According to TechSci Research report, “Refrigeration Oil Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Refrigeration Oil Market stood at USD 1.25 billion in 2022 and is anticipated to grow with a CAGR of 3.35% in the forecast period, 2023-2028. The initiatives taken by government based on Refrigeration Oil has led to favorable market conditions for the Global Refrigeration Oil Market. Several factors contribute to the growth of various Refrigeration Oil products.
Many governments around the world are implementing regulatory activities to address the pressing issue of greenhouse gas emissions from both mobile and stationary sources. These regulations specifically target emissions from refrigeration and air conditioning systems, recognizing their significant contribution to global warming if not properly managed. In response to these regulations, manufacturers of refrigeration oils are being strongly encouraged to develop products that are not only effective but also more environmentally friendly, ensuring a sustainable future for our planet.
In a recent announcement, the Department of Energy (DOE) in the United States has pledged a substantial funding of up to $32 million towards the research and development of innovative monitoring, measurement, and mitigation technologies. This funding holds immense potential to support the advancement of new types of refrigeration oils that are less harmful to the environment. By investing in these technologies, the DOE aims to foster the creation of sustainable solutions that will have a positive impact on reducing greenhouse gas emissions.
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Furthermore, the U.S. government has unveiled a comprehensive methane emissions reduction action plan, which aims to address leaks, waste, and consumer costs while prioritizing the protection of workers and communities, as well as ensuring operational safety. This action plan holds significant implications for the refrigeration industry, as some refrigeration systems utilize methane as a refrigerant. As a result, we can expect this plan to drive changes in the types of refrigerants used in these systems, consequently impacting the selection of refrigeration oils that are compatible with the new refrigerants. This shift towards more environmentally friendly refrigerants and oils will play a crucial role in mitigating the harmful effects of greenhouse gas emissions and safeguarding our environment for future generations.
Refrigeration oil plays a crucial role in compressor performance by ensuring smooth operation and longevity of the system. As the demand for energy-efficient and environmentally friendly refrigeration systems continues to grow, the need for high-performance refrigeration oils becomes increasingly important. Extensive research and development efforts are being undertaken to produce oils with not only better viscosity and improved heat transfer properties, but also enhanced compatibility with the latest refrigerants.
The outcome of these R&D initiatives directly influences the growth of the refrigeration oil market, as it drives innovation and advancements in the industry. Manufacturers are investing heavily in research and development to formulate oils that can cater to the evolving refrigeration technologies and the introduction of new refrigerants. The goal is to develop oils that not only meet the compatibility requirements but also maintain high performance and efficiency in these changing environments.
Global Refrigeration Oil Market is segmented into type, application, regional distribution, and company
Based on its application, the Refrigerator & Freezer segment held the largest share in the market. The thickness of oil plays a critical role in determining the efficiency of compressors used in refrigerators and freezers. Not only does high oil thickness on compressor metal parts led to increased wear and tear, but it also results in higher maintenance costs. To address this issue, refrigerant oil, also known as refrigeration oil, is specifically formulated to withstand high temperatures and prevent the formation of excessive oil thickness. This unique formulation has gained widespread usage and has significantly boosted the demand for refrigeration oil in both freezers and refrigerator compressors. With its ability to reduce oil thickness, refrigeration oil proves to be an indispensable component in ensuring optimal performance and longevity of these cooling appliances.
Based on region, Asia Pacific segment is expected to grow during the forecast period. Refrigeration oils play a crucial role in enhancing the thermal and oxidation stability of industrial oils used in compressors, thereby extending the shelf life of these oils. The exceptional low traction co-efficient factor of refrigeration oil makes it a preferred choice in compressors, thereby driving the growth of the global market. However, it is worth noting that certain refrigeration oils may pose environmental concerns due to the periodic need for oil drainage and replacement. To address this, leading players in the refrigeration oil market are actively testing and developing environment-friendly alternatives that can be used across various industrial compressors. One such promising option is highly refined mineral oil, which is gaining increasing importance as a sustainable alternative to fossil-fuel-based refrigeration oils. These developments are particularly shaping the growth trajectory of the refrigeration oil market in the Asia-Pacific region, where the demand for energy-efficient and environmentally friendly solutions is on the rise.
Major companies operating in Global Refrigeration Oil Market are:
- Eneos Holdings Inc.
- Idemitsu Kosan Co. Ltd
- EXXONMOBIL CORPORATION
- Royal Dutch Shell Plc
- Total Energies SE
- Chevron Corporation
- Johnson Controls International plc
- Cosmo Oil Lubricants Co., Ltd.
- National Refrigerants, Inc.
- BASF SE
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“Growing application of Refrigeration Oil in various end user industries are key drivers of the Refrigeration Oil Market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of Refrigeration Oil with every passing year are anticipated to register an impressive growth to Global Refrigeration Oil Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Refrigeration Oil Market By Type (Mineral Oil, Synthetic Oil), By Application (Air Conditioner, Refrigerator & Freezer, Automotive AC System, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Refrigeration Oil Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Refrigeration Oil Market.
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