REFRIGERATION OIL MARKET ANALYSIS

Refrigeration Oil Market, By Product Type (ineral Oil, Synthetic Oil (Polyol Ester, Poly Alpha Olefin, Alkyl Benzene, Polyalkylene Glycol, Polyvinyl Ether, and Others)), By Refrigerant Type ( Chlorofluorocarbon (CFC), Hydro-chlorofluorocarbon (HCFC), Hydro-fluorocarbon (HFC), Ammonia, and Others), By End User (Industrial, Commercial, and Residential), By Application (Air Conditioners, Coolers, Chillers, Refrigerators/Freezers, Condensers, and Others), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Global Refrigeration Oil Market: Key Developments

In June 2022, ExxonMobil, an oil and Gas Company, and Qatar Energy, a petroleum company, announced that they signed an agreement to further develop Qatar’s North Field East project, which will expand its annual Liquefied Natural Gas (LNG) capacity from the current 77 million tons to 110 million tons by 2026.
In September 2022, Shell plc. an oil and gas company, agreed to sell IKAV its 100% stake in Shell Onshore Ventures LLC, which owns a 51.8% stake in Aera Energy LLC, a natural gas and oil exploration and production company, for a total consideration of about US$ 2 billion in cash and additional contingent payments based on future oil prices.
On the basis of refrigerant type, hydro-fluorocarbon (HFC) dominated the global refrigeration oil market in 2021 with around 17% of market share in terms of revenue, followed by others and hydro-chlorofluorocarbon (HCFC) respectively.