Refrigeration Oil Market to Grow with a CAGR of 3.35% through 2028
Growth in research and development activities is
expected to drive the Global Refrigeration Oil Market growth in the forecast
period, 2024-2028.
According to TechSci Research report, “Refrigeration
Oil Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Refrigeration Oil Market stood at USD 1.25
billion in 2022 and is anticipated to grow with a CAGR of 3.35% in the forecast
period, 2023-2028. The initiatives taken by government based on Refrigeration
Oil has led to favorable market conditions for the Global Refrigeration Oil
Market. Several factors contribute to the growth of various Refrigeration Oil products.
Many governments around the world are implementing
regulatory activities to address the pressing issue of greenhouse gas emissions
from both mobile and stationary sources. These regulations specifically target
emissions from refrigeration and air conditioning systems, recognizing their
significant contribution to global warming if not properly managed. In response
to these regulations, manufacturers of refrigeration oils are being strongly
encouraged to develop products that are not only effective but also more
environmentally friendly, ensuring a sustainable future for our planet.
In a recent announcement, the Department of Energy
(DOE) in the United States has pledged a substantial funding of up to $32
million towards the research and development of innovative monitoring,
measurement, and mitigation technologies. This funding holds immense potential
to support the advancement of new types of refrigeration oils that are less
harmful to the environment. By investing in these technologies, the DOE aims to
foster the creation of sustainable solutions that will have a positive impact
on reducing greenhouse gas emissions.
Furthermore, the U.S. government has unveiled a
comprehensive methane emissions reduction action plan, which aims to address
leaks, waste, and consumer costs while prioritizing the protection of workers
and communities, as well as ensuring operational safety. This action plan holds
significant implications for the refrigeration industry, as some refrigeration
systems utilize methane as a refrigerant. As a result, we can expect this plan
to drive changes in the types of refrigerants used in these systems,
consequently impacting the selection of refrigeration oils that are compatible
with the new refrigerants. This shift towards more environmentally friendly
refrigerants and oils will play a crucial role in mitigating the harmful
effects of greenhouse gas emissions and safeguarding our environment for future
generations.
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Refrigeration Oil Market”
Refrigeration oil plays a crucial role in compressor
performance by ensuring smooth operation and longevity of the system. As the
demand for energy-efficient and environmentally friendly refrigeration systems
continues to grow, the need for high-performance refrigeration oils becomes
increasingly important. Extensive research and development efforts are being
undertaken to produce oils with not only better viscosity and improved heat
transfer properties, but also enhanced compatibility with the latest
refrigerants.
The outcome of these R&D initiatives directly
influences the growth of the refrigeration oil market, as it drives innovation
and advancements in the industry. Manufacturers are investing heavily in
research and development to formulate oils that can cater to the evolving
refrigeration technologies and the introduction of new refrigerants. The goal
is to develop oils that not only meet the compatibility requirements but also
maintain high performance and efficiency in these changing environments.
Global Refrigeration Oil Market is segmented into type,
application, regional distribution, and company
Based on its application, the Refrigerator &
Freezer segment held the largest share in the market. The thickness of oil
plays a critical role in determining the efficiency of compressors used in
refrigerators and freezers. Not only does high oil thickness on compressor
metal parts led to increased wear and tear, but it also results in higher
maintenance costs. To address this issue, refrigerant oil, also known as
refrigeration oil, is specifically formulated to withstand high temperatures
and prevent the formation of excessive oil thickness. This unique formulation
has gained widespread usage and has significantly boosted the demand for
refrigeration oil in both freezers and refrigerator compressors. With its
ability to reduce oil thickness, refrigeration oil proves to be an indispensable
component in ensuring optimal performance and longevity of these cooling
appliances.
Based on region, Asia Pacific segment is expected to
grow during the forecast period. Refrigeration oils play a crucial role in enhancing
the thermal and oxidation stability of industrial oils used in compressors,
thereby extending the shelf life of these oils. The exceptional low traction
co-efficient factor of refrigeration oil makes it a preferred choice in
compressors, thereby driving the growth of the global market. However, it is
worth noting that certain refrigeration oils may pose environmental concerns
due to the periodic need for oil drainage and replacement. To address this, leading
players in the refrigeration oil market are actively testing and developing
environment-friendly alternatives that can be used across various industrial
compressors. One such promising option is highly refined mineral oil, which is
gaining increasing importance as a sustainable alternative to fossil-fuel-based
refrigeration oils. These developments are particularly shaping the growth
trajectory of the refrigeration oil market in the Asia-Pacific region, where
the demand for energy-efficient and environmentally friendly solutions is on
the rise.
Major companies operating in Global Refrigeration Oil
Market are:
- Eneos Holdings Inc.
- Idemitsu Kosan Co. Ltd
- EXXONMOBIL CORPORATION
- Royal Dutch Shell Plc
- Total Energies SE
- Chevron Corporation
- Johnson Controls International plc
- Cosmo Oil Lubricants Co., Ltd.
- National Refrigerants, Inc.
- BASF SE
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“Growing application of Refrigeration Oil in various
end user industries are key drivers of the Refrigeration Oil Market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of Refrigeration Oil with every
passing year are anticipated to register an impressive growth to Global
Refrigeration Oil Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Refrigeration Oil Market By Type (Mineral Oil,
Synthetic Oil), By Application (Air Conditioner, Refrigerator & Freezer,
Automotive AC System, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Refrigeration Oil Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Refrigeration Oil Market.
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