Growing Urbanization in Developing Economies to Drive Refrigeration Oil Market
The global refrigeration oil market is expected to exhibit a steady 5.31% CAGR over the forecast period from 2023 to 2030, according to the latest research report from Market Research Future (MRFR). The global refrigeration oil market is profiled in detail in the report to draw conclusions about the market’s likely growth trajectory over the forecast period. The global refrigeration oil market is expected to grow to a valuation of USD 1731 million by 2030.
The growing demand for refrigeration units in supermarkets and hypermarkets to store frozen food and beverage products is likely to be a major driver for the global Refrigeration Oil Market over the forecast period. Packaged food and beverages have become the new norm in the food and beverage industry, leading to a growing demand for effective refrigeration units to keep these products safe. Refrigeration prevents microbial growth in packaged food and beverages, keeping the products fresh for longer. This has driven the demand for refrigeration oil at a robust growth rate. The increasing deployment of supermarkets and other comparable shopping avenues in developing countries is likely to be a major driver for the refrigeration oil market over the forecast period. The growing urbanization in developing countries has driven up the number of supermarkets or comparable shopping centers, which is likely to remain a key driver for the global refrigeration oil market over the forecast period.
The growing pharmaceutical industry is also likely to be a major driver for the global refrigeration oil market, as the demand for refrigeration units to store biological samples and pharmaceutical ingredients is likely to increase over the coming years. Like with packaged food and beverages, refrigeration prevents microbial contamination in pharmaceutical samples, with the physical containment inside a refrigeration unit also preventing other environmental pollutants to have their way. Growing efforts at drug discovery are likely to be central to the global refrigeration oil market in the coming years, as the increasing efforts made to discover new types of drugs entailing significant expenditure on refrigeration equipment.
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Leading players in the global refrigeration oil market include Cosmo Oil Lubricants Co., Indian Oil Corporation Ltd., Lubriplate Lubricants Company, PETRONAS Dagangan Berhad, Behr Hella Service GmbH, Calumet Specialty Products Partners LP, Total, Exxon Mobil Corporation, Royal Dutch Shell, China Petrochemical Corporation, Arkema, BASF SE, and JXTG Nippon Oil & Energy Corporation.
Leading players are likely to focus on increasing the production capacity with regards to synthetic refrigeration oils in the coming years, as the demand for synthetic oils is likely to increase in the coming years.
The global Refrigeration Oil Market Expansion is segmented on the basis of type, refrigerant type, application, and region.
By type, the global refrigeration oil market is segmented into synthetic and mineral oils. The synthetic oil segment holds the largest share in the global refrigeration oil market and is likely to remain dominant over the coming years due to the growing demand for synthetic oils in ammonia/CO2 refrigeration units. However, the higher cost of synthetic oils is a major restraint for the segment.
By refrigerant type, the global refrigeration oil market is segmented into ammonia/CO2, HFCs, and others. The ammonia/CO2 segment holds the largest share in the global refrigeration oil market due to its low environmental impact and is likely to exhibit growth at the highest growth rate over the forecast period.
By application, the global refrigeration oil market is segmented into refrigerators and freezers, aftermarket, automotive AC systems, air conditioners, chillers, and others. The refrigerators and freezers segment held the dominant share in the global refrigeration oil market in 2018 and is likely to grow at a high 4.59% CAGR over the forecast period.
Asia Pacific holds the largest share in the global refrigeration oil market, followed by Europe. The growing urbanization in Asia Pacific has been a major driver for the global refrigeration oil market, as this has driven the demand for refrigerators and freezers in consumer as well as commercial applications.
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