Email
Print
Market Overview:
The Refrigeration Oil Market size is estimated to reach $1.6 billion by 2030, growing at a CAGR of 4.3% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Refrigeration Oil Market – By Type of Oil (Mineral Oil, Synthetic Oil, and Others), By Refrigerant Type (Chlorofluorocarbon (CFC), Hydro-chlorofluorocarbon (HCFC), Hydrofluorocarbon (HFC), Ammonia, HFO, Butane and Iso Butane, Propane, and Others), By Application (Refrigerator & Freezer, Air conditioners, Automotive AC System, Aftermarket and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Embracing technological advancements and Expanding market in emerging economies are expected to create growth opportunities in the market during forecast period.
APAC Dominated the Market in 2023:
APAC accounted for the largest share of 32% of the Refrigeration Oil Market in 2023 followed by North America and Europe. According to United Nations Population Fund (UNPF), The Asia-Pacific region is home to over 4.3 billion people, making it the most populous region globally. Countries like India and China significantly contribute to this vast population. The increasing population in the region and the rising demand for refrigerators, freezers, air conditioners, and automobiles in the emerging markets of APAC, such as China and India, are some of the major factors projected to drive the demand for Refrigerant Oil in the region.
Refrigeration Oil Market: Key Takeaways
Shift Toward Low Global Warming Potential (GWP) Refrigerants:
With increasing environmental regulations and global initiatives to reduce greenhouse gas emissions, there is a notable shift in the refrigeration oil market toward low GWP refrigerants. Traditional refrigerants with high GWP, such as Hydrofluorocarbons (HFCs), are being phased out due to their contribution to climate change. This shift is driving the development of refrigeration oils that are compatible with these newer, eco-friendly refrigerants such as Hydrofluoroolefins (HFOs) and natural refrigerants like ammonia and CO2. These oils must ensure high performance and durability while maintaining environmental standards.
Rising Adoption of Energy-Efficient Cooling Systems:
As industries increasingly focus on energy efficiency and cost savings, there is growing demand for energy-efficient refrigeration and air conditioning systems. These systems are designed to reduce energy consumption while maintaining optimal performance. This trend is influencing the development of advanced refrigeration oils that not only enhance the performance of these systems but also reduce wear and tear, thereby extending equipment life. This shift toward energy-efficient solutions is particularly driven by the food and beverage, pharmaceutical, and logistics industries, where reliable cooling and refrigeration are critical to operations.
For More Queries About "Refrigeration Oil Market " @ https://www.industryarc.com/pdfdownload.php?id=500035
Scope of the Report:
Recent Developments:
- In August 2023, The Japanese lubricating oil manufacturer Sun Oil Co. launched a mineral Refrigerant Oil that works with most refrigerants.
- In June 2023, Johnson Controls, announced the acquisition of M&M Carnot, a leading provider of natural refrigeration solutions with ultra-low global warming potential (GWP), which can help customers meet their sustainability goals while meeting and exceeding environmental regulations.
- In September 2022, Tata Motors announced the launch of the 5W30 synthetic engine oil, which is specifically intended to enhance the performance of the BS6 diesel engines.
Refrigeration Oil Market: Competitive Landscape
Key companies profiled in the Refrigeration Oil Market are Exxon Mobil Corporation, Shell PLC, FUCHS, Idemitsu Kosan Co. Ltd, Petronas International Limited, BP p.l.c., Sinopec Group, Johnson Controls, Japan Sun Oil Company, Ltd., Isel Inc., and Others.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
Contact Us:
Mr. Venkat Reddy
IndustryARC
Email: [email protected]
USA: (+1) 518-282-4727