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.
New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Refrigeration Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06249236/?utm_source=GNW
Refrigiration lubricants have seen a surge in demand in the year 2021 with the increase in demand for automotive vehicles and other refrigiration applications across the globe.
Emergence of new generation refrigeration lubricants optimized for energy efficiency, increasing momentum in the global HVACR industry, and recovering automotive industry are likely to drive the growth of the refrigeration lubricantsmarket.
On the flipside, phasing out of existing refrigerants due to constant regulations amendments is expected to hinder the growth of the market.
Augmenting prominence for nano lubricant technology and gain in demand for cryogenic applications are expected to unveil new opportunities for the market studied.
Key Market Trends
Increasing Momentum in the Global HVACR Industry
HVACR (heating, ventilation, air conditioning, and refrigeration) is an important part of residential and commercial buildings. The market is filled with different kinds of HVACR appliances.
Refrigeration lubricants for high-purity ammonia, 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 refrigeration, industrial refrigeration, and transport refrigeration.
According to the International Energy Agency (IEA), since 1990, space cooling energy consumption has more than tripled, posing considerable challenges for electricity systems, particularly during peak demand periods and extreme heat events.
In April 2021, Thailand produced around 658.17 thousand units of household refrigerators, according to the Office of Industrial Economics (Thailand).
According to the Ministry of Economy, Trade, and Industry (METI) of Japan, the country produced around 1.32 million units of electric refrigerators in 2020.
Due to all the above mentioned factors the demand for the Refrigiration lubricants is expected to surge in the upcoming years.
Asia-Pacific to Dominate the Market
The Asia-Pacific region was the largest market for refrigeration lubricants. The rising demand for refrigeration lubricants can be attributed to the increasing usage of air conditioning systems for 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 till November 2020.
The leading electric car manufacturers in China include Tesla, BYD Co., and Nio Inc. The growing demand for electric vehicles in the country is driving the market for refrigeration lubricants for automotive compressors.
India ranks fourth in the largest railway system across the globe after the United States, Russia, and China with 123,542 km of tracks, 67,415 km route, and more than 7,300 stations.
The second-largest populated country in the world runs 13,523 passenger trains and 9,146 freight trains regularly on its network. The railways have carried 1.23 billion ton of freight in FY2020-FY2021.
Due to all the aformentioned factors, Asia Pacific is expected to dominate the market in the upcoming years.
The global refrigeration lubricants market has higher degree of fragmentation, owing to multiple emission regulations in various countries. Key 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.
The market estimate (ME) sheet in Excel format
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