Refrigeration Oil Market: Overview
Refrigerant oils are the oils used in Refrigerant systems that offers better performance and long life to these systems. In a refrigeration system, refrigerant carries the oil through the compressor that circulates throughout the system. Refrigeration oils play an important role in the area of lubricants and lubrication technology. Refrigerants oils act as lubricants in the refrigeration system which makes it more efficient.
The durability of refrigeration compressors is dependent on the quality and performance of the refrigeration oils. Refrigeration Oil Market finds its usage in commercial, residential and industrial applications. There will be a growth in the refrigerant oil market due to increase in the usage of air conditioners and refrigerators, as refrigerant oil market adds long life to the refrigerant systems.
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Global Refrigeration Oil Market: Segmentation
Global refrigeration oil market is segmented into oil type, refrigeration type, application, and region. The global refrigeration oil market can be segmented on the basis of oil type which includes mineral oil, alkyl benzene oil, Polyolester Oils, Polyalkylene Glycol, & PAO Oils. On the basis of refrigeration type, the market can be segmented into CFC, HCFC, HFC & Others. Region wise, global refrigeration oil market is segmented into North America, Latin America, Western Europe, Eastern Europe, Japan, Asia pacific (APEJ), and Middle East and Africa (MEA).
Global Refrigeration Oil Market: Region-wise Outlook
The global refrigeration oil market is projected to witness a considerable growth from 2015 to 2025. Currently, Western Europe and North America are matured market for global refrigeration oil market. U.S. is the highest consumer of refrigerant oils due to high demand of refrigerant based products such as air conditioners, residential and commercial refrigerators, medical freezers, & others. According to FMI forecasts, the refrigeration oil market in Asia-Pacific region is expected to grow at fastest CAGR over the forecasted period.
Global Refrigeration Oil Market: Drivers
Refrigerant oil market is a growing market with the advancement in technology and change in lifestyles. Refrigerant oils are used for many applications namely chillers, air conditioners, ice machines, coolers, refrigerators/freezers, condensing units and many more. Refrigerant oil market is expected to grow at a considerable rate for the forecast period owing to their significant applications in diverse end user industries.
The drivers for this market are increased demand for food storage equipment, growing urbanization, growth in consumer electronics market, & others. All these factors together drive the Refrigeration Oil market during the forecast period.
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Global Refrigeration Oil Market: Restraints
Some of the restraints that are hampering the growth of global refrigeration oil market to some extent are regulatory changes and environmental effects.
Global Passive Infrared Sensor Market: Competitive Landscape
Key players in the global refrigeration oil market focus on product innovation and expansion in order to outperform competitors. Finding the uses of the refrigeration oils in different applications is also the major strategy followed by major players in the global refrigeration oil market.
Global Refrigeration Oil Market: Key Players
Some of the major players identified in the global refrigeration oil market are Chemtura Corporation (U.S.), BASF SE (Germany), The Lubrizol Corporation (U.S.), The Lubrizol Corporation (U.S.), The Dow Chemical Co. (U.S), & others.