Refrigeration Oil Market Share: Analyzing Key Segments

Posted 2023-10-10 11:43:19

Refrigeration is an essential aspect of modern life, from keeping our food fresh in refrigerators to maintaining optimal temperatures in various industrial applications. Behind the scenes, refrigeration systems rely on a vital component known as refrigeration oil. In the complex world of refrigeration, the type of oil used plays a crucial role in ensuring the efficiency and longevity of these systems. Among various types of refrigeration oils, synthetic oil has emerged as the largest player in the market. Moreover, when it comes to applications, refrigeration oil's demand is significantly driven by refrigerators and freezers. The 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", is projected to reach USD 1.4 billion by 2026, at a CAGR of 4.1% from USD 1.1 billion in 2021.

Refrigeration Oil Market Key Players

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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The Dominance of Synthetic Oil

Refrigeration oils are specially formulated lubricants designed to work under low-temperature conditions, providing lubrication and ensuring smooth operation of the various components within a refrigeration system. These oils are crucial for preventing wear and tear on compressors, evaporators, and other vital parts of refrigeration systems.

Among the different types of refrigeration oils available, synthetic oil stands out as the most prominent and widely used. Synthetic refrigeration oils are chemically engineered to offer superior performance, stability, and temperature resistance compared to their mineral-based counterparts. These oils are designed to handle a wide range of temperatures, making them ideal for refrigeration systems that operate in diverse environments.

The dominance of synthetic refrigeration oil can be attributed to several key factors:

Efficiency: Synthetic oils are known for their exceptional lubrication properties, reducing friction and wear within the refrigeration system. This results in improved efficiency and reduced energy consumption, a crucial consideration in today's energy-conscious world.
Temperature Stability: Refrigeration systems often operate at extremely low temperatures. Synthetic oils are engineered to remain stable and flow smoothly even in sub-zero conditions, ensuring reliable operation.
Chemical Compatibility: Synthetic oils exhibit excellent chemical compatibility with refrigerants used in cooling systems, reducing the risk of chemical reactions that can damage the system.
Longevity: Synthetic refrigeration oils have a longer service life compared to mineral oils, reducing maintenance and replacement costs over time.

Refrigerators & Freezers: Driving Demand for Refrigeration Oil

The demand for refrigeration oil is closely tied to its applications, with refrigerators and freezers leading the way. These household appliances are ubiquitous, found in virtually every home and commercial establishment. Refrigeration oils are essential in ensuring the smooth and efficient operation of the compressors and other components within these appliances.

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Refrigeration oils used in refrigerators and freezers must meet specific requirements to maintain consistent cooling and preserve the freshness of stored food items. Synthetic oils, with their temperature stability and lubrication properties, are well-suited for this task.

The key factors contributing to the dominance of refrigerators and freezers in driving refrigeration oil demand include:

Market Size: The sheer number of refrigerators and freezers in use worldwide ensures a substantial demand for refrigeration oil. As the global population grows and urbanizes, this demand is expected to continue rising.
Consumer Expectations: Consumers expect their refrigerators and freezers to operate efficiently, maintaining precise temperature control. High-quality refrigeration oils, particularly synthetic ones, are essential in meeting these expectations.
Commercial Applications: Beyond household use, refrigerators and freezers are extensively utilized in commercial settings, such as restaurants, grocery stores, and food processing facilities. These applications contribute significantly to the demand for refrigeration oil.

In conclusion, the refrigeration oil market is witnessing a steady rise in demand, with synthetic oil leading the way due to its exceptional performance and versatility. The dominance of refrigerators and freezers in driving this demand underscores the critical role of refrigeration oil in maintaining the efficiency and reliability of cooling systems across various industries, from food preservation to industrial processes. As technology continues to advance, the refrigeration oil market is poised for further growth and innovation, ensuring that our cooling systems remain efficient and environmentally friendly.

TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 33)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
           1.2.1 REFRIGERATION OIL MARKET: INCLUSIONS AND EXCLUSIONS
           1.2.2 REFRIGERATION OIL: MARKET DEFINITION AND INCLUSIONS, BY TYPE
           1.2.3 REFRIGERATION OIL: MARKET DEFINITION AND INCLUSIONS, BY APPLICATION
    1.3 MARKET DEFINITION
           1.3.1 REFRIGERATION OIL MARKET SEGMENTATION
           1.3.2 REGIONS COVERED
           1.3.3 YEARS CONSIDERED FOR THE STUDY
    1.4 CURRENCY
    1.5 UNITS CONSIDERED
    1.6 LIMITATIONS
    1.7 STAKEHOLDERS
    1.8 SUMMARY OF CHANGES

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2 RESEARCH METHODOLOGY (Page No. - 38)
    2.1 RESEARCH DATA
           FIGURE 1 REFRIGERATION OIL MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
           2.1.2 PRIMARY DATA
                    2.1.2.1 Primary interviews - Demand and supply-side
                    2.1.2.2 Key industry insights
                    2.1.2.3 Breakdown of primary interviews
    2.2 MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                    FIGURE 2 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE): REVENUE OF PRODUCTS
                    FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 BOTTOM-UP (SUPPLY-SIDE): COLLECTIVE REVENUE OF ALL PRODUCTS
                    FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 - BOTTOM-UP (DEMAND-SIDE): PRODUCTS SOLD AND THEIR AVERAGE SELLING PRICE
           2.2.2 TOP-DOWN APPROACH
                    FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 3 - TOP-DOWN
    2.3 DATA TRIANGULATION
           FIGURE 6 REFRIGERATION OIL MARKET: DATA TRIANGULATION
    2.4 GROWTH RATE ASSUMPTIONS/GROWTH FORECAST
           2.4.1 SUPPLY-SIDE
                    FIGURE 7 MARKET CAGR PROJECTIONS FROM SUPPLY-SIDE
           2.4.2 DEMAND-SIDE
                    FIGURE 8 MARKET GROWTH PROJECTIONS FROM DEMAND SIDE DRIVERS AND OPPORTUNITIES
    2.5 FACTORS ANALYSIS
    2.6 ASSUMPTIONS
    2.7 LIMITATIONS
    2.8 RISK ASSESSMENT
           TABLE 1 REFRIGERATION OIL MARKET: RISK ASSESSMENT

3 EXECUTIVE SUMMARY (Page No. - 48)
    FIGURE 9 REFRIGERATOR & FREEZER TO BE LARGEST APPLICATION OF REFRIGERATION OIL MARKET IN 2020
    FIGURE 10 SYNTHETIC OIL TO LEAD OVERALL MARKET BETWEEN 2021 AND 2026
    FIGURE 11 POE TO LEAD SYNTHETIC OIL MARKET BETWEEN 2021 AND 2026
    FIGURE 12 REFRIGERATOR & FREEZER TO BE FASTEST-GROWING APPLICATION OF REFRIGERATION OIL
    FIGURE 13 APAC ACCOUNTED FOR LARGEST SHARE OF REFRIGERATION OIL MARKET IN 2020

4 PREMIUM INSIGHTS (Page No. - 52)
    4.1 ATTRACTIVE OPPORTUNITIES IN REFRIGERATION OIL MARKET
           FIGURE 14 GROWING REFRIGERATOR & FREEZER APPLICATION TO DRIVE REFRIGERATION OIL MARKET DURING THE FORECAST PERIOD
    4.2 REFRIGERATION OIL MARKET SIZE, BY REGION
           FIGURE 15 APAC TO BE LARGEST MARKET FOR REFRIGERATION OIL DURING THE FORECAST PERIOD
    4.3 APAC: REFRIGERATION OIL MARKET, BY APPLICATION AND COUNTRY, 2020
           FIGURE 16 CHINA ACCOUNTED FOR THE LARGEST MARKET SHARE
    4.4 REFRIGERATION OIL MARKET SIZE, BY APPLICATION
           FIGURE 17 REFRIGERATOR & FREEZER TO BE LARGEST APPLICATION OF REFRIGERATION OIL MARKET
    4.5 REFRIGERATION OIL MARKET SIZE, BY APPLICATION VS REGION
           FIGURE 18 REFRIGERATOR & FREEZER TO BE DOMINANT APPLICATION OF REFRIGERATION OIL MARKET ACROSS REGIONS
    4.6 REFRIGERATION OIL MARKET, BY KEY COUNTRIES
           FIGURE 19 INDIA TO REGISTER THE HIGHEST CAGR BETWEEN 2021 AND 2026

5 MARKET OVERVIEW (Page No. - 55)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS

Continued...

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