Refrigeration Lubricants, the Future of Engine Oils Expected to Expand at a Steady CAGR of 4.1% through 2029: Exactitude Consultancy

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PUNE, India, Aug. 11, 2022 /PRNewswire/ -- 

Refrigeration Lubricants Market

Refrigeration Oil is a lubricant, derived from either mineral oil or synthetic oil which is a blend of a special high-temperature formulation of oils and additives in order to provide lubrication to compressors. The Refrigeration lubricants flows under pressure where it changes its state from liquid to vapors for generation of the cooling effect. Consumption of electricity power more than 70% by the refrigeration equipment and the depletion of ozone layer due to increasing emission of Green House Gases (GHG) from refrigeration systems has led to the production and adoption of low GWP refrigerants which will boost demand for more energy efficient Refrigeration lubricants.

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The Refrigeration lubricants business has increased in recent years, owing to increasing market development and increased demand for food and pharmaceutical industries, home appliances, and low GWP refrigerants. The Refrigeration lubricants market dynamics have shifted due to the rising demand for Synthetic Lubricants. Furthermore, a shift toward green products has led to the manufacture of air conditioners using greener alternatives such as natural refrigerants such as hydrocarbons, CO2, and ammonia, which are some of the essential drivers accelerating the Refrigeration lubricants market's growth.

The Refrigeration lubricants Market is anticipated to grow by USD 1.29 billion by 2029 from USD 0.9 billion in 2020. In addition, the growth momentum of the market will accelerate at a CAGR of 4.1% during the forecast period.

North America dominates the refrigeration lubricants market owing to the presence of major players in the region

The market in North America is expected to account for the largest share of the global refrigeration lubricants market during the forecast period and also has been witnessing steady growth. Refrigeration lubricants are used in various applications such as air conditioners, refrigerators, and the production of soft drinks. The mineral oil lubricant segment dominates the global refrigeration lubricants market with a share of more than 60%.

Stringent regulations to limit the use of fluorocarbon refrigerants may hinder the growth of the market at Global Level

Governments of various countries are imposing regulations to limit the use of refrigerants, as fluorocarbon has an adverse effect on the atmosphere's ozone layer. Currently, over 147 countries hold Article 5 Parties. These include developing countries such as China, India, Kuwait, Malaysia, Singapore, South Africa, Thailand, and Turkey. As per the Montreal Protocol, HCFC must be phased out by 97.5% by 2029–2040 and completely by 2040 for the Article 5 Parties.

Recent Developments:

• October 2021: Daikin Industries stated to be interested in a breakthrough green technology to remain the world's top air conditioner producer by sales, as well as a new refrigerant to allow the Japanese business to join the electric car industry, as global warming pushes demand for energy efficiency. Elon Musk, the CEO of Tesla, who has businesses ranging from space travel to brain chips, hinted to shareholders earlier this month that he would start a home heating, ventilation, and air conditioning (HVAC) system company.
• In 2020, BASF SE is collaborating with FUCHS for more sustainable refrigerant lubricants and oil products, also to produce more ester based and mineral oil-based fluids.

Opportunities: increased demand for high-quality refrigeration lubricants due to stringent emission regulations

Governments across the globe have been creating awareness about the negative impacts of greenhouse gas emissions; because of that, various environmental agencies are working closely with governments of multiple countries. As a result, various governments worldwide have laid down stringent emission regulations for vehicles to reduce their environmental impact.

Refrigeration Lubricants Market Report Scope:

Refrigeration Lubricants Market Key Vendor insights

The report contains qualitative and quantitative research on the Refrigeration Lubricants market, as well as detailed insights and development strategies employed by the leading competitors include Eneos Holdings Inc. (Japan), BASF SE (Germany), Idemitsu Kosan Co. Ltd (Japan), ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Energies SE(France), China Petrochemical Corporation (Sinopec Corp), Petroliam Nasional Berhad (Petronas), FUCHS Petrolub SE (Germany), Johnson Controls (Ireland).

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Refrigeration Lubricants Market Segmentation:

Refrigeration Lubricants Market by Oil Type, 2020-2029, (USD Million)

• Synthetic Oil (Poe, PAG)
• Mineral Oil

Refrigeration Lubricants Market by Application, 2020-2029, (USD Million)

• Refrigerators & Freezers
• Refrigeration Compressors
• Production Of Soft Drinks
• Air Conditionings
• Transportation
• Automotive

Refrigeration lubricants Market Dynamics:

Drivers:

• Refrigeration systems increased demand in the industrial and commercial sectors have led the Refrigeration lubricants market to new heights.
• As per the on-growing market trend with an increase in demand for food & pharmaceutical industries, consumer appliances, low GWP refrigerants, the Refrigeration lubricants market has shown an upward trend in recent years.
• The increasing demand for synthetic oil has changed the market dynamic for the Refrigeration lubricants industry.
• The new automotive A.C. systems are also uplifted by Refrigeration lubricantss to increase their performance.
• The increasing rate of the economy of countries like India and China have marketed the growth of Refrigeration lubricants industry shares in respective regions.
• The Refrigeration lubricants has tolerance towards high temperature, which makes it the best lubricant in the metal industry.

Challenges:

• The major challenge faced by the Refrigeration lubricants industry is the discontinuation of the HCFCs (hydrochlorofluorocarbons) and HFCS.
• If the oil level is low in lubricating the metal, it could lead to mechanical damage due to overheating.

Browse More Chemicals & Materials Market Reports by Exactitude Consultancy

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The worldwide synthetic lubricants market is being driven by the rising automotive sector and industrialization.

https://exactitudeconsultancy.com/reports/3205/refrigerator-market/

Refrigerators are commonly utilized in both homes and businesses to provide a handy and safe way of preserving food. They come in a variety of shapes and sizes, as well as features and uses.

https://exactitudeconsultancy.com/reports/7088/industrial-refrigeration-market/

The industrial refrigeration business is always evolving and innovating. Compressor, evaporator, condenser, controls and other components make up the majority of industrial refrigeration.

https://exactitudeconsultancy.com/reports/5889/refrigeration-monitoring-market/

Refrigeration monitoring is used to provide real-time visibility of the health and performance of refrigeration systems, as well as to track the temperature of fresh and frozen produce in order to improve quality, increase energy efficiency, and reduce food waste and cost.

Contact:

Irfan Tamboli 
[email protected]
+91-7507-07-8687

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SOURCE Exactitude Consultancy

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