Theglobal refrigeration oilmarket isanticipated to demonstrate healthy growth in coming years, as reported byTransparency Market Research (TMR). The competitive landscape of the globalrefrigeration oil market features consolidation at present. The top 5 playersheld 95% of the overall market share in the global market. These players areExxon Mobil Corp., Royal Dutch Shell, Idemitsu Kosan Co., Ltd., MEIWA, andBASF. These vendors exert dominance in the global refrigerated oil market onaccount of their vast geographical reach and robust product portfolio.
Vendorsin the global refrigeration oil market are expected to dedicate resources toresearch and development activities. This is a key strategy adopted by vendorsin order to gain momentum by launching effective and innovative products in therefrigeration oil market. A prime example is the introduction of ahydrofluorocarbon-based refrigeration oil by Idemitsu Kosan Co., Ltd.
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TMR projectsthe global refrigeration oil market to reach US$1.77 billion by 2025-end. Themarket is anticipated to grow at 5.8% CAGR over the forecast period 2017 to 2025.
Syntheticoil is expected to exhibit highest potential for growth among the productsegments in the refrigeration oil market. High demand of the product due to itscompatibility plays a key role in boosting this market segment. Among theregional segments, while North America will continue to be a dominant market,Asia Pacific is prognosticated to exhibit swift growth in the globalrefrigeration oil market in the coming years.
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RisingNeed for Food and Beverage Preservation to Boost Refrigeration Oil Market
The growingdemand for coolers, freezers, air conditioners and car hVac system ispropelling the growing intake of packaged food and the preservation and use ofvaccines and medicinal products. The industry is being fuelled by increasingdemands from the food and drug industries for refrigeration oil to increase itsshelf life. Furthermore, increased demand for consumer equipment and increasingpreference for GWP coolants are key factors which should drive therefrigeration oil market. Furthermore, technological progress and changinglifestyles of people globally influence the growth of the refrigeration oilmarket significantly.
Useof Nanoparticles to Emerge as Key Market Trend
Lubricantand additive chemicals that improve heat transfer and compressor efficiencyhave been given more attention over the last few years. Many companiesworldwide incorporate nanoparticles in refrigerant oil to improve theproperties of heat transfer. Current trends also include the use of coolantswith a powerful affinity to metal, which have an activated polar molecule.These additives form a thin layer of the compressor's metal surfaces. Thislayer lubricates the moving components of the compressor, thus improving theheat transfer and increasing system efficiency.
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Emissionof Fluorocarbons to Restrain Growth
The mainrestrictions on the growth of the refrigeration oil market are strictregulations limiting the use of fluorocarbon refrigerants. Government agencieshave created stringent regulations to restrict the use of fluorocarbon coolantsbecause of an increase in Green House gas emissions, with oil controlcomplexities likely to limit the world refrigeration oil market. The shift tofrozen and cooled products such as poultry, meat and milk, however, is forecastto escalate compressor demand, thus driving the refrigeration oil market duringthe forecast period.
This reviewis based on TMR’s report titled, “Refrigeration Oil Market (Product -Mineral Oil and Synthetic Oil; Refrigerant Type - Hydro Chlorofluorocarbon(HCFC), Chlorofluorocarbon (CFC), Hydro Fluorocarbon (HFC), and Ammonia;Application - Air conditioners , Coolers, Chillers, Refrigerators, andCondensers; End-use - Residential, Commercial, and Industrial) - GlobalIndustry Analysis, Size, Share, Growth, Trends, and Forecast 2017 –2025.”
