A newly compiled intelligence study by
Transparency Market Research (TMR) has detected that the global
refrigeration oil market is highly consolidated in nature, with top
five companies reserving 94.8% of the overall shares in 2016. The
five companies are: Idemitsu Kosan Co, Ltd., Royal Dutch Shell, Exxon
Mobil Corporation, BASF, and MEIWA. Among these, Idemitsu Kosan Co,
Ltd. currently holds the pole position in the global refrigeration
oil market, accounting for more than one-third of the global share
and is expected to maintain its dominance in the near future too via
its wide product portfolio. Royal Dutch Shell, on the other hand, has
strong presence in 70 countries globally, whereas Exxon Mobil
Corporation offers compressor oil under its Mobil brand, which is
designed to perform in extreme weather conditions.
View Report Preview:
As per the projections of the TMR report, the
demand in the global refrigeration oil market will augment at a CAGR
of 5.8% during the forecast period of 2017 to 2025. This considerable
growth rate over the course of next eight years will mean that the
valuation of the global refrigeration oil market, which was evaluated
at US$1.06 bn in 2016, will be worth US$1.77 bn by 2025. As far as
strategies of the market leaders is concerned, Idemitsu Kosan Co,
Ltd. is making efforts to diversify the risk by concluding the
long-term threats, besides focusing on making good trading network in
the International market. On the other hand, Exxon Mobil Corporation
is reinforcing its sales network and expanding the capacity of its
existing refrigeration compressor oil manufacturing units to cater to
the rising demand for refrigeration compressors that work using CFC,
HFC, and ozone-friendly refrigerants. Royal Dutch Shell has
tactically set up its production plants near key markets in order to
maintain rapid and consistent long-term supply.
Based on product, synthetic oil is the most
in-demand segment of the global refrigeration oil market, estimated
to reach a valuation of US$1,314.5 mn by 2025, owing to its
compatibility with refrigerant used in the system. On the basis of
refrigerant type, HFC refrigerant had the maximum demand in 2016 due
to the extensive use of refrigeration in the supermarkets.
Application-wise, the global refrigeration oil market gains most
prominent chunk of demand from air conditioners, whereas residential
requirements lead in terms of end-use, and is projected for a
better-than-average CAGR. Geographically, emerging economies such as
India and China makes Asia Pacific one of the key region for the
vendors operating in the refrigeration oil market.
Government Support for Energy-saving Products
and Services Driving Uptake
Rebates for energy-efficient products and
practices, increasing preference toward low-GWP refrigerants, advent
of HVA&R systems in the healthcare sector, and increasing
refrigeration application are some of the key factors driving the
global refrigeration oil market. The report observes that there has
been a worldwide shift towards using energy-efficient systems, with
various governments and non-government organizations (NGOs) offering
rebate to the manufacturers of refrigeration systems and equipment in
order to encourage the use of energy-efficient products and services.
Refrigerants are widely used in heating, ventilation,
air-conditioning and refrigeration (HVAC&R). CFCs, HCFCs, and
HFCs are widely used synthetic refrigerants. Ammonia and CO2 are
natural refrigerants and their impact on environment is not so high.
Complexity in Compatibility Hindering Growth
Compatibility of refrigeration oil with
refrigerants and the need for proper oil control function are two
restraints over the global refrigeration oil market. For ideal
functioning of compressor systems, refrigeration oil should be
compatible with the refrigerant in terms of viscosity, solubility,
miscibility, and chemical stability. The choice of refrigeration oil
depends on the design of the air-conditioner, chiller, refrigerator,
and its compressor. The process becomes complex due to compatibility
of the refrigeration oil with the refrigerant. Nevertheless,
transportation refrigeration systems and new product development are
expected to open new opportunities in the global refrigeration oil
market.
Request to view Sample Report:
The information presented in this review is based
on a Transparency Market Research report, titled, “Refrigeration
Oil Market (Product - Mineral Oil and Synthetic Oil; Refrigerant Type
- Hydro Chlorofluorocarbon (HCFC), Chlorofluorocarbon (CFC), Hydro
Fluorocarbon (HFC), and Ammonia; Application - Air conditioners ,
Coolers, Chillers, Refrigerators, and Condensers; End-use -
Residential, Commercial, and Industrial) - Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
No comments:
Post a Comment