Refrigerant oils have wide range of applications in air conditioners,
chillers, coolers, ice machines, condensing units, refrigerators/freezers and
many more. Owing to their significant applications in diverse end user
industries, refrigerant oil market is set to grow at a considerable pace in the
coming years. The Refrigerant Oil industry has many producers, Lubrizol Corp.
being the prime one in terms of market revenue.
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On a broader perspective refrigerant oils are segmented as mineral oils
and synthetic oils. As per the current regulations and trends, synthetic oils
have a larger market share in terms of both, consumption and revenue. This
industry has faced many regulatory changes in the recent years, leading to a
restricted yet revenue generating market. Currently the industry is
experiencing a strong demand for HFC compatible refrigerant oils, after the
phase-out for HCFC refrigerant has been implemented.
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Industry leaders such as Dow and BASF SE have come up with new
refrigerant oils that are compatible with HFC refrigerants, while other
manufacturers are involved in developing alternatives for ammonia and carbon
dioxide based refrigerants. The global refrigerant oil market is set to
experience a substantial growth owing to the strong demand from refrigerants in
refrigerators and air conditioners worldwide.
American Refrigerant Oil Market to Reach $2.8
Billion by 2020, While APAC Is Projected To Be the Major Shareholder with More
Than 35% Share in the Global Refrigerant Oil Market
Due to the presence of numerous refrigerants and
refrigerant oil providers and end user sectors APAC is destined to dominate the
refrigerant oil market. Growing urbanization makes it inevitable for the OEMs
to increase production of air conditioners and refrigerators in people rich
countries. Because of the fast pace in growth of consumer electronics market,
there is an upsurge in the demand for refrigerant oils especially in the
developing countries. Owing to rapid commercialization and
industrialization, demands for refrigerant based products have been high in the
North American region. U.S. has been the highest consumer of refrigerant oils
and is estimated to grow at a CAGR of 4.3%.
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The presence of
natural refrigerant-based technologies is continuously increasing in most of
Europe’s refrigeration, heating and cooling sectors. The European continent has
a high immediate market adoption potential for natural working fluids, well
ahead of America or Asia. Demand for natural
refrigerants is on a surge because of their low global warming potential (GWP).
These refrigerants are comparatively safe and serve as a better alternative for
high GWP refrigerants like CFC, HCFC and HFC. Though these natural refrigerants
are not affected by the environmental restrictions, flammability and toxicity
are the factors which restrict the usage of these refrigerants.
Major
regulatory bodies for refrigerants and refrigerant oils are the Environmental Protection Agency
(EPA) in the U.S. and the European Commission for Europe. These regulatory
bodies focus on the specifications and quality levels that are predefined to
maintain the depletion of the ozone layer and protect the environment from
harmful substances such as Chlorofluorocarbon (CFC) and hydrochlorofluorocarbons
(HFC). Following are few of the regulatory bodies that monitor the use of
refrigerants:
- The International Organization for Standardization (ISO)
- International Electro-Technical Commission (IEC)
- AHRI (Air-conditioning, Heating, & Refrigeration Institute)
- ANSI (American National Standards Institute)
- ASHRAE (American Society of Heating and Air-Conditioning Engineers)
The refrigerant oils market derives its application form its parent
market which is refrigerants market. Any change in demand of refrigerants would
also induce a change in the refrigerant oils market. According to our survey
96.7% of the passenger cars manufactured every year comes with air conditioners
in them. Hence, refrigerant oil market is all set to grow with a considerable
pace.
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@ http://industryarc.com/inquiry-before-buying.aspx?id=235
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Contact:
Sanjay Matthews
Business Development Manager
Email: sales@industryarc.com
Phone: 1- 614-588-8538 (Ext-101)
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