The global Refrigeration Oil Market is expected to surpass US$ 2.6 Bn by 2030, exhibiting a CAGR of 6.0 % during the forecast period (2020-2030). Refrigeration oil is produced by using either synthetic oil or mineral oil by mixing additives into the oil. This oil is developed for use in the cooling system where it is used to lubricate the moving parts of the refrigeration systems. Refrigeration oil possesses low pour point, has better chemical and thermal stability, high viscosity, and is completely contamination-free. This oil reduces the friction of the metal parts and wears on the refrigeration components.
For instance, in May 2022, ExxonMobil, an oil and gas company, announced its plans to grow its value by delivering solutions that help meet the global need for energy and for lower greenhouse gas emissions to address climate change.
Driver
Rising demand for refrigeration oil is driving the market growth
The booming healthcare industry and increasing prevalence of chronic diseases are projected to fuel demand for refrigeration systems, thus propelling the market growth. Increasing use of refrigeration systems due to the growing need for storing drugs and vaccines along with the growing development of novel drugs is further anticipated to accelerate the market growth.
Market Opportunities
The global refrigeration oil market is increasingly investing in innovative product launches, research and development, and marketing and promotional activities to capitalize on emerging trends in various end-use industries, such as chemicals, manufacturing, and others. This scenario is expected to fuel the market growth during the forecast period.
Restraint
Environmental factors associated with the use of a refrigeration system
Refrigeration and air conditioning applications have a negative impact in the environment that contributing to the ozone depletion and global warming .The leakage of gases from refrigerants into the atmosphere cause ozone depletion which leads to global warming.
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Key Takeaways:
- New product launches, merger and acquisitions, strategic partnership expansions, and research and development activities for the refrigeration oil industry are the key strategies adopted by players in the global refrigeration oil market.
- 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.
Market Trends
Increasing adoption of Polyvinyl Ether (PVE) as a refrigerant oil, a miscible and compatible oil for all types of hydrofluorocarbon refrigeration systems is expected to be a major trend in the market. Moreover, PVE oil offers better compatibility with R-410A (a zeotropic but near-azeotropic mixture of difluoromethane and pentafluoroethane that is used as a refrigerant in air conditioning and heat pump applications) as compared to (polyolester) (POE) oils. Thus, the rising adoption of Polyvinyl Ether (PVE) as a global refrigeration oil market is expected to foster the market growth of global refrigeration oil market over the forecast period.
Competitive Section:
Company Names
- ExxonMobil Corporation
- Royal Dutch Shell Plc
- Idemitsu Kosan Co., Ltd.
- Meiwa Corporation,
- CPI Fluid Engineering
- FUCHS Lubricants
- Performance Chemicals
