DUBLIN–(BUSINESS WIRE)–The “Refrigeration Lubricants Market – Growth, Trends, Impact of COVID-19, and Forecast (2022-2027)” report has been added to from ResearchAndMarkets.com offer.
The Global Refrigeration Lubricants Market is estimated to be valued at USD 3,285.76 Million in 2021. It is expected to reach USD 3,935.51 Million by 2027, registering a CAGR of 3.67% from 2022 to 2027.
Refrigeration lubricants have seen an increase in demand in 2021 with the increase in demand from automotive vehicles and other refrigeration applications across the world.
The emergence of next-generation refrigeration lubricants optimized for energy efficiency, growing momentum in the global HVACR industry, and recovery in the automotive industry are likely to drive the growth of the refrigeration lubricants market.
On the other hand, the phasing out of legacy refrigerants due to constant regulatory changes is expected to hamper the growth of the market.
Growing importance of nano-lubricant technology and increasing demand for cryogenic applications are expected to unveil new opportunities for the market studied.
Main market trends
Accelerating momentum in the global HVAC industry
HVACR (heating, ventilation, air conditioning and refrigeration) is an important part of residential and commercial buildings. The market is filled with different types of HVACR devices.
High purity ammonia refrigeration lubricants, such as R600a (isobutane), R290 (propane), R1270 (propene/propylene), R1150 (ethene/ethylene) and R170 (ethane), are used in a wide range of applications in domestic applications. refrigeration, industrial refrigeration and transport refrigeration.
According to the International Energy Agency (IEA), since 1990, energy consumption for space cooling has more than tripled, posing significant challenges to power systems, especially during peak and peak periods. episodes of extreme heat.
In April 2021, Thailand produced about 658.17 thousand units of household refrigerators, according to the Office of Industrial Economics (Thailand).
According to Japan’s Ministry of Economy, Trade and Industry (METI), the country produced about 1.32 million units of electric refrigerators in 2020.
Due to all the factors mentioned above, the demand for refrigeration lubricants is expected to increase in the coming years.
Asia-Pacific will dominate the market
The Asia-Pacific region was the largest market for refrigeration lubricants. The growing demand for refrigeration lubricants can be attributed to the growing use of air conditioning systems for both domestic and industrial applications.
In China, according to the China Association of Automobile Manufacturers, the production of new energy passenger and commercial vehicles reached 111,900 vehicles through November 2020.
The major electric car manufacturers in China are Tesla, BYD Co. and Nio Inc. The growing demand for electric vehicles in the country is driving the automotive compressor refrigeration lubricant market.
India ranks as the fourth largest railway system in the world after the United States, Russia and China with 123,542 km of track, 67,415 km of roads and over 7,300 stations.
The second most populous country in the world regularly operates 13,523 passenger trains and 9,146 freight trains on its network. Railways carried 1.23 billion tons of freight in fiscal years 2020-2021.
Due to all the above-mentioned factors, Asia-Pacific is expected to dominate the market in the coming years.
The global refrigeration lubricants market exhibits a higher degree of fragmentation, owing to multiple emission regulations in various countries. Major players (not in any particular order) in the market include Exxon Mobil Corporation, Shell PLC, FUCHS, IdemitsuKosan Co. Ltd, and Petronas International Limited, among others.
China National Petroleum Corporation
China Petroleum & Chemical Corporation (Sinopec Group)
CPI Fluid Engineering
Idemitsu Kosan Co. Ltd
Matrix Special Lubricants BV
Parker Hanfin Corp
PETRONAS International Lubricants
Xaeros Performance Fluids International
For more information on this report, visit https://www.researchandmarkets.com/r/i9pvu3