Refrigeration Oil Market - Global Industry Analysis and Forecast 2023: Worldwide Trend, Business Opportunities & Future Investments
Pune, India -- (SBWire) -- 08/09/2018 --Refrigeration Oil Market – Market Overview
Oil used in refrigeration system for the purpose to lubricate compressor and keep refrigeration unit running smoothly is collectively known as refrigeration oil. Refrigeration Oil lubricates compressor and reduces the friction on metal parts and wear on the compressor. The overall application scope of the Refrigeration Oil includes refrigerator, freezer, coolers, condensers, chiller, air conditioner, automotive ac systems, and others. Growth of Refrigeration Oil is largely driven by strong demand from consumer appliances such as air conditioner and refrigerator. Technological innovation coupled with changing lifestyle is the key factor raiding demand for refrigeration oil and is expected to further drive the global demand. Food industry is one of the important are wherein, refrigeration systems used in largely followed by pharmaceutical industry to increase the shelf life of the product. This in turn, has driving massive demand for Refrigeration Oil. However, restriction on the fluorocarbons use expected to hamper the overall Refrigeration Oil.
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Globally, Asia Pacific expected to be the largest market for Refrigeration Oil. The growth observed in this region is relatively high that other regions. Demand for refrigerator based products such as refrigerators, residential and commercial freezers has surged demand for refrigerators in this region. North America is the second largest market after Asia Pacific and is growing at moderately driven by contribution of U.S. High demand for food storage equipment, strengthening urbanization, and rising consumer electronics industry are some of the vital growth driving factors in this region. Europe has presence of stringent governmental regulatory bodies which has limited refrigeration oil demand in Europe reason being growing environmental.
The Global Refrigeration Oil Market has a presence of large number of market player across the globe. The global market as a whole represents moderate numbers in term of consumption and is expected to grow in moderately over the forecast period as well. Major players in this market are JXTG Holdings Inc, BASF SE, China Petrochemical Corporation, Shell Global, ExxonMobil Corporation, Total, WEIWA Corporation, Indian Oil Corporation, Behr Hella Service GmBh, COSMO OIL LUBRICANTS Co Ltd, Calumet Specialty Products Partners, L.P., Lupriplate Lubricants. Most of these players are mid-scale manufacturers and are operating at moderate degree of competition against each other. Consumer electronic industry is the major application area and is growing largely in developed and developing economies driven by economic reforms. Therefore, economic development linked with rising spending power of the consumers to bring dramatic changes in this market over the forth coming years.
December 20, 2017- BASF SE and Sinopec China collective expanded the neopentylglycol (NPG) production in China. By operating at 80,000 tons of existing production capacity, the company has added additional 80,000 tons of neopentylglycol. With this additional capacity, the company would be able to support increasing demand for NPG.
June 6, 2017 – ExxonMobil Corporation has expanded new synthetic and grease production facility in Singapore. It is the leading company in the synthetic oil market and has this capacity expansion due to strengthen company's flagship in lubricants segment. Singapore is being recognised as emerging market for lubricants, and is expected to offer considerable demand for the same.
April 27, 2015 – BASF SE appointed BTC as their core distribute for the lubricants industry North and Central Europe. BTC would solely engaged and responsible in the lubricants distribution. BTC is the European sales organization for specialty chemical distribution for small and medium sized customers. The company would be associated with BASF SE hereafter and would be responsible for distributing lubricating oil additive, base stock, component for metalworking fluids.
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