The global refrigeration oil market registered a highly consolidated business landscape in 2016, with the top five players, namely, Idemitsu Kosan Co. Ltd., Exxon Mobil Corp., Royal Dutch Shell, MEIWA, and BASF, acquiring a share of nearly 95% in the overall market, states a new study by Transparency Market Research (TMR). The scenario is anticipated to remain so over the next few years with Idemitsu Kosan holding the leading position, accounting for over one third of the overall market alone. The wide ranging product portfolio is expected to support this company to maintain its dominance over the global market in the years to come, notes the research study.
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According to TMR, the global refrigeration oil market stood at US$1.06 bn in 2016. Analysts estimate the market to expand at a CAGR of 5.80% between 2017 and 2025 and reach a valuation of US$1.77 bn by the end of the forecast period. Among refrigeration oil products, synthetic oil has surfaced as the most valued one and the trend is anticipated to remain the same over the next few years. Among refrigerants, the demand for HFC refrigerants is much higher and it is likely to continue in the near future. Air conditioners have emerged as the leading end users of refrigeration oil across the world. In terms of geography, Asia Pacific is expected to surface as the most promising regional market for refrigeration oil over the forthcoming years, states the research report.
Increasing Emphasis on Using Energy Efficient Products to Boost Demand
“The global market for refrigeration oil market is benefiting substantially from the increasing number of government-sponsored subsidy and rebates on energy efficient products and practices,” says a TMR analyst. Along with this, the emergence of HVA&R systems in the medical and healthcare sector, rising preference among consumers for low-GWP refrigerants, and the augmenting application of refrigeration in various industries are also driving this market remarkably. The paradigm shift towards utilizing energy-efficient systems across the world, consequently, is projected to support this market in the years to come, states the market report.
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Increasing Need for Proper Oil Control to Hamper Growth
On the other hand, the increasing requirement for proper oil control and the issue in the compatibility of refrigeration oil with refrigerants may hamper the growth of the worldwide market for refrigeration oil. Apart from this, the complex process of refrigeration may also reflect negatively on the market’s overall growth. However, new product developments and increasing transportation of refrigeration systems are projected to open up new opportunities in this market over the coming years, reports the research study.
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