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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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.

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Montreal Protocol Affecting the Growth of Refrigerants Market.

Montreal Protocol is one of the most successful environmental agreements that happened between the members of United Nations in 1987. According to the agreement, all the member nations agreed upon the phase-out of a number of chemicals especially refrigerants owing to their adverse effects on the ozone layer which protects the human health and environment from the Sun’s ultraviolet radiations. The major chemicals which are banned or being phased-out worldwide are chlorofluorocarbons (CFCs) in 1996 and hydrochlorofluorocarbons (HCFCs) by 2020.

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HCFC-22, which is also known as R-22 has been in use for residential and commercial air-conditioning systems for four decades, and its sudden phase-out agreement released in 2004, affected the global refrigerants market. Due to the sudden phase-out of HCFCs, the ongoing manufacturing of air-conditioning and refrigeration equipment (AC&R) has been affected drasatically. There were three possibilities left; first, continue to use the existing refrigerant i.e. HCFC’s, second, convert the equipment system which can support alternate refrigerant, third ,  replace the equipment with high efficiency equipment designed to run on non HCFC refrigerants.

Conversion of equipment system according to a new refrigerant involves many complexities including detailed engineering of the existing system. There are many alternative refrigerants available such as hydrocarbons (e.g. R290, R600a), ammonia (R717), carbon dioxide (R744) and new unsaturated HFCs (such as R1234yf), but each of these are designed for specific operating equipment and conditions. Installation of inappropriate refrigerants in the system reduces efficiency and tends to system breakdown. Usage of alternative refrigerants also leads to reduction in capacity or efficiency of the system by 5% to 20%.

Change in the type of refrigerant charge also demands the change of refrigeration oil as these are compatible only with specific type of refrigerants. Refrigeration oil is a type of lubrication fluid used in the compressor bearings and other moving parts in the equipment system and is available in mineral and synthetic based. Synthetic based refrigeration oils are more compatible with the alternative refrigerants; especially polyolester oil (POE) which is the most popular refrigeration oil, suitable for refrigerant types such as hydrocarbon, CO2 and HFC.

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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.

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Refrigerant Oil Business to Soar Due to Increasing Demand from Asia-Pacific Region.

Refrigeration is the process of cooling a substance or an area below the temperature of the surroundings. The refrigerants follow a cycle which includes vapour-compression, absorption, steam ejection and air. Along with refrigerants, ascends the need for refrigerant oils. Oil is added in the refrigeration system to lubricate compressor bearings and other moving parts. Global refrigeration oil market is segmented based on different criteria such as base oil type, refrigerant type, end user and by geography. Different types of base oil include mineral oil, alkyl benzene oil (AB), poly alpha olefins (PAO), poly alkylene glycols (PAG) and polyol ester oil (POE). Chloroflurocarbon (CFC), hydrochloroflurocarbon (HCFC), hydroflurocarbon (HFC) and other refrigerants are taken into consideration while segmenting the market by refrigerant types. Various end users of refrigeration oil include automobiles, household, commercial and industrial.

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 Global refrigerant oil market is estimated to grow at a considerable CAGR of 4.4% from 2015 to 2020. In 2014, Asia-Pacific (APAC) region occupied 38.2% share in the global refrigerant oil market, owing to the presence of numerous refrigerant oil providers and end user industries. For the period of 2015 to 2020, it is estimated that the APAC market will grow at a high CAGR of 5.7%. America held the second major share followed by Europe and rest of the world (RoW).

Strong demand for HFC in consumer durables and the automotive industry is one of the major drivers for refrigeration 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.

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 The selection of refrigerants which are compatible with environment and do not emit greenhouse gasses (GHG) is a daunting task. An ideal refrigerant should be compatible with the environmental policies, should be non-toxic and non-flammable and should also be commercially available. On the contrary, recent amendments through Montreal protocol and regulations have affected the choice of refrigerants in end products. However, the natural refrigerants which are in usage as alternative to phase-out refrigerants are estimated to rule the future market.

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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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