Refrigeration oil is a special high-temperature formulation composed of additives and oil which provides lubrication to compressors. This oil is basically derived from either synthetic or mineral oil. Mineral oils were the prime oils used in refrigeration systems; however, they are no longer suitable for the new refrigerants, mainly due to their insufficient lubricity and miscibility. On the other hand, synthetic oils such as polyolester and alkylbenzene are suited to meet the various requirements of refrigerants. Consequently, the rising demand for compressors from the food & beverages industry is likely to drive the refrigeration oil market.
The shift toward frozen and chilled food products is predicted to boost the demand for compressors. For instance, the varying food habits of consumers resulted in the opening of numerous franchisees of stores such as Subway, McDonald’s, KFC, as well as local services, thereby fuelling the demand for chilled and frozen food products and propelling the refrigeration oil market. Moreover, the rising need for storage of medical products such as HVAC&R systems and vaccines in the health care sector is projected to motivate the refrigeration oil market. Rising demand for refrigerants which exhibit low potential for exacerbating the global warming and ozone layer depletion scenarios by consuming a limited amount of electricity is also anticipated to fuel the requirement for energy-efficient refrigeration oil.
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The refrigeration oil market has been segmented by product type into the synthetic and mineral varieties. The synthetic oil segment is estimated to expand and hold a significant share in the market during the forecast period, creating more opportunities compared to mineral oil in the near future. Based on refrigerant type, the market has been divided into the following categories: hydro-chlorofluorocarbon (HCFC), chlorofluorocarbon (CFC), ammonia, hydro-fluorocarbon (HFC), and others. On the basis of application, the refrigeration oil market has been classified into the following sections: coolers, air conditioners, chillers, condensers, refrigerators/freezers, and others. The air conditioners segment is assessed to witness considerable growth in the near future.
In terms of end-user, the refrigeration oil market has been split into the commercial and residential sectors. The industrial segment is predicted to be a key contributor in the market. The global refrigeration oil market has been distributed geographically over North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is one of the key consumers of refrigeration oil globally. Emerging markets such as China and India expect significant growth in their frozen food and cold storage warehousing sectors, motivating the refrigeration oil market. Moreover, changing lifestyles and incorporation of refrigerators and air conditioners in developing economies also play a part in propelling the refrigeration oil market.
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The robust demand for this product in the automobile sector and industrial refrigeration has motivated the refrigeration oil market in North America and Europe. The markets of Latin America and Middle East & Africa are estimated to remain stagnant over the forecast period. Stringent government regulations have been enforced upon industries to lessen the use of CFCs and HCFCs in refrigeration systems and to detect outdated refrigerants in Belgium, Belarus, and other A5 countries. Thus, the implementation of new refrigerants is likely to be the key cause of the development of compatible refrigeration oil.
Key players in the global refrigeration oil market include Idemitsu Kosan Co. Ltd, ExxonMobil Corporation, Royal Dutch Shell plc., BASF SE, MEIWA CORPORATION, Chevron Phillips Chemical Company, FUCHS Lubricants, and The Lubrizol Corporation.
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