The refrigeration oil market is estimated to be USD 1,005.2 million in 2017 and is projected to reach USD 1,243.6 million by 2022, at a CAGR of 4.3% between 2017 and 2022
The refrigeration oil market is largely driven by the rising demand for consumer appliances and automobiles. Refrigeration oil is used for lubrication in compressors and reduces friction of metal parts thereby reducing the wear and tear of compressors in consumer appliances and automotive AC systems. The growing demand for refrigeration oil from the food and pharmaceutical industries along with the rising demand for low GWP refrigerants are other factors expected to drive the refrigeration oil market. However, the stringent regulations to limit the use of fluorocarbon refrigerants is one of the major restraints for the growth of the market.
The POE oil type segment is expected to witness the highest growth, in terms of value, from 2017 to 2022. POE oil has high thermal stability and excellent wear performance; its usage in all applications is one of the key factors expected to drive the growth of this oil type in the coming years.
The refrigerator & freezer segment is estimated to be the fastest-growing application segment between 2017 and 2022, in terms of both, value and volume. The growth of the segment can be attributed to the increasing demand and manufacture of refrigerators and freezers in APAC. The region accounts for more than two-thirds of the global demand for refrigerators and freezers. This is majorly due to the increasing urbanization and rapid industrialization in the region.
The growing demand for consumer appliances and automobiles is expected to fuel the growth of the refrigeration oil market in the Asia Pacific region. In addition, the rising population and increasing disposable income in countries such as China and India are further fueling the growth of the consumer appliances and automotive industries in APAC, thereby driving the refrigeration oil market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Significant Opportunities in the Refrigeration Oil Market 4.2 Refrigeration Oil Market, By Region 4.3 APAC Refrigeration Oil Market, By Application and Country 4.4 Refrigeration Oil Market Attractiveness
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Increasing Demand for Consumer Appliances 5.2.1.2 Growing Demand From Food and Pharmaceutical Industries 5.2.1.3 Rising Demand for Low Gwp Refrigerants 5.2.2 Restraints 5.2.2.1 Stringent Regulations to Limit the Use of Fluorocarbon Refrigerants 5.2.3 Opportunities 5.2.3.1 Growing Demand for Low Viscosity and High-Quality Refrigeration Oil 5.2.4 Challenges 5.2.4.1 Compatibility of Refrigeration Oil With Refrigerants 5.3 Porter's Five Forces Analysis 5.3.1 Threat of New Entrants 5.3.2 Threat of Substitutes 5.3.3 Bargaining Power of Suppliers 5.3.4 Bargaining Power of Buyers 5.3.5 Intensity of Competitive Rivalry 5.4 Macroeconomic Indicators 5.4.1 GDP of Major Countries 5.4.2 Automotive Industry Analysis
6 Refrigeration Oil Market, By Oil Type 6.1 Introduction 6.2 Synthetic Oil 6.2.1 POE 6.2.2 PAG 6.2.3 Others 6.2.3.1 PAO 6.2.3.2 PVE 6.2.3.3 AB 6.2.3.4 Blends 6.3 Mineral Oil
7 Refrigeration Oil Market, By Application 7.1 Introduction 7.2 Refrigerator & Freezer 7.2.1.1 Domestic Refrigerator & Freezer 7.2.1.2 Commercial Refrigerator & Freezer 7.2.1.3 Industrial Refrigerator & Freezer 7.3 Air Conditioner 7.3.1.1 Domestic Air Conditioner 7.3.1.2 Commercial Air Conditioner 7.4 Automotive Ac System 7.5 Aftermarket
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Related Topics: Lubricants and Greases
Source: GlobeNewswire
(June 19, 2018 - 4:05 AM EDT)
