and the rising demand for refrigerators, freezers, air conditioners, and automobiles in the emerging markets of APAC, such as China and India, are some of the major factors projected to drive the demand for refrigeration oil in the region. Furthermore, the improving lifestyle, increasing employment rate, rising disposable income of the people, and mounting foreign investments in various sectors of the economy are some of the other factors that make APAC an attractive market for refrigeration oil manufacturers.
The key market players profiled in the report include JXTG Group (Japan), BASF (Germany), Idemitsu Kosan Co. (Japan), Royal Dutch Shell (Netherlands), ExxonMobil (US), BP (UK), PETRONAS (Malaysia), Chevron (US), Total (France), Sinopec Group (China), FUCHS (Germany), and Johnson Controls (Ireland).
BASF is developing its refrigeration oil business by focussing on joint ventures and expansions to remain competitive in the refrigeration oil market. In May 2019, the company expanded its production capacity of antioxidants for lubricants in China and Mexico due to the increasing global demand for long-life lubricant additives, which will, in turn, will increase the requirement for refrigeration oil.
Idemitsu Kosan Co. focused on joint ventures, agreements, and expansions to remain competitive in the refrigeration oil market. In October 2017, the company started operating a service station business in Hanoi, Vietnam.
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