The growth of the market is driven by the increasing demand for consumer appliances, growing demand from food & pharmaceutical industries, and rising demand for low GWP refrigerants.
Adroit Market Research report on the global aerospace foams material market gives the industry a holistic view of the forecast period from 2020 to 2028, including factors such as market dynamics, constraints, opportunities, challenges and regulatory overview. From 2018 to 2028, the demand was evaluated, with a base year forecast for 2019 and a prediction for 2020 to 2028. The study covers the current market status and future characteristics, both at the global and national level. In addition, with Porter's analysis of five strengths, the study also assesses market rivalry and positions leading players on the basis of their product range, regional presence, strategic initiatives and overall sales.
A main factor driving the growth of the global refrigeration oil industry, driving demand for refrigeration oil, is the growing consumption of frozen and processed food products, which has increased demand for refrigeration systems to store commodities at the appropriate temperature. Moreover, with higher expenditure on the manufacture of new drugs, the increasing healthcare industry is expected to increase the need for medication and vaccine storage in the refrigeration system and thereby drive the development of global demand for refrigeration oil.
During the period under review, rising demand for air conditioning systems and refrigerators, particularly in developing countries, along with increasing population and urbanization, is projected to drive the growth of the global market at a considerable pace. Moreover, rising environmental emission control laws have contributed to a transition towards renewable products, which is likely to contribute to the production of greener alternatives to ACs, i.e. natural refrigerants such as ammonia, CO2 and hydrocarbons, thus leading to a rise in demand for synthetic refrigeration oil.
Asia-market Pacific's growth is powered by a variety of factors, including growing car manufacturing, the demand for air conditioners in both the residential and commercial sectors, and the expansion of the food & beverage, oil & gas, chemical and medical industries. The European refrigeration oil industry has the second highest market share in 2018 and it is predicted that a CAGR of 3.4 percent will be registered during the analysis period. In Europe and North America, the growth of the industry is primarily motivated by the growing need for natural refrigerants due to the increasing F-gas restrictions, which have contributed to the phase-out of the use of HFCs and HCFCs. Rising demand for residential air conditioners and increasing industrialization are projected to fuel growth in the refrigeration oil industry in Latin America and the Middle East & Africa.
Key Segments of the Global Refrigeration Oil Market
Material Overview, 2018-2028 (USD Million) (Kilo Tons)
- Mineral oil
- Synthetic Oil
End-use Method, 2018-2028 (USD Million) (Kilo Tons)
- Refrigerator and Freezer
- Air Conditioner
- Automotive AC system
- After Market
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America