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PUNE, India , Aug. 11, 2022 /PRNewswire/ --
Refrigeration Oil is a lubricant, derived from either mineral oil or synthetic oil which is a blend of a special high-temperature formulation of oils and additives in order to provide lubrication to compressors. The Refrigeration lubricants flows under pressure where it changes its state from liquid to vapors for generation of the cooling effect. Consumption of electricity power more than 70% by the refrigeration equipment and the depletion of ozone layer due to increasing emission of Green House Gases (GHG) from refrigeration systems has led to the production and adoption of low GWP refrigerants which will boost demand for more energy efficient Refrigeration lubricants.
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The Refrigeration lubricants business has increased in recent years, owing to increasing market development and increased demand for food and pharmaceutical industries, home appliances, and low GWP refrigerants. The Refrigeration lubricants market dynamics have shifted due to the rising demand for Synthetic Lubricants. Furthermore, a shift toward green products has led to the manufacture of air conditioners using greener alternatives such as natural refrigerants such as hydrocarbons, CO2, and ammonia, which are some of the essential drivers accelerating the Refrigeration lubricants market's growth.
The Refrigeration lubricants Market is anticipated to grow by USD 1.29 billion by 2029 from USD 0.9 billion in 2020. In addition, the growth momentum of the market will accelerate at a CAGR of 4.1% during the forecast period.
North America dominates the refrigeration lubricants market owing to the presence of major players in the region
The market in North America is expected to account for the largest share of the global refrigeration lubricants market during the forecast period and also has been witnessing steady growth. Refrigeration lubricants are used in various applications such as air conditioners, refrigerators, and the production of soft drinks. The mineral oil lubricant segment dominates the global refrigeration lubricants market with a share of more than 60%.
Stringent regulations to limit the use of fluorocarbon refrigerants may hinder the growth of the market at Global Level
Governments of various countries are imposing regulations to limit the use of refrigerants, as fluorocarbon has an adverse effect on the atmosphere's ozone layer. Currently, over 147 countries hold Article 5 Parties. These include developing countries such as China , India , Kuwait , Malaysia , Singapore , South Africa , Thailand , and Turkey . As per the Montreal Protocol, HCFC must be phased out by 97.5% by 2029–2040 and completely by 2040 for the Article 5 Parties.
Opportunities: increased demand for high-quality refrigeration lubricants due to stringent emission regulations
Governments across the globe have been creating awareness about the negative impacts of greenhouse gas emissions; because of that, various environmental agencies are working closely with governments of multiple countries. As a result, various governments worldwide have laid down stringent emission regulations for vehicles to reduce their environmental impact.
Refrigeration Lubricants Market Report Scope:
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Eneos Holdings Inc. (Japan), BASF SE (Germany), Idemitsu Kosan Co. Ltd (Japan), ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Energies SE(France), China Petrochemical Corporation (Sinopec Corp), Petroliam Nasional Berhad (Petronas), FUCHS Petrolub SE (Germany), Johnson Controls (Ireland).
The major challenge faced by the Refrigeration lubricants industry is the discontinuation of the HCFCs (hydrochlorofluorocarbons) and HFCS.
Refrigeration Lubricants Market Key Vendor insights
The report contains qualitative and quantitative research on the Refrigeration Lubricants market, as well as detailed insights and development strategies employed by the leading competitors include Eneos Holdings Inc. (Japan ), BASF SE (Germany ), Idemitsu Kosan Co. Ltd (Japan ), ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands ), Total Energies SE(France ), China Petrochemical Corporation (Sinopec Corp), Petroliam Nasional Berhad (Petronas), FUCHS Petrolub SE (Germany ), Johnson Controls (Ireland ).
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Refrigeration Lubricants Market by Oil Type, 2020-2029, (USD Million)
Refrigeration Lubricants Market by Application, 2020-2029, (USD Million)
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Irfan Tamboli [email protected] +91-7507-07-8687
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