Refrigerant Oil Market to Increase with a CAGR of 5.7% Till Decade End.

The refrigerants used in equipment such as chillers, air-conditioners and others follow a cycle which includes vapour-compression, absorption, steam ejection and air. Mechanical refrigeration uses the evaporation of a liquid refrigerant to absorb heat. Along with refrigerants, ascends the need for Refrigerant oils. Oil is applied as a lubricant in the refrigeration system to lubricate compressor bearings and other moving parts.

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According to a recent study from IndustryARC, the global market value of Refrigerant oil was around to $7.8 billion in 2014, where synthetic refrigerant oil accounted 89.9% of the market. Synthetic refrigerant oil such as alkyl benzene (AB), poly alpha olefins (PAO), poly alkylene glycols (PAG) and polyolester oil (POE) are in high demand due to their suitability with the new or alternative refrigerants.

Asia-Pacific region is the largest market in 2014 and is estimated to grow at a high CAGR of 5.7% from 2015 to 2020. However, American market is poised to grow at 3.8% CAGR while Europe market is forecast to grow at a CAGR of 3.5% till 2020. This market is fast growing in emerging economies of the world such as BRIC countries due to growing economic conditions and high demand for consumer durables and automobiles.

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The Major Players in this Market Include:

•          Royal Dutch Shell Plc. (The Netherlands)
•          Fuchs Lubricants Co. (Germany)
•          Chevron Corporation (U.S.)
•          BASF SE (Germany)
•          Chemtura Corporation (U.S.)
•          Idemitsu Kosan Co. Ltd. (Japan)
•          The Dow Chemical Company (U.S.)

On a global level, Lubrizol and Chemtura are market leaders for refrigerant oil product while in the automotive sector, Idemitsu Kosan Co. Ltd. accounts for approximately 80% of the total market share. BASF SE and Dow Chemical Co. have strong market presence in the market as their products are highly favoured by OEMs (Original Equipment Manufacturers).

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About IndustryARC:

IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.

IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications of the Market. Our Custom Research Services are designed to provide insights on the constant flux in the global demand-supply gap of markets. Our strong analyst team enables us to meet the client research needs at a very quick speed with a variety of options for your business.

We look forward to support the client to be able to better address customer needs; stay ahead in the market; become the top competitor and get real-time recommendations on business strategies and deals. Contact us to find out how we can help you today.

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Hurdles for Alternative Refrigerant Usage is Hindering Refrigerant Market Growth in Developing Countries.

Hydrochloroflurocarbons (HCFCs) are the widely used refrigerants throughout the refrigeration and air conditioning (RAC) industry till 2007. Later, HCFC refrigerants were replaced with hydroflurocarbons (HFCs) due to their high global warming potential (GWP) value. However, HFCs also has a high GWP value and can increase the greenhouse gas emission if directly used as a substitute of HCFCs. This has raised the need for alternative refrigerants with lower value of GWP. There are many alternative refrigerants having a low GWP value, which include hydrocarbons (e.g. R290, R600a), ammonia (R717), carbon dioxide (R744) and new unsaturated HFCs (such as R1234yf). These refrigerants can be used across a wide range of applications in the RAC equipment, but still these alternative refrigerants are not being used aggressively in RAC equipment due to some external barriers, particularly in Article 5 countries, which are considered as developing countries according to the Montreal Protocol.

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There are several types of barriers in applying alternative refrigerants in developing countries, which includes supply and availability, information resources, safety regulation standards, psychological and sociological aspects. These barriers differ according to country, type of refrigerant, design of system and others.

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Majority of these barriers can be overcome with the implementation of certain measures such as awareness-raising within the industry, training focused on alternate refrigerants, technical guidance and developments in the area of system efficiency and safety for flammable refrigerants. Developing countries should take the initiative to develop local market for alternative refrigerants, provide financial support to build technologies which favour alternative refrigerants, improvement on infrastructure of regulatory bodies and so on.

The changes in the choice of refrigerants will also reflect in the refrigeration oil market due to compatibility issues. If stated barriers are addressed properly with the help of above mentioned measures, the alternative refrigerants market in article 5 or developing countries can experience a high growth phase.

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About IndustryARC:

IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.

IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications of the Market. Our Custom Research Services are designed to provide insights on the constant flux in the global demand-supply gap of markets. Our strong analyst team enables us to meet the client research needs at a very quick speed with a variety of options for your business.

We look forward to support the client to be able to better address customer needs; stay ahead in the market; become the top competitor and get real-time recommendations on business strategies and deals. Contact us to find out how we can help you today.

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The Refrigerant Oil Market Is Estimated To Grow At A CAGR Of 4.4% To Reach $10 Billion By 2020, Owing To Commercial Applications In The Asia-Pacific.

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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