“Refrigerant oils are specific lubricants which are soluble in liquid refrigerant and are mixed with it completely at normal room temperature. Refrigerant oil acts as a vital element in the lubrication technology. The anticipated long life span of the compressors is greatly dependent upon the quality of refrigerant oil used. Refrigerant oil market is segmented on the basis of different types such as mineral oil, alkyl benzenes (AB), poly alpha olefins (PAO), poly alkylene glycols (PAG) and polyolester oil (POE). Choice of refrigerant oil depends on the type of refrigerant in use in the system such as chlorofluorocarbons (CFC), hydro chlorofluorocarbons (HCFC), hydro-fluorocarbon (HFC) and others. Market is also analyzed based on the different end industries which include automobiles, household, commercial and industrial.
POE and PAG oils have produced the major revenues globally in 2014 and account for 79% of the total refrigerant oil market revenue. The future for POE oils, say in the next ten years is estimated to be very promising when the phase out of HCFC refrigerant nears completion by 2020 and HFC refrigerants will be in demand.
Asia-Pacific (APAC) is projected to emerge as the fastest growing market for refrigerant oils worldwide in the coming years, owing to the continued demand form end-user industries which have commercial and household applications. APAC accounted 38% of the refrigerant oil market in 2014, followed by America and Europe with 30% and 20% market share respectively. Refrigerant oil market is driven by the growing demand for consumer durables such as refrigerators, air-conditioners. Also, there is a positive growth in the demand for mobile air-conditioners in automobiles, especially in passenger cars.
Key players in the market are 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.) and others. Idemitsu Kosan Co. Ltd. has been a major manufacturer of refrigerant oils for motor vehicles, air conditioning and has been successful in maintaining that position in the market.
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