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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