The Refrigerant Oil Market is estimated to hit $13.401 billion by 2023
By Type of Oil (Polyolester oil (POE), Polyalkylene glycol (PAG), Polyalphaolefin (PAO) and others); By Refrigerant Type (CFC, HFC, HCFC, Ammonia, and Others); By End-user (Automobile, Commercial, Industrial, Households and others) & By Geography – Forecast (2018-2023)”, the market is driven by increasing demand for Refrigerant Oil from commercial end-user segment.
Refrigerant Oil Market (2015 - 2023)”
Asia-Pacific continues to lead the market share and growth during 2018-2023.
APAC region is the major shareholder with more than 35% share in the global refrigerant oil market, due to the presence of numerous refrigerants and refrigerant oil providers and end user sectors. In 2017, APAC region occupied 49% share in the global refrigerant oil market, owing to the presence of numerous refrigerant oil providers and end user industries. For the period of 2017 until 2021, it is estimated that the APAC market will grow from $5.023 billion at a highest CAGR of 7.85% to reach $ 7.982 billion by 2023. America held the second major share with recorded revenue of $ 2.558 billion in 2017. Europe occupied 15% market share, and remaining 10% is occupied by the rest of the world (RoW).
In APAC, among all the end-user segments the commercial segment is projected to register highest growth rate of 8.94% CAGR, and will reach from $1.605 billion in 2017 to $2.783 billion by 2023.
Selected / Sample Analysis done in the full Report:
- The refrigerant oil industry value chain is a four step production to distribution system. The first step involves sourcing of raw materials, for e.g., ammonia (NH3) is the raw material for Polyalphaolefins (PAO). The key step to any value chain analysis is the production center, where the use of polyalphaolefins reduces the amount of oil mist and oil vapor which are collected in the oil separators. The key step to any value chain analysis is the production center, where manufacturing units’ use of polyalphaolefins can reduce the amount of oil mist and oil vapor which collects in oil separators.
- Raw materials such as ammonia and benzene are crucial for the production of refrigerant oil, which can be usually procured in bulk. Chemical suppliers or petrochemical refineries are basically the raw material suppliers for such products to the manufacturers.
- Manufacturers then considering various applications and parameters, prepare the product for the end-user industry. Idemitsu Kosan Co Ltd, Carrier Corporation and JX Holdings Inc. are amongst the major manufacturers for refrigerant oil.
- After the manufacturing process, there can be two scenarios for the end-users, who in this case can be refrigerator or air conditioning manufacturers or automobile manufacturer. First scenario is a system where manufacturers directly supply the finished product to the end-users.
- Second is, where suppliers or distributors take these finished products from the manufacturers to the end-users, leading to a wider reach of end-user industries. Major end-user industries for this market include industries such as industrial cooling, automotive, refrigerant manufacturers.
Excerpts on Market Growth Factors Mentioned in the Full Report:
1. With the increasing demand for refrigerators and air conditioners, the demand for refrigerants also increases, which drives the growth of refrigerant oils.
2. High growth in global electronic appliance market that is driven by increasing demand for refrigerators and ACs for commercial applications is anticipated to drive the demand for refrigerants and oils.
Key Players of the Refrigerant Oil Market:
The Lubrizol Corporation, Chemtura Corporation and Idemitsu Kosan Co. Ltd. are amongst the key market players in Refrigerant Oil market. The Lubrizol Corporation is a subsidiary of Berkshire Hathaway and is headquartered in Wickliffe, Ohio. The company provides wide range of refrigerant oil products. Idemitsu Kosan Co. Ltd. has been a major manufacturer of refrigerant oils for motor vehicle air conditioning, and has been successful in maintaining that place for quite a while now.
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