Our latest research report entitled Refrigeration Oil Market (by type (mineral, synthetic oil), application (air conditioner, automotive ac system, refrigerator & freezer, aftermarket, chillers, condensers,), refrigerant type (hydrochlorofluorocarbon, ammonia, chlorofluorocarbon, hydrofluorocarbon)) provides complete and deep insights into the market dynamics and growth of Refrigeration Oil. The latest information on market risks, industry chain structure Refrigeration Oil cost structure, and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Refrigeration Oil growth factors.
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Growing Demand for Refrigeration Oil from Consumer Appliances such as Air Conditioners, Refrigerators, Dehumidifiers, and Freezers has Majorly Driven the Growth
Refrigeration oil is used to lubricate all moving parts in the refrigerant compressor and keep the refrigeration unit running smoothly. Additionally, refrigeration oil helps in environmental issues such as the disposal of waste oil and ozone depletion that contributes to global warming. Refrigeration oil reduces the friction, wear and tear of metal parts on the compressor and prolongs the life of the system. This oil has several benefits including high dielectric strength, low pour point, low contamination, excellent thermal and chemical stability, and low viscosity. Refrigerant oil plays an important role in the area of lubricants and lubrication technology. Two types of lubricants are used in a refrigeration system which includes synthetic and mineral oil. The exact formulation of oil for a particular compressor depends on the power and size requirements of the compressor.
The growing demand for refrigeration oil from consumer appliances such as air conditioners, refrigerators, dehumidifiers, and freezers has majorly driven the growth of the refrigeration oil market. The rising disposable income and an increase in the number of single and two-person households are increasing the demand for consumer appliances, which in turn drives the growth of the refrigeration oil market. Additionally, growth in consumption of packaged food products and storage requirements for drugs escalates the demand for refrigerators, air conditioners, and automobile HVAC systems.
Moreover, increasing preference for low global warming potential refrigerants across the globe and high demand for refrigeration oil from food and pharmaceutical industries to increase the shelf life of the products are some factors positively promoting the market growth. On the other hand, the regulatory bodies such as Occupational Safety and Health Administration’s and American Industrial Hygiene Association limits the use of refrigerants due to its toxicity and growing environmental protection acts to control the emission of greenhouse gases are likely to hamper the growth of the global refrigeration oil market. Going further, new product development by leading players is anticipated to create fruitful opportunities for the refrigeration oil market during the forecast period.
The Asia Pacific is expected to be the Largest Region for the Refrigeration Oil Market
Among the regions, Asia Pacific is expected to be the largest region for the refrigeration oil market. It is also projected to witness the highest growth rate during the forecast period. The growing demand for consumer appliances, automobiles, air conditioner and refrigerators from China and India is a major factor in boosting the demand for the refrigeration oil markets in the Asia Pacific.
Moreover, the changing lifestyle and growing disposable income level led to a high demand for consumer appliances and automotive, this, in turn, drives the demand for market growth. North America region is the fastest-growing region in the refrigeration oil market due to the high demand for the product in the automotive AC system.
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Report on Global Refrigeration Oil Market Covers Segments such as Oil Type, Application, and Refrigerant Type
On the basis of oil type, the sub-markets include mineral oil and synthetic oil. On the basis of application, the sub-markets include air conditioner, automotive ac system, refrigerator & freezer, aftermarket, chillers, condensers, and others. On the basis of refrigerant type, the sub-markets include hydrochlorofluorocarbon (HCFC), ammonia, chlorofluorocarbon (CFC), hydrofluorocarbon (HFC), and others.
The report provides profiles of the companies in the market such as JXTG Group, Idemitsu Kosan Co., Meiwa Corporation, ExxonMobil Corporation, BASF SE, Royal Dutch Shell Plc, PETRONAS, The Lubrizol Corporation, Chevron Phillips Chemical Company, Behr Hella Service GmbH, Johnson Controls, Calumet Specialty Products Partners, L.P., and CAMCO Lubricants.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Refrigeration Oil.
- Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.