Market news, 15 April 2024
The global refrigeration lubricants market is expected to grow at 4.1% CAGR from 2022 to 2029. It is expected to reach above USD 1.29 billion by 2029 from USD 0.9 billion in 2020.
Lubricants play a vital role in the reduction of friction and wear and tear of operating parts of different machines. The movement of certain mechanical parts is possible only in the presence of lubricants. This property to reduce friction is known as lubricity. Refrigeration lubricants are essential for the performance and longevity of a refrigeration system. The choice of lubricant depends on the system, the refrigerant, and the type of application. A wide range of refrigeration lubricants are available in the market, with a varying range of viscosities and packaging sizes. Different types of oils are used in the formulation of refrigeration lubricants such as mineral oils, alkyl benzene oils, poly alpha olefins (PAOs), poly alkylene glycols (PAGs), and polyol ester oils (PEOs). The most commonly utilized refrigeration lubricants are hydrocarbon-based.
Rising demand for air conditioning systems in residential and commercial buildings across the globe is propelling the growth of the global refrigeration lubricants market. Increasing production of soft drinks, owing to rising population and changing lifestyles, is also. The growth factors for the Global Market are manifold.
Firstly, the market is witnessing an increase in the demand for energy-efficient appliances. This is resulting in an increase in the demand for refrigeration lubricants. Additionally, stringent environmental regulations are compelling companies to use environment-friendly products such as synthetic lubricants. The Global Refrigeration Lubricants Market is expected to grow at a CAGR of 4.1% during the forecast period from 2021 to 2028. The growth factors for this market are the increasing demand for refrigerated foods and beverages, rising disposable income, and rapid urbanization. Additionally, the development of new products with enhanced features.
Another major driver of the refrigeration Lubricants market is increase in the use of frozen food and pharmaceutical industries. These are the major users of refrigeration oils in the refrigerator & freezer application. Rising population and changing food habits drive the growth of packaged and ready-to-eat food products which are perishable and needs to be stored at low temperature. Also, the pharmaceutical industry also requires low-temperature conditions for the transportation and storage of drugs. The pharmaceutical industry is witnessing significant growth, especially in major emerging economies of APAC such as China and India. Therefore, the growth in the pharmaceutical industry is expected to drive the refrigeration oil market.
The global refrigeration lubricants market is segmented based on oil type, application and region. By oil type, the market is divided by mineral oil lubricant, synthetic lubricant. Mineral oil lubricant is a kind of mineral oil that is made from petroleum distillates. These types of lubricants have good thermal and oxidation stability as well as adequate low-temperature properties, which make them suitable for use in refrigeration systems. A synthetic lubricant is a type of lubricant that is manufactured from chemical compounds, as opposed to natural oils. Synthetic lubricants are often used in applications where mineral-based oils would not perform well or are not suitable. Some common examples include high temperature and extreme pressure environments, or applications where the lubricant is required to have specific.
By application, the market is segmented as refrigerators & freezers, refrigeration compressors, production of soft drinks, air conditionings, transportation, automotive. Refrigeration lubricants are used in air conditioning to increase the efficiency of compressors and minimize wear. They also act as a coolant for metal surfaces in contact with each other, which helps prevent corrosion. In addition, refrigeration lubricants can help improve system reliability by reducing the number of start-ups and shutdowns. Refrigeration compressors are used in a wide range of Refrigeration lubricants from small residential units to large industrial plants. They are an important part of the refrigeration cycle, compressing the gas refrigerant and transferring heat to the surrounding environment. In the production of soft drinks, refrigeration lubricants are used to cool down machines and equipment in a wide variety of industries. These days a lot of companies have started using natural ingredients for the production process which requires even cooling so that no damage is caused while processing them.
The refrigeration lubricants market key players include Eneos Holdings Inc. (Japan), BASF SE (Germany), Idemitsu Kosan Co. Ltd (Japan), ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Energies SE(France), China Petrochemical Corporation (Sinopec Corp), Petroliam Nasional Berhad (Petronas), FUCHS Petrolub SE (Germany), Johnson Controls (Ireland).
