Refrigerant Oil Market Drivers, Trends, and Forecast by 2031

MARKET INTRODUCTION

Refrigerant oils are used to reduce friction between moving parts in the refrigerator. They are used to lubricate the components in refrigerator compressors, air conditioners, chillers, and coolers. Refrigerant oils significantly reduce the wear and tear of the compressor components and extend its durability. Synthetic and mineral oils that are compatible with the refrigerant are used as refrigerant oils. Besides reducing friction, refrigerant oils are also responsible for dissipating and carrying away the heat.

MARKET DYNAMICS

The ubiquitous applications of heating, ventilation, air conditioning, and refrigeration in various end-use industries has led to significant consumption of lubricants and refrigerant oils. The burgeoning applications of airconditioning in industries, manufacturing facilities, malls, hospitals, IT parks, and public buildings have created considerable demand for refrigerant oils. Oil changing and maintenance of old refrigeration systems are also anticipated to create significant demand for refrigerant oils in the forecast period. In recent years, refrigerant oil manufacturers are paying more focus on developing lubricant oils and additives to improve compressor and heat transfer efficiency. Several manufacturers around the world are incorporating nanoparticles in the refrigerant oils to improve heat transfer efficiency. The current trend of using refrigerant additives containing activated polar molecules that display a strong affinity towards metals. These additives ensure a thin lubricating layer on the surfaces of compressors subjected to friction. It has been known to improve the heat transfer efficiency in compressors. The innovation and research and development activites in the field of refrigerant oils are anticipated to lead to development of refrigerant oils with enhanced lubricating properties.

MARKET SCOPE

The "Global Refrigerant Oil Market Analysis to 2031" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the refrigerant oil market with detailed market segmentation by material, type, end-user industry, and geography. The global refrigerant oil market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading refrigerant oil market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

The global refrigerant oil market is segmented on the basis of type, refrigerant type, application, and end-use industry. On the basis of type, the refrigerant oil market is segmented into, polyolester oil (poe), polyalkylene glycol (pag), polyalphaolefin (pao), polyvinyl ether oil (pve), mineral oil, alkyl benzene oil, others. On the basis of refrigerant type, the market is bifurcated into, chlorofluorocarbon (CFC), hydro-chlorofluorocarbon (HCFC), hydrofluoro carbon (HFC), ammonia, HFO, butane and iso butane, propane, and others. Based on application, the global refrigerant oil market is segmented into, coolers, air conditioners, chillers, condensers, refrigerators, and others. On the basis of end-use industry, the market is bifurcated into commercial, household, automobile, and industrial.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global refrigerant oil market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The refrigerant oil market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the refrigerant oil market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the refrigerant oil market in these regions.

MARKET PLAYERS

The reports cover key developments in the refrigerant oil market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from refrigerant oil market are anticipated to lucrative growth opportunities in the future with the rising demand for refrigerant oil in the global market. Below mentioned is the list of few companies engaged in the refrigerant oil market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the refrigerant oil market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

- BASF SE
- BP Plc
- China Petrochemical Corporation
- Exxonmobil Corporation
- FUCHS PETROLUB SE
- Idemitsu Kosan Co., Ltd.
- Petroliam Nasional Berhad
- Royal Dutch Shell Plc
- The Lubrizol Corporation
- Total S.A.

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Refrigerant Oil Report Scope