Research Results Claim That Refrigerant Oil Market to Reach $10 Billion by 2020 Due to Increase in Cooling Systems' Demand - IndustryARC

Refrigeration Oil is a special lubricant used in compressors installed in refrigerating equipment. Increase in demand from various sectors like Industrial, Residential, Commercial etc. for cooling is the main driving force of Refrigeration Oil Market.

Refrigerant oils have wide range of applications in air conditioners, chillers, coolers, ice machines, condensing units, refrigerators/freezers and many more. Owing to their significant applications in diverse end user industries, refrigerant oil market is set to grow at a considerable pace in the coming years. The Refrigerant Oil industry has many producers, Lubrizol Corp. being the prime one in terms of market revenue.

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On a broader perspective refrigerant oils are segmented as mineral oils and synthetic oils. As per the current regulations and trends, synthetic oils have a larger market share in terms of both, consumption and revenue. This industry has faced many regulatory changes in the recent years, leading to a restricted yet revenue generating market. Currently the industry is experiencing a strong demand for HFC compatible refrigerant oils, after the phase-out for HCFC refrigerant has been implemented.

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Industry leaders such as Dow and BASF SE have come up with new refrigerant oils that are compatible with HFC refrigerants, while other manufacturers are involved in developing alternatives for ammonia and carbon dioxide based refrigerants. The global refrigerant oil market is set to experience a substantial growth owing to the strong demand from refrigerants in refrigerators and air conditioners worldwide.
American Refrigerant Oil Market to Reach $2.8 Billion by 2020, While APAC Is Projected To Be the Major Shareholder with More Than 35% Share in the Global Refrigerant Oil Market

Due to the presence of numerous refrigerants and refrigerant oil providers and end user sectors APAC is destined to dominate the refrigerant oil market. Growing urbanization makes it inevitable for the OEMs to increase production of air conditioners and refrigerators in people rich countries. Because of the fast pace in growth of consumer electronics market, there is an upsurge in the demand for refrigerant oils especially in the developing countries. Owing to rapid commercialization and industrialization, demands for refrigerant based products have been high in the North American region. U.S. has been the highest consumer of refrigerant oils and is estimated to grow at a CAGR of 4.3%.

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The presence of natural refrigerant-based technologies is continuously increasing in most of Europe’s refrigeration, heating and cooling sectors. The European continent has a high immediate market adoption potential for natural working fluids, well ahead of America or Asia. Demand for natural refrigerants is on a surge because of their low global warming potential (GWP). These refrigerants are comparatively safe and serve as a better alternative for high GWP refrigerants like CFC, HCFC and HFC. Though these natural refrigerants are not affected by the environmental restrictions, flammability and toxicity are the factors which restrict the usage of these refrigerants.

Major regulatory bodies for refrigerants and refrigerant oils are the Environmental Protection Agency (EPA) in the U.S. and the European Commission for Europe. These regulatory bodies focus on the specifications and quality levels that are predefined to maintain the depletion of the ozone layer and protect the environment from harmful substances such as Chlorofluorocarbon (CFC) and hydrochlorofluorocarbons (HFC). Following are few of the regulatory bodies that monitor the use of refrigerants:
• The International Organization for Standardization (ISO)
• International Electro-Technical Commission (IEC)
• European Committee for Standardization (CEN) and European Committee for Electro-Technical Standardization (CENELEC)
• AHRI (Air-conditioning, Heating, & Refrigeration Institute)
• ANSI (American National Standards Institute)
• ASHRAE (American Society of Heating and Air-Conditioning Engineers)

The refrigerant oils market derives its application form its parent market which is refrigerants market. Any change in demand of refrigerants would also induce a change in the refrigerant oils market. According to our survey 96.7% of the passenger cars manufactured every year comes with air conditioners in them. Hence, refrigerant oil market is all set to grow with a considerable pace.

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Sanjay Matthews
Business Development Manager
Phone: 1- 614-588-8538 (Ext-101)

Contact Details

Company Name: IndustryARC
Issued By: Sanjay Matthews
Phone: (+91) 040-6558825
Address: Q2 A2 Cyber Towers, Madhapur
City: Hyderabad
State: Telangana
Zip: 500081
Country: India
Website: Visit the website

Keywords : refrigerant oil market, refrigerant oil market analysis, refrigerant oil market report, refrigerant oil, coolant oil, compressor oil,

by Sanjay Matthews (few years ago!)

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