The refrigeration oil market is estimated to be USD 1,005.2 Million in 2017 and is projected to reach USD 1,243.6 Million by 2022 at a CAGR of 4.3% between 2017 and 2022. The increasing demand for refrigerators and freezers from the food and pharmaceutical industries to preserve packaged food items and drugs is one of the major factors driving the market, as refrigeration oil is used to lubricate the compressors in these systems. The rising demand for low global warming potential (GWP) refrigerants, such as hydrofluoroolefins (HFO), carbon dioxide (CO2), ammonia (NH3); and hydrocarbons, such as propane, isobutane, and propylene in refrigeration systems is another factor fueling the growth of the refrigeration oil market. The refrigeration oil market is evolving with major players playing a crucial role in the expansion of their business and entering into joint ventures. Key players in the refrigeration oil market include JXTG Group (Japan), BASF (Germany), and Idemitsu Kosan Co. (Japan).
Download the PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=126068118
Players in the refrigeration oil market are mainly concentrating on expansions and joint ventures to meet the growing demand from the various application segments. Expansions help companies meet the growing demand for refrigeration oil in regions such as Europe, and APAC, while joint ventures help companies strengthen their foothold in the refrigeration oil market.
JXTG Group is the largest player in the refrigeration oil market and engages in the development, production, and sale of petroleum, natural gas, and metals. The company accounted for the largest share of the refrigeration oil market in APAC in 2016. JXTG Group offers POE oil, blends of AB and mineral oil, and mineral oil. The company has a major presence in Japan and is focusing on joint ventures to meet the growing demand in the refrigeration oil market. In March 2014, JXTG Nippon Oil & Energy Corporation, a subsidiary of the JXTG Group, announced a 50:50 joint venture with Tide Water Oil (India) to manufacture and sell lubricants in India. This helped the company strengthen its lubricants business in India.
BASF is one of the world’s largest chemical companies and one of the world’s largest players in the refrigeration oil market. It engages in manufacturing and selling a wide range of chemicals and intermediate solutions. The company offers POE and PAG refrigeration oils. It focusses on joint ventures and expansions to remain competitive in the refrigeration oil market. In February 2015, BASF SE and PETRONAS (Malaysia) built a new plant that produces 2-Ethylhexanoic (2-EH) acid. The acid is a chemical intermediate used in the production of synthetic lubricants and oil additives. The expansion helped the company strengthen its synthetic lubricants business. In May 2014, BASF announced the construction of a new plant for PAG lubricants at its Ludwigshafen site in Germany.
Idemitsu Kosan Co. is a petroleum refining and manufacturing company in Japan. The company has a major presence in APAC and manufactures and sells petrochemical and oil products. It offers PVE and PAG refrigeration oils to global customers. Idemitsu focuses on joint ventures, agreements, and expansions to remain competitive in the refrigeration oil market. In October 2017, the company started operating a service station business in Hanoi, Vietnam, that helped it strengthen its businesses ranging from production and procurement of petroleum products to the sale of such products in the overseas market of the Pacific Rim.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
No comments:
Post a Comment