TMR_Research_Reports_2017 Refrigeration Oil Market Research Report 2024 | Page 2

Report Description
Refrigeration oil is a special high-temperature formulation composed of additives and oil which provides lubrication to compressors.
This oil is basically derived from either synthetic or mineral oil. Mineral oils were the prime oils used in refrigeration systems;
however, they are no longer suitable for the new refrigerants, mainly due to their insufficient lubricity and miscibility. On the other
hand, synthetic oils such as polyolester and alkylbenzene are suited to meet the various requirements of refrigerants.
The shift toward frozen and chilled food products is predicted to boost the demand for compressors. Consequently, the rising demand
for compressors from the food & beverages industry is likely to drive the refrigeration oil market. For instance, the varying food habits
of consumers resulted in the opening of numerous franchisees of stores such as Subway, McDonald’s, KFC, as well as local services,
thereby fuelling the demand for chilled and frozen food products and propelling the refrigeration oil market. Moreover, the rising need
for storage of medical products such as HVAC&R systems and vaccines in the health care sector is projected to motivate the
refrigeration oil market. Rising demand for refrigerants which exhibit low potential for exacerbating the global warming and ozone
layer depletion scenarios by consuming a limited amount of electricity is also anticipated to fuel the requirement for energy-efficient
refrigeration oil.
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The refrigeration oil market has been segmented by product type into the synthetic and mineral varieties. The synthetic oil segment is
estimated to expand and hold a significant share in the market during the forecast period, creating more opportunities compared to
mineral oil in the near future. Based on refrigerant type, the market has been divided into the following categories: hydro-
chlorofluorocarbon (HCFC), chlorofluorocarbon (CFC), ammonia, hydro-fluorocarbon (HFC), and others. On the basis of application,
the refrigeration oil market has been classified into the following sections: coolers, air conditioners, chillers, condensers,
refrigerators/freezers, and others. The air conditioners segment is assessed to witness considerable growth in the near future.
In terms of end-user, the refrigeration oil market has been split into the commercial and residential sectors. The industrial segment is
predicted to be a key contributor in the market. The global refrigeration oil market has been distributed geographically over North
America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is one of the key consumers of refrigeration oil
globally. Emerging markets such as China and India expect significant growth in their frozen food and cold storage warehousing
sectors, motivating the refrigeration oil market. Moreover, changing lifestyles and incorporation of refrigerators and air conditioners in
developing economies also play a part in propelling the refrigeration oil market.
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The robust demand for this product in the automobile sector and industrial refrigeration has motivated the refrigeration oil market in