The global refrigeration oil market is estimated to garner a significant CAGR over the forecast period, i.e., 2021–2030. The growth of the market can be attributed to the increasing demand for electronic appliances, including air conditioners, and refrigerators. The growth in the food & beverages industry, along with the increasing demand for perishable food items, such as, sea food, fruits, and vegetables, has raised the demand for refrigerators and deep freezers. The growing food & beverages industry is estimated to drive the market growth. Moreover, increasing demand for deep freezers for the storage of drugs and vaccines, is further estimated to boost the market growth. On the other hand, growing automotive industry, with the constantly increasing demand for vehicles, is estimated to boost the demand for refrigeration oil. In 2020, more than 61 million cars were sold globally, and the sale of passenger cars is further estimated to cross 70 million in 2021.
The global refrigeration oil market is segmented by refrigerant type into CFC, HFC, and others, out of which, the HFC segment is anticipated to hold the largest share in the market during the forecast period owing to its increasing use in new refrigerators and air conditioners, as it is a green alternative for CFC, and other gases used previously. Manufacturers of refrigerators and other applications, are opting for HFC for the upcoming generation of these electronics, owing its lower ozone depletion potential (ODP). On the basis of application, the market is segmented into refrigerators, deep freezers, air conditioners, automotive AC, and others, among which, the air conditioners segment is anticipated to lead the market in terms of revenue, over the forecast period, on the back of growing demand for air conditioners backed by changing lifestyle and increasing disposable income of the middle class. More than 90 million AC units were sold in 2018, globally. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand amongst end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global refrigeration oil market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period owing to the presence of major key players manufacturing electronic devices, including refrigerators, freezers, and air conditioners. Moreover, the growing sale and manufacturing of automobiles, with inbuilt AC systems is estimated to boost the demand for refrigerant oil in the region. More than 3.5 million cars were sold in the U.S. in 2020, including passenger and commercial cars. The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period, owing to the growing manufacturing sector, in countries, such as, Japan, South Korea, China, and India. Moreover, the escalating demand for Air Conditioners in these countries, with over 90% households in Japan using air conditioners, is estimated to boost the market growth.
The global refrigeration oil market is further classified on the basis of region as follows:
Our in-depth analysis of the global refrigeration oil market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for vehicles and refrigerators, for various applications are the major factors driving the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2030.
Government regulations on using fluorocarbon-based refrigeration systems is a major factor estimated to hamper the market growth.
The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of increasing manufacturing and sale of vehicles.
The major players in the market are BASF SE, Shell International B.V., China Petrochemical Corporation (SINOPEC), Exxon Mobil Corporation, Lubrizol Corporation, Petroliam Nasional Berhad (PETRONAS), and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products launched into the market by the company.
The market is segmented by type, refrigerant type, application, and by region.
The HFC segment is anticipated to hold the largest market size over the forecast period on the back of its eco-friendly properties, and low ozone depletion potential.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization