Refrigeration oil is a high-temperature lubricant that is derived from either synthetic oil or mineral oil. It is a formulation of a mixture of oil and additives designed for use in cooling systems. The purpose of this lubricant is to reduce the friction of metal parts and wear and tear on the compressor by lubricating the metal surfaces. Also, it exhibits high viscosity, low pour point, low contamination, and high dielectric strength. The market value of refrigeration oil was estimated to rise from USD 1047.91 billion in 2020 to USD 1305.88 billion by 2025, growing at a CAGR of around 4.5%.
Market drivers and restraints:
Rising call for refrigeration oil from different customer appliances, including refrigerators, freezers, and air conditioners, among others is likely to drive the global market expansion in the coming years. Factors such as rising purchasing power and the increasing requirement for customer appliances is further estimated to fuel the market expansion. Also, high consumption of packaged food products and storage need for drugs augments the global market expansion during the forecast period.
To know more, click on the link below:
Report segmented as:
• Mineral oil
• Synthetic oil
• Refrigerator and freezer
• Air conditioner
• Automotive A.C. systems
The global refrigeration oil market has been segmented into five leading regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. The Asia-Pacific market witnessed the highest market share and is estimated to be the quickest-growing regional market during the projection period.
Important market players:
Some of the major players operating in the global refrigeration oil market are JXTG Nippon Oil & Energy Corporation (Japan), BASF SE (Germany), China Petroleum & Chemical Corporation (China), Royal Dutch Shell PLC (Netherlands), Exxon Mobil Corporation (US), Total SA (France), MEIWA CORPORATION (Japan), Indian Oil Corporation Ltd (India), Behr Hella Service GmbH (Germany), COSMO OIL LUBRICANTS Co., Ltd (Japan), Calumet Specialty Products Partners, LP (US), Lubriplate Lubricants Company (US), PETRONAS (Malaysia), Petro-Canada Lubricants Inc. (Canada), and Idemitsu Kosan Co. Ltd (Japan).
View a sample and decide:
The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
For more information:
Sales Manager at Market Data Forecast