Global Refrigeration Oil Market is expected to reach USD 1.36 Billion by 2024 from USD 1.02 Billion in 2016 at a CAGR of 4.2 %. Poultry and meat production continues to expand to meet the increasing worldwide demand, which in turn has increased the need for temperature control and industrial refrigeration. Dairy sector needs refrigeration in the manufacturing and storage of wide range of goods including butter, cheese, and milk. Immense requirement for the refrigeration in the food and beverages sector which, in turn, will augment the demand for the refrigeration oil market. Implementation of natural refrigerant improvement in energy effectiveness, increasing food processing sector in several developing countries, and rush in cold chain capability. These factor drives the refrigeration oil market. 
Synthetic oil segment accounted major share of market attributed to its better performance in extreme conditions, higher shear stability & viscosity index and improved chemical resistance in comparison to mineral oil. On the other hand, the mineral oil offers more benefits over the synthetic oil, which leads to its use as a thermal fluid in mechanical and industrial applications. Refrigerator & freezer application segment is about to gain growth due to increasing demand for packaged food products while, air conditioner leads the market. Geographically, the refrigeration oil market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia pacific dominates the market led by increasing demand of consumer appliances, such as refrigerators, freezers, and air conditioners and automobiles in the region. Scope of the Report:
Refrigeration Oil Market, by Oil Type:
• Mineral Oil • Synthetic Oil
Refrigeration Oil Market, by Application
• Refrigerator & Freezer • Automotive AC System • Air Conditioner • Aftermarket
Refrigeration Oil Market, by Geography:
• North America • Europe • Asia Pacific • Middle East & Africa • Latin America
Key Players Profiled in the Report:
• JXTG Group (Japan) • BASF (Germany) • Idemitsu Kosan Co. (Japan) • Royal Dutch Shell (Netherlands) • ExxonMobil (US) • BP (UK) • PETRONAS (Malaysia) • Total (France) • Sinopec Group (China) • Johnson Controls (Ireland) • Cosmo Oil Lubricants Co., Ltd. (Japan) • Eni (Italy) • Indian Oil Corporation (India) • Lukoil (Russia)
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Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors
Report Published by: Maximize Market Research
