Global Refrigerant Oil Market Size, Share, Trends, COVID-19 Impact and Growth Analysis Report - Industry Forecast (2021 to 2026)

  • Category : Chemicals & Materials |
  • Report Code : VMR-40870 |
  • Pages: |
  • Published : 2021-06 |
  • Region: Global |
  • Avilable Format : format excel,ppt, Pdf |
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Refrigerant Oil Market Size (2021 - 2026)
The refrigerant oil market size at the global level is expected to grow from USD 1.5 billion in 2021 to reach USD 1.8 billion by 2026 with a CAGR of 4.8% during the forecasted period.

Industry Overview
Refrigerant oils are extracted from mineral or synthetic oils. Refrigerant oils have brilliant thermal and chemical stability and are free from impurities. Refrigerant oils have an outstanding viscosity index and split stability. Refrigeration is the process of cooling a substance or an area below the atmosphere temperature.

Refrigerants play a crucial role in lubricant and lubricant technology. Refrigerant has a high influence on lifestyle, agriculture, settlement patterns, and industry. Refrigerant oil is used to grease the compressor producing cold air.

Market Drivers
Refrigerant oil has a huge demand across the food and beverages sector. The inclination for frozen and chilled products surges the compressor's demand upraising the market. The refrigerant oil has a continuous growth for high performance and long shelf life of the products with boosting the use of air-conditioners and refrigerators.

The end-user industries are demanding increasingly and consuming refrigerant lubricants foster the market during the foretold period. The demand for frozen food and pharmaceutical industries drives the refrigerant oil market. The demand in food and pharmaceutical industries, consumer appliances, and low GWP refrigerators towers the market growth. The demand for consumer electronics is increasing with higher performance for refrigerants in automotive air conditioning systems.

The adoption of refrigerators across supermarkets, restaurants, retail stores is burgeoning.

Market Restrains
The oscillations in the cost of raw materials used to produce refrigerant oil hindered the market.

Recent Market Developments

  • On May 07, 2021, Johnson Controls selected Opteon XL41(R-454B) as the upcoming regeneration solution for replacing R-410A in North America. The refrigerant oil is used for ducted residential and commercial HVAC products.

Segment Analysis

The refrigerant oil market is based on the oil type, and application.

Based on the Oil Type

  • Synthetic oil

  • Mineral oil

Synthetic oil type is dominating the largest segment throughout the foreseen period in terms of value. The demand for synthetic oil is high owes to the high performance in utmost conditions, chemical resistance, higher shear stability, and better viscosity index.

Based on the Application

  • Refrigerators & Freezers

  • Air Conditioner

  • Automotive AC System

  • Aftermarket

The air conditioner is the largest application in the refrigerant oil market. The segment has various purposes like acting as a sealant, lubricating moving parts, and removing heat which are the primary parts of compressors. 
The demand for air-conditioning is escalating in vehicles, household settings, and other commercial buildings.

Based on the End-User

  • Commercial

  • Residential

Regional Analysis
Asia-Pacific dominated the refrigerant oils market in 2019. The region accounts for more than 35% of the revenue share throughout the foreseen period. In APAC, the growing urbanization with lifestyle changes fuels the refrigerant oil market. 
China led the market with the growing urbanization with the booming utilization of lubricant refrigerants substituting gaseous lubricants. The APAC growth owes to the growing discretionary income of the middle-class population.

However, North America is expected to have a positive influence on the market. The market growth owes to the rising production of air-conditioners, refrigerators, freezers, and automobiles, and the growth of air-conditioners across the residential sector.

Europe is said to grow at a noteworthy rate in the upcoming years. The ongoing developments and surging research and development activities over the pharmaceutical sector are surging the demand for refrigeration systems across the laboratories. 

The production of refrigerant oil in Latin America is elevating attributed to the rising production of alkylbenzene by the manufacturers to address the growing demand for high-performance lubricants is augmented to boost the market growth.

For example, Cespa enlarges linear alkylbenzene production in Brazil, in April 2017.

The Middle East and African region have a trusty growth in the refrigerant oil market. The systems play a vital role in stretching vaccines, drugs, and other suppliers. The continuous increase in the COVID-19 also created huge opportunities for the regional manufacturers owing to the mounting research and developmental activities for developing vaccines.

Key players in the global Refrigerant Oil Market
Eneos Holdings Inc. (Japan), BASF SE (Germany), Idemitsu Kosan Co. Ltd (Japan), ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Energies SE(France), China Petrochemical Corporation (Sinopec Corp), Petroliam Nasional Berhad(Petronas), FUCHS Petrolub SE (Germany), Johnson Controls(Ireland) are major players operating in the market.

COVID-19 Impact On Refrigerant Oil Market
The refrigerant oil market has been negatively affected due to the sudden eruption of the pandemic. Due to the severe pandemic crisis, several countries have imposed a strict lockdown to avoid the virus from spreading. 
Moreover, due to restrictions on the supply and demand chain, many of the manufacturing units, industries, and other mining operations were halted resulting in a decline in sales of automobiles and electronics. 

Chapter 1. Global Refrigerant Oil Market – Scope & Methodology

1.1. Market Segmentation

1.2. Assumptionsa

1.3. Research Methodology

1.4. Primary Sources

1.5. Secondary Sources

Chapter 2. Global Refrigerant Oil Market – Executive Summary

2.1. Market Size & Forecast – (2021 – 2027) ($M/$Bn)

2.2. Key Trends & Insights

2.3. COVID-19 Impact Analysis

2.3.1. Impact during 2022 - 2027

2.3.2. Impact on Supply – Demand

Chapter 3. Global Refrigerant Oil Market – Competition Scenario

3.1. Market Share Analysis

3.2. Product Benchmarking

3.3. Competitive Strategy & Development Scenario

3.4. Competitive Pricing Analysis

3.5. Supplier - Distributor Analysis

Chapter 4. Global Refrigerant Oil Market Entry Scenario

4.1. Case Studies – Start-up/Thriving Companies

4.2. Regulatory Scenario - By Region

4.3 Customer Analysis

4.4. Porters Five Force Model

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Powers of Customers

4.4.3. Threat of New Entrants

4.4.4. Rivalry among Existing Players

4.4.5. Threat of Substitutes

Chapter 5. Global Refrigerant Oil Market - Landscape

5.1. Value Chain Analysis – Key Stakeholders Impact Analysis

5.2. Market Drivers

5.3. Market Restraints/Challenges

5.4. Market Opportunities

Chapter 6. Global Refrigerant Oil Market – By Type

6.1. Synthetic oil

6.2. Mineral oil

Chapter 7. Global Refrigerant Oil Market – By Application

7.1. Refrigerators & Freezers

7.2. Air Conditioner

7.3. Automotive AC System

7.4. Aftermarket

Chapter 8. Global Refrigerant Oil Market – End-User

8.1. Commercial

8.2. Commercial

Chapter 9. Global Refrigerant Oil Market, By Geography - Market Size, Forecast, Trends & Insights

9.1. North America

9.1.1. U.S.A

9.1.2. Canada

9.1.3. Mexico

9.2. Europe

9.2.1. Italy

9.2.2. Spain

9.2.3. Russia

9.2.4. Germany

9.2.5. UK

9.2.6. France

9.2.7. Rest of Europe

9.3. Asia Pacific

9.3.1. Japan

9.3.2. South Korea

9.3.3. China

9.3.4. India

9.3.5. Australia & New Zealand

9.3.6. Rest of Asia-Pacific

9.4. Rest of the World

9.4.1. Middle East

9.4.2. Africa

9.4.3. South America

Chapter 10. Global Refrigerant Oil Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)

10.1. Company 1

10.2. Company 2

10.3. Company 3

10.4. Company 4

10.5 Company 5

10.6. Company 6

10.7. Company 7

10.8. Company 8

10.9. Company 9

10.10. Company 10

  • Primary & Secondary Sources to Collect & Validate Data

  • Utilization of Both Top Down & Bottom Up Approach

  • Holistic Research Methodology

Scope & Introductory Research

In the initial stage of research, the scope for market is defined. In order to better understanding of the market, secondary focus is on different segmentations of the market. Preliminary research involves identifying key data points related to the market under consideration to estimate the market sizes to the best extent.​

Data Collection 

Based on the scope of the market and the key data points, a number of secondary sources are considered. This data collection stage consists of a team of analysts who gather data from various secondary resources, accessing proprietary databases and primary research by reaching out to key market participants and opinion leaders. ​

Data Fusion

At this stage, collected data using several sources is arranged in structured format. The sources include industry participants, in-house models, key opinion leaders in the market ecosystem and databases. Historical data trends are established at this point, and compared to the current scenario. Based on the macro- and micro-factor prevailing in various geographies, proprietary data models are used to analyze key market countries. Key players in this market are listed based on their capabilities in revenue, sales, and development. The study also involves the identification of companies in the category of 'new entrants' and their potential effects on the market.

Data Analysis

At this stage, the analyst team moves on to understand how the market has changed over the years. The total size of the market is gathered after an study of different business segments and end-users is done. An impact research is also done to see what factors will/may influence the market in the years ahead. The effect of various variables on the industry is often taken into account when forecasting market sizes.

Verification ​

Data verification is conducted at all research levels, however this stage is dedicated to more rigorous checking of the data points. At this stage, the estimated data is triangulated with company revenues and checked with industry experts including several senior executives and key opinion leaders in the market. The data is then summarized, and the findings are derived from the same for the report. ​

Quality Assurance & Report Preparation​

Holistic research methodology is followed with combination of Top Down and Bottom Up approach to undertake the estimation and forecasting task in order to ensure quality of data. At this stage of the research process, a dedicated QA team checks the data and approves after several predefined checks. Each section is checked and questioned to make the report accurate and reliable. In case of discrepancy, a team of analysts reviews the issue, and the whole process is repeated again. That significantly improves the report's quality. After approval, all the parts of the report are brought together and is formatted by highly trained team thus making it ready to dispatch.​

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