Refrigeration Oil Market

Refrigeration Oil Market: Synthetic Oil Product Type Segment Projected to Remain Dominant Through 2026: Global Industry Analysis and Opportunity Assessment 2016-2026

  • 2016-12-07
  • REP-GB-870
  • 200 pages
  • Format: PDF/PPT/Excel

An Incisive, In-depth Analysis on the Refrigeration Oil Market

This study offers a comprehensive, 360 degree analysis on the Refrigeration Oil market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Refrigeration Oil market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.

Refrigeration oil is a lubricant derived from either mineral oil or synthetic oil. It is a special high-temperature formulation of oil to provide lubrication to compressors.  Global consumption of refrigeration oil was pegged at 300,420.6 tonnes in 2015. Sales revenue of refrigeration oil is expected to increase at a CAGR of 5.3% over the forecast period (2016–2026).

Cold chain logistics have sparked an interest in refrigeration equipment and in turn refrigeration oil

Changing food habits coupled with spending capacity have resulted in a number of licenced and franchised stores of limited service restaurants such as McDonald’s and Subway, KFC and local services and is driving demand for frozen and chilled food products. Moreover, storage of medical products (such as vaccines, other medical products, etc.) is expected to increase demand for refrigeration systems. Hence, it is expected to increase installation of refrigeration equipment in warehouses as well as in vehicles for distribution.

Synthetic oil segment is expected to gain traction over the forecast period

On the basis of product type, the global refrigeration oil market is segmented into mineral oil and synthetic oil. Synthetic oil segment holds major share in global refrigeration oil market and is anticipated to remain dominant throughout the forecast period. This segment is expected to expand at a value CAGR of 5.8% over the forecast period. This is mainly attributed to compatibility of synthetic oils with refrigerant used in refrigeration systems.

On the basis of refrigerant type, the global refrigeration oil is segmented into CFC, HCFC, HFC, Ammonia and others. HFC segment in the global refrigeration oil market is estimated to be valued at US$ 285.7 Mn by 2016 end and is projected to expand at a CAGR of 5.2% over the forecast period to reach US$ 476.4 Mn by 2026 end.

However, global warming potential of HFC is expected to drive the demand for natural refrigerants. Thus, others segment is estimated to dominate the market by the end of forecast period.

On the basis of application, the global refrigeration oil market is segmented into air conditioners, coolers, chillers, refrigerators/ freezers, condensers and others. Air conditioners segment occupied a major share in 2015 and is expected to remain dominant throughout the forecast period. Moreover, this segment is anticipated to expand at relatively high CAGR over the forecast period. The installation of air conditioners in vehicles, residences, centralised systems in offices and in industries is one of the reasons for the growth of the segment during the forecast period.

On the basis of the end user, the global refrigeration oil market is segmented into industrial, commercial and residential. Use of chillers, refrigerators, and air conditioners in pharmaceutical research laboratories, research & development department of food & beverage, fine chemical industries are expected to witness a significant growth of industrial segment over the forecast period.

refrigeration oil market_image for preview analysis

Revenue generated from sales of refrigeration oil in APEJ is set to register a CAGR of 5.7% during 2016–2026 

Development of supermarkets, shopping complexes, research and development in food & beverage, automotive, pharmaceutical industries is expected to increase the demand for air conditioners, chillers, and refrigerators in APEJ region. This, in turn, is expected to increase the demand for refrigeration oil in the APEJ region. The refrigeration oil market in North America and Western Europe is expected to be relatively mature than the APEJ market over the forecast period. 

Strengthening the sales channel of refrigeration oil is the main strategy adopted by key players across the globe

The major players operating the global refrigeration oil market are ExxonMobil Corporation, Idemitsu Kosan Co. Ltd, Royal Dutch Shell plc, MEIWA CORPORATION, BASF SE, Chevron Phillips Chemical Company, FUCHS Lubricants and The Lubrizol Corporation. These key players are focusing on strengthening their sales channels to cater to the rising demand for refrigeration oil across the globe.

Future Market Insights proposes a 10-year forecast for the global refrigeration oil market between 2016 and 2026. The principal objective of the report is to present discernments on various developments in the global refrigeration oil market. The study provides market dynamics that are anticipated to influence the present environment and future status of the global refrigeration oil market over the forecast period.

The report starts with the market overview and provides market definition and synopsis. Furthermore, the regulations such as Montreal Protocol and F gas regulation on the protection of the ozone layer are also explained in applicable regions. The segment that follows presents the market dynamics which includes market drivers, restraints, opportunity and regional trends. Overview of current or prearranged facilities for refrigeration oil and investment cost is also discussed in the report.

The next section of the report provides detailed market share analysis, Y-o-Y growth and market attractiveness analysis on the basis of segments such as product type, refrigerant type, by application, by end user and region. It provides a market outlook for 2016–2026 and sets the forecast within the context of the global refrigeration oil market, including the product offerings and new technological developments for various applications in the global refrigeration oil market.

In the last section of the report, a competitive landscape has been included to offer report audiences with a dashboard view. Detailed profiles of manufacturers are also encompassed within the scope of the report to evaluate their key offerings, long- and short-term strategies and recent progresses in the refrigeration oil market. Some of the renowned players in global refrigeration oil market include ExxonMobil Corporation, Idemitsu Kosan Co., Ltd, MEIWA CORPORATION, Royal Dutch Shell Plc, Chevron Phillips Chemical Company and Fuchs Lubricants.

Global refrigeration oil market segmentation

By Product Type

By Refrigerant Type

By Application

By Region

By End User

  • Mineral Oil

  • Synthetic Oil

    • Polyol Ester

    • Poly Alpha Olefin

    • Alkyl Benzene

    • Polyalkylene Glycol

    • Polyvinyl eather

    • Others (Phenol Propoxylate oil)

  • Chlorofluorocarbon (CFC)

  • Hydro-chlorofluorocarbon (HCFC)

  • Hydro-fluorocarbon(HFC)

  • Ammonia

  • Others

  • Air Conditioners

  • Coolers

  • Chillers

  • Refrigerators/Freezers

  • Condensers

  • Others (Ice Machines etc).

  • North America

  • Latin America

  • Western Europe

  • Eastern Europe

  • Asia Pacific excluding Japan

  • Middle East and Africa

  • Japan

  • Industrial

  • Commercial

  • Residential

A thorough analysis has been provided for every segment in terms of market size analysis for the global refrigeration oil market.

Report methodology

We have leveraged extensive secondary research to ascertain overall market size and top industry players. When developing the market forecast, we have started by sizing the current market, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Data gathered through secondary research and after detailed discussions with key stakeholders in the global refrigeration oil market is validated through the triangulation method and further scrutinised using advanced tools to obtain pertinent qualitative and quantitative insights. Given the ever-fluctuating nature of the global economy, we have not only conducted the forecasts in terms of CAGR but have also analysed the market on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the global refrigeration oil market.

Further, the different market segments have been analysed in terms of Basis Point Share (BPS) to understand individual segments’ relative contribution to market growth. This detailed level of information is important for the identification of various key trends governing the global refrigeration oil market. Another key feature of our report is the analysis of the global refrigeration oil market revenue forecast in terms of absolute dollar opportunity, critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global refrigeration oil market. Further, to understand key segments in terms of growth and performance in the global refrigeration oil market, Future Market Insights has developed a market attractiveness index to help providers identify existing market opportunities across the global refrigeration oil market.

Analyst’s Take

Past mirrors the future:

To get a broader canvas of the market we minutely monitored and scrutinised all the important shifts that acutely impacted classic market behaviour in the last few years. The global refrigeration oil market is broadening its periphery and is smartly backed by the massive expansion of cold storages across the globe to meet the storage demand of the food and beverages industry. The surging demand for meat products are also pushing the market ahead.

Greener the better:

The stringent regulations rolled out by governments around the world is changing the face of the global refrigeration oil market. We broadly studied the new rules laid by different global environment organisations and further spoke to multiple market insiders to create a detailed portrait of the global refrigeration oil market. We found that major manufacturers are changing their production strategy and bending towards green products to stay afloat in the market. Bigger markets such as North America and China are evolving rapidly with time. They are trying hard to iron out strategic barricades to develop a better harmony in the market.

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