Albany, NY -- (SBWIRE) -- 05/20/2019 -- Across emerging economies in Asia Pacific, particularly China and India, metropolitan areas are expanding on the back incrementing migration of rural populations to urban parts. The trend among these expanding urban population with disposable income is securing residential apartments and equip them with devices that make living comfortable. Their increased disposable income is primarily attributed to the growth of small and medium enterprises (SMEs) in these two countries, which again is adding to the demand for devices that aid to sedentary working hours for the employees. Collectively, the uptake of air conditioners, refrigerators, coolers, and chillers is on the rise, which in turn is stroking the demand for refrigeration oil, which are essential for the longevity and performance of the cooling devices.
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According to a fresh business publication released by Transparency Market Research (TMR), the global refrigeration oil market will attain a value of US$1.77 billion by the end of 2025, with the demand projected to multiply at a profitable compound annual growth rate (CAGR) of 5.8% during the forecast period of 2017 to 2025.
Global Shares Fairly Consolidated Among a Handful of Players
The analyst of the report notifies of a highly consolidated competitive landscape in the global refrigeration oil market. As of 2016, five players, viz. Royal Dutch Shell, BASF, Exxon Mobil Corp., Idemitsu Kosan Co., Ltd., and MEIWA had reserved 95% of the global shares among them and are expected to retain their prominent positions throughout the aforementioned forecast period. The position of strength of these five companies can be attributed to their impressive product portfolio as well as vast geographical presence.
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Additionally, these players are constantly investing on research and development of new products that carve a niche for them over their competitors. For instance, Idemitsu Kosan Co., Ltd. has recently introduced an innovative polyvinylether refrigeration oil that offers a number of advantages over hydroflurocarbon-based refrigerant systems such as improved capillary tube blockage and flexible polymer properties and resistivity. The other four market leaders are resorting to similar strategies and countering the scenario where Idemitsu Kosan is ahead of the curve.
Based on product type, the refrigeration oil market has been segmented into synthetic and mineral oil, whereas on the basis of refrigerant type, the market has been bifurcated into ammonia, hydro fluorocarbon (HFC), chlorofluorocarbon (CFC), and hydro chlorofluorocarbon (HCFC). Application-wise, the market for refrigeration oil has been classified into condensers, refrigerators, chillers, coolers, and air conditioners. The TMR report has also gauged the potential of demand that will be forthcoming from the end use industries of industrial, commercial, and residential as well as all important regions including North America, Asia Pacific, the Middle East and Africa, and Europe.
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GWP Refrigerants Carving Niche Opportunities
Apart from increased disposable income of expanding urban populations and prosperity of small and medium enterprises, the global refrigeration oil market is gaining added traction from consistent advancements made by the electronic industry, growing demand from the food and pharmaceutical industries, and rising demand for low global warming potential (GWP) refrigerants. On the other hand, strict regulations pertaining to the usage of fluorocarbon refrigerants and compatibility issues are factors that are restraining the demand to a certain extent.