Refrigeration Oil Market worth $1.4 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 26, 2021 /PRNewswire/ -- According to the new market research report "Refrigeration Oil Market by Type (Synthetic Oil (POE, PAG), Mineral Oil), Application (Refrigerators & Freezers, Air conditioner, Automotive AC System, Aftermarket), & Region(APAC, North America, South America, Europe, & MEA) - Global Forecasts to 2026", published by MarketsandMarkets™, the Refrigeration Oil Market size is projected to reach USD 1.4 billion by 2026, at a CAGR of 4.1% from USD 1.1 billion in 2021.
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This growth is primarily triggered by the increasing demand from the refrigerator & freezer, air conditioner, and automotive AC system applications. APAC is the largest refrigeration oil market due to a rise in the manufacturing of consumer appliances and automobiles. Furthermore, the changing lifestyle of consumer and rising income levels have led to higher demand for refrigerators & freezers and air conditioners, which, in turn, drives the refrigeration oil market. The growing demand for perishable food products along with growth in the pharmaceutical industry also drives the demand for refrigerators & freezers, fueling the growth of the refrigeration oil market.
Synthetic oil is the largest oil type of refrigeration oil market.
Synthetic oil accounted for the largest share of the overall refrigeration oil market, in terms of value, in 2020. Synthetic oil is manufactured by combining synthetic base oils and additives. It has several advantages over conventional mineral oil due to its 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 them an added advantage over mineral oil.
Refrigerators & Freezers is estimated to be the largest application of the refrigeration oil market during the forecast period.
Refrigerator & freezer is the largest application of refrigeration oil. This growth is attributed to the rising demand for perishable food items and changing the lifestyle of people in developed and developing regions. Refrigeration oil is used in domestic, commercial, and industrial refrigerators & freezers. In addition, the growing demand for refrigerated food products and increasing trade of food products are driving the refrigeration oil market in the refrigerator & freezer application.
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APAC is estimated to be the largest market for refrigeration oil during the forecast period.
APAC is the largest market for refrigeration oil, followed by North America and Europe. APAC dominates the refrigeration oil market due to the rapid economic growth, particularly in the consumer goods and automobile industries in the region. The rapid urbanization in APAC, coupled with the improved living standard is driving the refrigeration oil market. The advantage of shifting production to the Asian region is that the cost of production is low here. Also, it is easier to serve the local emerging market. Also, due to the massive production and demand for consumer appliances and automobiles in countries such as China, Japan, India, and South Korea. This high growth is attributed to the growing manufacturing of consumer goods and automobile in the region.
The key market players profiled in the report 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) among others.
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