New York, NY -- (SBWIRE) -- 02/01/2021 -- The Global Refrigeration Oil Market was valued at USD 10.28 Billion in 2018 and is expected to reach USD 14.63 Billion by year 2027, at a CAGR of 4.5%. The global refrigeration oil market is majorly driven by the growing demand for consumer appliances such refrigerators and air conditioners. The technological advancements and changing lifestyles across the globe is an important factor positively influencing the refrigeration oil market growth. The other major drivers of the global refrigeration oil market include the high demand for refrigeration systems from food and pharmaceutical industries to increase the shelf life of the products. However, the limitation on the use of fluorocarbons due to the ozone depletion caused by them is a challenge to market growth. Nevertheless, the research and developments prevailing in the market are likely to drive the market growth refrigeration oil market.

The report is further updated with the changes in the market dynamics and trends owing to the COVID-19 pandemic. The pandemic has affected the global economy by changing the dynamics of the supply chains, inducing financial difficulties, and the increasing volatility of market prices. The report further estimates the overall impact of the pandemic on the Refrigeration Oil market and offers key insights into the future of the market over the coming years.

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The report further studies the significant trends and demands of the market in each key region of the market and analyzes the strategic steps and initiatives taken by the leading companies of the industry. Some of the major companies operating in the Refrigeration Oil market and profiled in the report are:

JXTG Holdings Inc., BASF SE, China Petrochemical Corporation, Shell Global, Exxon Mobil Corporation, Total, Meiwa Corporation, Indian Oil Corporation Ltd , Behr Hella Service Gmbh, Cosmo Oil Lubricants Co. Ltd., Calumet Specialty Products Partners, L.P., Lubriplate Lubricants Company, Petronas, Petro-Canada Lubricants Inc., and Idemitsu Kosan Co

The research study further covers the expansion and scope of the market in the key geographies across the globe. It assesses the scope of the market on a global as well as country-wise level. The market is spread across the key regions that include: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report provides a comprehensive analysis of the production and consumption patterns, import and export ratio, supply and demand dynamics, key trends and demands, consumer behavior, and presence and operations of prominent players in each region of the market.

Further key findings from the report suggest

The refrigeration oil market is growing at a CAGR of 2 %in Asia Pacific followed by North America and Europe, with 4.3 % and 3.9% CAGR, respectively. The high refrigeration oil market across the globe is the key factor in accelerating market growth during the forecast period across all regions.
Hydro chlorofluorocarbon has the highest market share of 35% in the global market.
Hydro fluorocarbon is expected to be the fastest-growing market segment during forecast period 2019-2027 with a CAGR of 5.4%.
A refrigerator has the highest market share in refrigeration oil market of 41% and was valued at USD 4.21 billion and is expected to reach USD 5.96 billion by 2027.
Air conditioners have the highest market CAGR of 5.7 in the global forecast period for refrigeration oil market.
The Asia Pacific is expected to account for 30% of the global refrigeration oil market. Developing nations including China and India are likely to witness high growth in the refrigeration oil market.

The report further segments the market on the basis of product types and application spectrum offered by the market.

Product (Revenue in USD Million; Volume in Tons, 2016–2027)

Mineral Oil
Synthetic Oil

Refrigerant Type (Revenue in USD Million; Volume in Tons, 2016–2027)

Hydro Chlorofluorocarbon
Chlorofluorocarbon
Hydro Fluorocarbon
Ammonia

Application (Revenue in USD Million; Volume in Tons, 2016–2027)

Air Conditioners
Coolers
Chillers
Refrigerators
Condensers

End-Use (Revenue in USD Million; Volume in Tons, 2016–2027)

Residential,
Commercial
Industrial

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TOC -
Chapter 1. Market Synopsis

    1.1. Market Definition

    1.2. Research Scope & Premise

    1.3. Methodology

    1.4. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2018– 2027

Chapter 3. Indicative Metrics

    3.1. Global Refrigeration Oil market drivers: impact analysis

    3.2. Growing demand for low viscosity and high-quality Refrigeration Oil

Chapter 4. Refrigeration Oil Segmentation & Impact Analysis

    4.1. Refrigeration Oil Segmentation Analysis

    4.2. Refrigeration Oil Market Value Chain Analysis, 2016-2027

Continued……….

The report is a qualitative and quantitative research study that offers key insights into the latest strategic steps and tactics undertaken by the industry players to gain a robust footing in the market. The report further offers strategic recommendations to the new and emerging players and established companies to help them overcome the barriers of the industry. The report also covers a comprehensive SWOT analysis and Porter's Five Forces analysis to offer a better understanding of the Refrigeration Oil market and its competitive landscape.

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