Refrigeration Oil Market - Forecasts from 2019 to 2024

The refrigeration oil market is projected to grow at a CAGR OF 5.18% during the forecast period of 2018 to 2024. Rising demand for consumer appliances such as air conditioners and refrigerators due to increasing purchasing power and urbanization is one of the major drivers of the refrigeration oil market. Increasing global cold supply chain demand on account of growing global food and beverage and pharmaceutical industries is also positively impacting the growth of the refrigeration oil market. Rising demand for high-quality and low-viscosity refrigeration oil will further continue to propel the growth of the refrigeration oil market. However, stringent regulations regarding the limited use of fluorocarbon refrigerants are hindering the growth of the refrigeration oil market. Geographically, the refrigeration oil market is segmented as North America, South America, Europe, Middle East and Africa, and the Asia Pacific.

The Asia Pacific region is expected to witness the fastest regional refrigeration oil market growth during the projected period owing to increasing demand for processed food and beverage items in countries like China, India, and Australia. Moreover, the rising geriatric population in this region is also spurring the growth of the pharmaceuticals industry which, in turn, will augment the demand for refrigeration oils during the forecast period.

Drivers

Increasing global cold supply chain demand
Rising demand for high-quality refrigeration oil

Restraints

Stringent regulations

Industry Update

In May 2017, ExxonMobil launched a mineral-based oil for ammonia compressor refrigeration system.

In April 2018, STS Group acquired 100% stake in Refrigeration Engineering International Pty Ltd. (REI).

The major players profiled in the Refrigeration Oil market include BASF SE, Shell Global, Total Lubmarine, Chevron, FUCHS, Sinopec Group, Exxon Mobil Corporation, Idemitsu Kosan Co., Ltd, The Lubrizol Corporation, and CAMCO Lubricants among others.

Segmentation

The refrigeration oil market has been analyzed through the following segments:

By Type

Mineral Oil
Synthetic Oil
PAG
POE
Others

By Application

Air Conditioner
Refrigerator and Freezer
Automotive AC system

By Geography

North America
USA
Canada
Mexico

South America
Brazil
Argentina
Others

Europe
United Kingdom
Germany
France
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
Australia
India
Others