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Global Refrigeration Oil Market: Information by Type, Refrigerant Type, Application and Region —Forecast till 2025

Press release   •   Jan 16, 2020 06:28 EST

​​Global Refrigeration Oil Market: Information by Type (Mineral Oil and Synthetic Oil {Polyalkylene Glycol, Polyalphaolefin, Alkyl Benzene, Polyol Ester, and Polyvinyl Ether}), Refrigerant Type (Ammonia/CO2, Hydrofluorocarbon (HFCs), and Others), Application (Refrigerator and Freezer, Aftermarket, Automotive AC Systems, Air Conditioners, Chillers, and Others), and Region (North America (US, Canada), Europe(Germany, UK, Russia, France, Spain, Italy, and Poland), Asia-Pacific (China, India, Japan, Australia & New Zealand, Indonesia, and South Korea), Latin America(Brazil, Mexico, and Argentina), and the Middle East & Africa (South Africa, UAE, Turkey, Qatar, Kuwait, Bahrain, Oman, Egypt, and South Africa))—Forecast till 2025

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Market Analysis

Refrigeration oil is derived from either synthetic oil or mineral oil. It is formulated by mixing oil and additives designed for its use in cooling systems. The purpose of refrigeration oil is to lubricate moving parts in the refrigerant compressor effectively. The oil flows under high pressure to turn from liquid to vapor state to generate a cooling effect on account of its high chemical and thermal stability. Also, it exhibits high viscosity, low pour point, and is contamination-free.The key factor driving the growth of the global refrigeration oil market is the increasing consumption of frozen and packaged food products, which has surged the demand for refrigeration systems to store goods at the required temperature, this is driving the demand for refrigeration oil. Moreover, the expanding healthcare industry with increased spending on development of new drugs is likely to increase the requirement of refrigeration system to store drugs and vaccines and thus, drive the growth of the global refrigeration oil market. The increasing demand for air conditioning systems and refrigerators, particularly in developing countries, coupled with increasing populace and urbanization, is expected to drive the growth of global market at a significant rate during the review period. Furthermore, one of the key trends observed in the market is the increasing demand for ammonia and CO2-based refrigeration systems across the food & beverage, chemical, plastic processing, and medical industries owing to their superior benefits and low/ zero global warming potential (GWP) and ozone depletion potential (ODP) as compared to conventional refrigerants such as HCFCs and HFCs, particularly in developed countries. However, certain challenges associated with the natural refrigerants result in incompatibility issues with the existing refrigeration oil. This has resulted in increased spending on the development of new oil compatible with ammonia and CO2. POE and PAG are the commonly used synthetic oils in systems using natural refrigerants. Thus, the increasing demand for refrigeration oil with improved performance is projected to create lucrative opportunities for the players operating in the global refrigeration oil market in the coming years.

Market Segmentation

The global refrigeration oil market has been segmented based on type, refrigerant type, application, and region. Based on type, the global market has been segmented into synthetic oil and mineral oil.The synthetic oil segment dominated the global market in 2018 and is expected to register significant growth during the forecast period. The growth is attributed to the increasing demand for POE and PGA in ammonia and CO2 refrigeration systems.
Based on refrigerant type, the global market has been divided into ammonia/CO2, hydrofluorocarbon (HFCs), and others. The ammonia/CO2 refrigerant segment accounted for largest share in 2018 and is expected to be the fastest-growing segment during the forecast period. The high growth is attributed to its zero/low ODP and GWP properties. Based on application, the global market has been segregated into refrigerator and freezer, aftermarket, automotive AC systems, air conditioners, chillers, and others. The refrigerator and freezer segment accounted for the largest share in 2018. The growth of the market is primarily driven by increased spending on infrastructure, increasing populace, and rapid urbanization in developing nations. The automotive AC systems segment is expected to be the fastest-growing application segment of the global refrigeration oil market.

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Regional Analysis

Geographically, Global Refrigeration Oil Market has been split into regions like North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. The Asia-Pacific market dominated the global refrigeration oils market with a share of 38.9% by value in 2018 and is expected to register a CAGR of 5.89% during the forecast period. The market growth in Asia-Pacific is driven by various factors including increasing automobile production, rising demand for air-conditioners in the residential as well as commercial sectors, and expanding food & beverage, oil & gas, chemical, and medical industries. The European refrigeration oil market accounted for second-largest market share in 2018 and is expected to register a CAGR of 3.4% during the review period. The market growth in Europe and North America is primarily driven by increasing demand for natural refrigerants due to increasing F-gas regulations, which have resulted in phase out of use of HFCs and HCFCs. The refrigeration oil market growth in Latin America and the Middle East & Africa is expected to be driven by rising demand for air-conditioners in the residential sector and increasing industrialization.

Major Players

JXTG Nippon Oil & Energy Corporation (Japan), BASF SE (Germany), Arkema (France), China Petrochemical Corporation (China), Royal Dutch Shell (The Netherlands), Exxon Mobil Corporation (US), Total (France), Calumet Specialty Products Partners, L.P. (US), Behr Hella Service GmbH (Germany), PETRONAS Dagangan Berhad (Malaysia), Lubriplate Lubricants Company (US), Indian Oil Corporation Ltd (India), and COSMO OIL LUBRICANTS Co., Ltd (Japan) are some of the major players in the global refrigeration oil market. The key players operating in the global refrigeration oil market are emphasizing strategic growth initiatives such as product launch, agreements, and expanding their production capacities to meet the growing demand for these chemicals across the globe. For instance, in July 2019, BASF SE increased the production capacity of Higher Carboxylic Acids (HCAs), Isononanoic Acid (INA) and 2-Ethylhexanoic Acid (2-EHA) from 55,000 metric tons to 68,000 metric tons per year. These HCAs are used in high-performance formulations for synthetic lubricants, which are further used in the refrigeration industry. Moreover, the market participants are investing in research & development activities for product development to increase their market share and gain competitive advantages. In April 2017, Exxon Mobil launched mineral-based oil Mobil Gargoyle Arctic 68 NH for ammonia compressors used in refrigeration systems. The product has been developed to meet the growing demand for ammonia as a natural refrigerant.

Table of Content

Refrigeration Oil Market Size, Share, Price, Growth Trends, Competitive Analysis and Report

1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS 21

1.1.1 GLOBAL REFRIGERATION OIL MARKET, BY TYPE 21

1.1.2 GLOBAL REFRIGERATION OIL MARKET, BY REFRIGERANT TYPE 22

1.1.3 GLOBAL REFRIGERATION OIL MARKET, BY APPLICATION 23

2 MARKET INTRODUCTION
2.1 DEFINITION 24

2.2 SCOPE OF THE STUDY 24

2.3 MARKET STRUCTURE 24

3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS 25

3.2 PRIMARY RESEARCH 26

3.3 SECONDARY RESEARCH 26

3.4 MARKET SIZE ESTIMATION 27

3.5 FORECAST MODEL 29

3.6 LIST OF ASSUMPTIONS 29

4 MARKET DYNAMICS
4.1 INTRODUCTION 30

4.2 DRIVERS 31

4.2.1 INCREASING USE OF REFRIGERATION SYSTEMS IN THE COMMERCIAL AND INDUSTRIAL SECTORS 31

4.2.2 GROWING DEMAND FOR CONSUMER ELECTRONICS 31

4.2.3 INCREASING DEMAND FOR HIGH PERFORMANCE REFRIGERANTS IN AUTOMOTIVE AC SYSTEMS 32

4.2.4 DRIVERS IMPACT ANALYSIS 33

4.3 RESTRAINT 33

4.3.1 PHASING OUT OF THE USE OF HFCS AND HCFCS 33

4.3.2 RESTRAINTS IMPACT ANALYSIS 34

4.4 OPPORTUNITY 34

4.4.1 INCREASING DEMAND FOR HIGH-QUALITY REFRIGERATION OIL 34

4.5 TREND 35

4.5.1 INCREASING USE OF NATURAL REFRIGERANTS 35

5 MARKET FACTOR ANALYSIS
5.1 SUPPLY CHAIN ANALYSIS 36

5.1.1 RAW MATERIAL SUPPLIERS 36

5.1.2 REFRIGERATION OIL PRODUCERS 36

5.1.3 DISTRIBUTION CHANNEL 36

5.1.4 APPLICATION 37

5.2 PORTER’S FIVE FORCES MODEL 37

5.2.1 THREAT OF NEW ENTRANTS 38

5.2.2 INTENSITY OF COMPETITIVE RIVALRY 38

5.2.3 THREAT OF SUBSTITUTES 38

5.2.4 BARGAINING POWER OF SUPPLIERS 38

5.2.5 BARGAINING POWER OF BUYERS 38

5.3 GLOBAL REFRIGERATION OIL PRICING ANALYSIS 39

6 GLOBAL REFRIGERATION OIL MARKET, BY TYPE
6.1 INTRODUCTION 40

6.2 SYNTHETIC OIL 41

6.3 MINERAL OIL 43

7 GLOBAL REFRIGERATION OIL MARKET, BY APPLICATION
7.1 INTRODUCTION 44

7.2 REFRIGERATOR AND FREEZER 46

7.3 CHILLERS 47

7.4 AIR CONDITIONERS 48

7.5 AUTOMOTIVE AC SYSTEMS 49

7.6 AFTERMARKET 50

7.7 OTHERS 51

8 GLOBAL REFRIGERATION OIL MARKET, BY REFRIGERANT TYPE
8.1 INTRODUCTION 52

8.2 AMMONIA/CO2 53

8.3 HYDRO FLUOROCARBON (HFCS) 54

8.4 OTHERS 56

9 GLOBAL REFRIGERATION OIL MARKET, BY REGION
9.1 INTRODUCTION 57

9.2 NORTH AMERICA 63

9.2.1 US 67

9.2.2 CANADA 69

9.3 EUROPE 73

9.3.1 GERMANY 77

9.3.2 UK 80

9.3.3 RUSSIA 82

9.3.4 FRANCE 85

9.3.5 SPAIN 87

9.3.6 ITALY 90

9.3.7 POLAND 92

9.3.8 REST OF EUROPE 95

9.4 ASIA-PACIFIC 98

9.4.1 CHINA 102

9.4.2 JAPAN 105

9.4.3 INDIA 107

9.4.4 SOUTH KOREA 110

9.4.5 AUSTRALIA & NEW ZEALAND 112

9.4.6 INDONESIA 115

9.4.7 REST OF ASIA-PACIFIC 117

9.5 MIDDLE EAST & AFRICA 121

9.5.1 SAUDI ARABIA 126

9.5.2 UAE 128

9.5.3 TURKEY 131

9.5.4 QATAR 133

9.5.5 KUWAIT 136

9.5.6 BAHRAIN 138

9.5.7 OMAN 141

9.5.8 EGYPT 143

9.5.9 SOUTH AFRICA 146

9.5.10 REST OF THE MIDDLE EAST AND AFRICA 148

9.6 LATIN AMERICA 152

9.6.1 MEXICO 156

9.6.2 BRAZIL 158

9.6.3 ARGENTINA 161

9.6.4 REST OF LATIN AMERICA 163

10 COMPETITIVE LANDSCAPE
10.1 INTRODUCTION 167

10.1.1 MARKET STRATEGY ANALYSIS 167

10.2 KEY DEVELOPMENTS & GROWTH STRATEGIES 169

11 COMPANY PROFILES
11.1 JXTG NIPPON OIL & ENERGY CORPORATION 170

11.1.1 COMPANY OVERVIEW 170

11.1.2 FINANCIAL OVERVIEW 171

11.1.3 PRODUCTS OFFERED 172

11.1.4 KEY DEVELOPMENTS 172

11.1.5 SWOT ANALYSIS 172

11.1.6 KEY STRATEGIES 173

11.2 BASF SE 174

11.2.1 COMPANY OVERVIEW 174

11.2.2 FINANCIAL OVERVIEW 175

11.2.3 PRODUCTS OFFERED 176

11.2.4 KEY DEVELOPMENTS 176

11.2.5 SWOT ANALYSIS 177

11.2.6 KEY STRATEGIES 177

11.3 CHINA PETROCHEMICAL CORPORATION 178

11.3.1 COMPANY OVERVIEW 178

11.3.2 FINANCIAL OVERVIEW 179

11.3.3 PRODUCTS OFFERED 179

11.3.4 KEY DEVELOPMENTS 179

11.3.5 SWOT ANALYSIS 180

11.3.6 KEY STRATEGIES 180

11.4 ROYAL DUTCH SHELL 181

11.4.1 COMPANY OVERVIEW 181

11.4.2 FINANCIAL OVERVIEW 182

11.4.3 PRODUCTS OFFERED 182

11.4.4 KEY DEVELOPMENTS 183

11.4.5 SWOT ANALYSIS 183

11.4.6 KEY STRATEGIES 183

11.5 EXXON MOBIL CORPORATION 184

11.5.1 COMPANY OVERVIEW 184

11.5.2 FINANCIAL OVERVIEW 185

11.5.3 PRODUCTS OFFERED 185

11.5.4 KEY DEVELOPMENTS 186

11.5.5 SWOT ANALYSIS 186

11.5.6 KEY STRATEGIES 187

11.6 TOTAL 188

11.6.1 COMPANY OVERVIEW 188

11.6.2 FINANCIAL OVERVIEW 188

11.6.3 PRODUCTS OFFERED 189

11.6.4 KEY DEVELOPMENTS 189

11.6.5 SWOT ANALYSIS 189

11.6.6 KEY STRATEGIES 190

11.7 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. 191

11.7.1 COMPANY OVERVIEW 191

11.7.2 FINANCIAL OVERVIEW 191

11.7.3 PRODUCTS OFFERED 192

11.7.4 KEY DEVELOPMENTS 192

11.7.5 SWOT ANALYSIS 192

11.7.6 KEY STRATEGIES 192

11.8 BEHR HELLA SERVICE GMBH 193

11.8.1 COMPANY OVERVIEW 193

11.8.2 FINANCIAL OVERVIEW 193

11.8.3 PRODUCTS OFFERED 193

11.8.4 KEY DEVELOPMENTS 193

11.8.5 SWOT ANALYSIS 194

11.8.6 KEY STRATEGIES 194

11.9 PETRONAS DAGANGAN BERHAD 195

11.9.1 COMPANY OVERVIEW 195

11.9.2 FINANCIAL OVERVIEW 196

11.9.3 PRODUCT OFFERINGS 196

11.9.4 KEY DEVELOPMENTS 196

11.9.5 SWOT ANALYSIS 197

11.9.6 KEY STRATEGIES 197

11.10 LUBRIPLATE LUBRICANTS COMPANY 198

11.10.1 COMPANY OVERVIEW 198

11.10.2 FINANCIAL OVERVIEW 198

11.10.3 PRODUCT OFFERINGS 198

11.10.4 KEY DEVELOPMENTS 198

11.10.5 SWOT ANALYSIS 199

11.10.6 KEY STRATEGIES 199

11.11 INDIAN OIL CORPORATION LTD 200

11.11.1 COMPANY OVERVIEW 200

11.11.2 FINANCIAL OVERVIEW 201

11.11.3 PRODUCTS OFFERED 201

11.11.4 KEY DEVELOPMENTS 202

11.11.5 SWOT ANALYSIS 203

11.11.6 KEY STRATEGIES 203

11.12 COSMO OIL LUBRICANTS CO., LTD 204

11.12.1 COMPANY OVERVIEW 204

11.12.2 FINANCIAL OVERVIEW 205

11.12.3 PRODUCTS OFFERED 206

11.12.4 KEY DEVELOPMENTS 206

11.12.5 SWOT ANALYSIS 207

11.12.6 KEY STRATEGIES 207

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