Refrigeration Oil Market Worth 1,243.6 Million USD by 2022
PUNE, India, April 2, 2018 /PRNewswire/ --
The report "Refrigeration Oil Market by Oil Type (Mineral Oil, Synthetic Oil (Polyolester, Polyalkylene Glycol)), Application (Refrigerator & Freezer, Air Conditioner, Automotive AC System, and Aftermarket), and Region - Global Forecast to 2022" published by MarketsandMarkets™, the Refrigeration Oil Market is projected to reach USD 1,243.6 Million by 2022, growing at a CAGR of 4.3% from USD 1,005.2 Million in 2017. Emerging economies are witnessing rapid urbanization along with a rise in disposable income. The consequent rise in the standard of living and growing consumption of convenience/packaged food products, coupled with the mass adoption of vaccines and drugs will drive the demand for refrigerators, freezers, air conditioners, and automobile HVAC systems. This will fuel the demand for refrigeration oil, ultimately driving the refrigerator oil market.
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Browse 94 market data Tables and 39 Figures spread through 131 Pages and in-depth TOC on "Refrigeration Oil Market"
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The synthetic oil segment was the largest oil type segment of the Refrigeration Oil Market.
The synthetic oil segment accounted for the largest share of the Refrigeration Oil Market in 2017, in terms of value. Synthetic refrigeration oil has several advantages over conventional mineral refrigeration oil, such as high performance in extreme conditions, better viscosity index, higher shear stability, and improved chemical resistance. In addition, its compatibility with low GWP and modern refrigerants gives it an added advantage over mineral refrigeration oil.
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The refrigeration & freezer segment is estimated to be the largest application segment of the Refrigeration Oil Market in 2017.
The refrigerator & freezer segment is estimated to be the largest application segment of the Refrigeration Oil Market, in terms of both, value and volume, in 2017. The growth of this segment can be attributed to the rising demand for packaged food items and the changing lifestyle of people in developed and developing regions.
APAC is estimated to be the largest market for refrigeration oil in 2017.
The Asia Pacific region is estimated to lead the Refrigeration Oil Market in 2017 in terms of value and volume. The increasing population in the region and the increased demand for refrigerators, freezers, air conditioners, and automobiles in the emerging markets of APAC, such as China and India, are some of the major factors projected to drive the demand for refrigeration oil in the region. Furthermore, the improving lifestyle, increase in employment rate, rise in disposable income of the people, and increase in foreign investments in various sectors of the economy are some of the other factors that make APAC an attractive market for refrigeration oil manufacturers.
Key market players profiled in the report include JXTG Group (Japan), BASF (Germany), Idemitsu Kosan Co. (Japan), Royal Dutch Shell (Netherlands), ExxonMobil (US), BP (UK), PETRONAS (Malaysia), Chevron (US), Total (France), Sinopec Group (China), FUCHS (Germany), Johnson Controls (Ireland), The Lubrizol (CPI Fluid Engineering Services) (US), Behr Hella Service GmbH (Germany), BVA, Inc. (US), Calumet Specialty Products Partners, L.P. (US), CAMCO Lubricants (US), CITGO Petroleum Corporation (US), Cosmo Oil Lubricants Co., Ltd. (Japan), Eni (Italy), Indian Oil Corporation (India), Isel (US), National Refrigerants, Inc. (US), Summit Oil Company (US), Lubriplate Lubricants Company (US), Lukoil (Russia), Petro-Canada Lubricants Inc. (Canada), Phillips 66 Lubricants (US), and Sun Company, Inc. (US).
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