The global refrigerant oil market generated a revenue of $10,113.31 million in 2017 and is expected to rise at a CAGR of 5.7% during 2018-2023. Among the various end users such as automobiles, industrial, commercial and household, automobiles sector generated a revenue of $2226.7 million and is expected to grow at a CAGR of 5.1%. The global refrigerant oil market is set to experience substantial growth due to the increased demand for refrigerant oils in air conditioners and refrigerators. APAC region dominates the refrigerant oil market due to the presence of numerous refrigerant oil providers as well as end users.
What is Refrigerant Oil?
Refrigerant oil is used to lubricate the compressor that produces cold air. The use of oil reduces friction on metal parts, reducing wear on the compressor and extends the life of the system. Refrigerant oil is specially designed for high-temperature to use in cooling systems, so it is important to use the recommended lubricant for the equipment. For the compressor to operate efficiently and to reduce the wear and tear on the components, cooling and lubrication of the hot metal is necessary. The lubricants used in refrigeration systems are either synthetic or mineral oil. The exact formulation of oil for a specific compressor depends on the size and power requirements of the compressor.
Market Research and Market Trends of Refrigerant Oil:
- The use of environmentally-friendly refrigerant oil, such as highly-refined mineral oil, as an alternative to fossil-fuel oils is being extensively studied. The compressor manufacturers are focusing on deriving refined mineral oil at a lower production cost. The goal of these compressors is to protect the environment by reducing waste oil from heavy fossil fuels.
- When a lubricant is added to a refrigerant, either an enhancement or degradation in heat transfer performance is achieved based on the lubricant’s viscosity, miscibility and concentration. In the recent years, more attention has been given to lubricant and additive chemistries that can enhance heat-transfer and compressor efficiency. Several companies around the world are incorporating different nanoparticles into the refrigerant oil to improve the heat transfer properties.
- The current trend involves the use of refrigerant additives that contain an activated polar molecule that have a strong affinity for metal. Such additives will form a thin layer on the metal surfaces in the compressor. This layer will lubricate the moving parts in the compressor which in turn improves the heat transfer and increases the efficiency of the system.
Who are the Major Players in Refrigerant Oil Market?
The companies referred in the market research report are The Lubrizol Corporation, BASF SE, The Dow Chemical Co, Idemitsu Kosan Co Ltd and 10 other companies
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