The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Refrigeration Oil Market.
The refrigeration oil market was estimated at USD 1.14 billion in 2021 and is likely to grow at a healthy CAGR of 4.16% during 2022-2028 to reach USD 1.52 billion in 2028.
COVID-19 Impact on Refrigeration Oil Market
The spread of the pandemic severely impacted the oil & gas industry which resulted in disruption in the supply of raw materials. This ultimately affected the refrigeration oil market.
Market Drivers
The growth of the refrigeration oil market is primarily driven by-
- Increasing demand for refrigerators and freezers and air conditioning systems,
- Increasing consumption of packaged food products globally.
Segment Analysis:
Based on the oil type, the market is segmented as mineral oil and synthetic oil. The synthetic oil segment held the larger share of the market in 2021 and is expected to remain dominant during the forecast period. Synthetic oil is further classified as polyolester, polyalkylene glycol, and others. Higher performance in critical conditions, higher thermal stability, viscosity, and chemical resistance, compared to mineral oil along with its increasing demand in low GWP and CO2 refrigeration systems; is the major factor behind the dominance of synthetic oil in the market.
Based on the application type, the market is segmented as refrigerator & freezer, air conditioner, and automotive AC systems. The refrigerator & freezer segment dominates the market, owing to the increasing sales of refrigerators & freezers in the global market.
In terms of regions, Asia-Pacific is expected to be the dominant region in the market during the forecast period. The Asia-Pacific region is the largest market for the food & beverage and consumer goods sectors; thus, creating a high demand for refrigerant oil in the region. Rapid industrialization and urbanization in developing countries such as India and China are likely to boost the demand for refrigerant oil in the region during the forecast period. North America and Europe are also expected to offer substantial growth opportunities over the forecast period.
Key Players
Some of the key players in the Refrigeration Oil market are-
- JXTG Group
- BASF SE
- Idemitsu Kosan Co., Ltd.
- Royal Dutch Shell plc
- Exxon Mobil Corporation
- BP p.l.c.
- Petroliam Nasional Berhad (PETRONAS)
- Chevron Corporation
- Total S.A.
- China Petrochemical Corporation (Sinopec Group)
- Fuchs Petrolub SE
- Johnson Controls International plc, and
- The Lubrizol Corporation (CPI Fluid Engineering Services).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
About Stratview Research
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