Refrigerant oil serves as a hydraulic control, functional fluid and lubricating oil in refrigeration compressors under the influence of the refrigerant. Refrigerant oil is a special high-temperature formulation composed of additives and oil that provides lubrication to compressors. Use of refrigerant oil with low pour point helps to prevent wax separation in the systems.
Changing individual food habits, increasing spending capacity result in number of franchised stores of limited service restaurants such as McDonald’s, KFC, Subway, and local services which is driving demand for chilled and frozen food items is expected to fuel growth of target refrigerant oil market. In addition, increasing demand for storage of medical products such as vaccines which requires installation of refrigeration systems is expected to support growth of the global market.
On the basis of product type the market is segmented into mineral oil and synthetic oil. Synthetic oil segment is expected to hold highest revenue share in the market and is projected to be remain same over the forecast period, owing to its compatibility with refrigerant which is used in refrigeration systems. On the basis of refrigerant type, the market is segmented into hydro chlorofluorocarbon (HCFC), chlorofluorocarbon (CFC), hydro fluorocarbon (HFC), and ammonia. Hydro fluorocarbon (HFC) segment is estimated to register highest CAGR in terms of revenue over the forecast period.
On the basis of application, the market is segmented into air conditioners, coolers, chillers, refrigerators, condensers, and others. Air conditioners segment is expected to dominate over the forecast period, owing to installation of air conditioners in cars, residences, offices.
On the basis of end user, the market is segmented into residential and commercial.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Market in North America followed by Europe is estimated to account for major share in term of revenue in the global market and is expected to continue its dominance during the forecast period, owing to rising individual preference towards low global warming potential (GWP) refrigerants in refrigeration oil and increasing demand for food storage in franchised stores and supermarkets. Asia Pacific market is expected to register higher CAGR as compared to other regional markets, owing to rising shopping malls, and presence of numerous refrigerants and refrigerant oil providers and end user sectors in the region.
Key players operating in the market include Shell Global Solutions International B.V., Isel Inc., The Dehon Group, Idemitsu Kosan Co., Ltd., Summit Industrial Products, Inc., Dashing Hang Co., Ltd., Exxon Mobil Corporation, FUCHS Lubricants Co., Chevron Corporation, and BASF SE.