The refrigeration oil market size is projected to reach USD 1.4 billion by 2024 from USD 1.1 billion in 2019, at a CAGR of 4.7% between 2019 and 2024. The increasing demand for refrigerators & freezers from the food and pharmaceutical industries to preserve packaged food items and drugs is one of the major factors to drive the demand for the refrigeration oil market. Stringent regulations to limit the use of fluorocarbon refrigerants is restraining the growth of the refrigeration oil market.
The APAC region is estimated to lead the refrigeration oil market in 2018 in terms of value and volume. The increasing population in the region and the rising demand for refrigerators, freezers, air conditioners, and automobiles in the emerging markets of APAC, such as China and India, are some of the major factors projected to drive the demand for refrigeration oil in the region. Furthermore, the improving lifestyle, increasing employment rate, rising disposable income of the people, and mounting foreign investments in various sectors of the economy are some of the other factors that make APAC an attractive market for refrigeration oil manufacturers.
To know about the assumptions considered for the study download the pdf brochure
On the other hand, increasing demand for consumer appliances drives the demand for refrigeration oil. The players in the refrigeration oil market are mainly concentrating on expansions, new product launches, and partnership & agreements to meet the growing demand in various applications. New product launches help companies strengthen their product portfolio and meet the specific requirements of customers.
The growth of the refrigeration oil market has been influenced mainly by expansions, new product launches, and partnership & agreement that took place between 2016 and 2019. JXTG Group (Japan), BASF (Germany), and Idemitsu Kosan Co. (Japan), ExxonMobil Corporation (US), and Royal Dutch Shell plc. (Netherlands) adopted expansions, new product launches, and agreements to remain competitive in the refrigeration oil market.
BASF is one of the world’s largest chemical companies and one of the world’s largest players in the refrigeration oil market. It engages in manufacturing and selling a wide range of chemicals and intermediate solutions. The company offers POE and PAG refrigeration oils. It focusses on joint ventures and expansions to remain competitive in the refrigeration oil market. In May 2019, the company expanded its production capacity of antioxidants for lubricants in China and Mexico due to the increasing global demand for long-life lubricant additives, which, in turn, will increase the demand for refrigeration oil.
Idemitsu Kosan Co. is a petroleum refining and manufacturing company in Japan. The company has a major presence in APAC and manufactures and sells petrochemical and oil products. It offers PVE and PAG refrigeration oils to global customers. Idemitsu focuses on joint ventures, agreements, and expansions to remain competitive in the refrigeration oil market. In October 2017, the company started operating a service station business in Hanoi, Vietnam, that helped it strengthen its businesses ranging from production and procurement of petroleum products to the sale of such products in the overseas market of the Pacific Rim.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=126068118
Comments