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July 30, 2021, 12:38 p.m. EDT

The refrigeration oil market is estimated to grow from USD 1.1 billion in 2021 to USD 1.4 billion by 2026, at a CAGR of 4.1%

The refrigeration oil market is driven mainly by growing demand for frozen and chilled food and pharmaceuticals. However, strict government regulations is expected to restrain the market growth.

New York, July 30, Jul 30, 2021 (GLOBE NEWSWIRE via COMTEX) -- New York, July 30, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Refrigeration Oil Market by Type, Application, & Region - Global Forecasts to 2026" -

In the food industry, refrigeration systems are used to store and preserve food items.Increasing working population, changing lifestyle, increase in disposable income drive the growth of frozen and packaged food items.

Moreover, the growth in the organized retail sector, shift toward horticultural crops, and growth in the processed food sector are also contributing to the high demand for refrigeration systems, thereby increasing the demand for refrigeration oil from the food industry.

Refrigerators & Freezers are expected to be the fastest-growing application of the refrigeration oil market, in terms of value, between 2021 and 2026
Refrigerators & freezers applications hold the highest share in the overall market in terms of volume and value for the forecast period.This is mainly due to Increasing urbanization, higher disposable income, changing the lifestyle of the people in developing and developed countries, and higher consumer awareness about the use of household appliances are driving the demand for various consumer appliances.

Also the demand for new and advanced electronics with better or multiple features is driving the market in this application.

high economic growth in APAC to drive the demand for refrigeration oil in the region.

APAC is the largest market for refrigeration oil, and it is mainly attributed to the high economic growth rate, followed by heavy investment across industries such as oil & gas, automotive, infrastructure, chemical, and steel & military among others. With economic contraction and saturation in the European and North American markets, the demand is shifting to the APAC region.

Refrigeration oil manufacturers are targeting this region as it is the strongest regional market for various applications, such as electronics, food, pharmaceuticals and automotive among others.The advantage of shifting production to the Asian region is that the cost of production is low here.

Also, it is easier to serve the local emerging market.
? By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23%
? By Designation: C-Level - 46%, Director Level - 27%, and Others - 27%
? By Region: North America - 33%, Europe - 27%, APAC - 27%, South America - 7%, Middle East & Africa - 6%,

The key players profiled in the report include as Eneos Holdings Inc. (Japan), BASF SE (Germany), Idemitsu Kosan Co. Ltd (Japan), ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Energies SE(France), China Petrochemical Corporation (Sinopec Corp), Petroliam Nasional Berhad(Petronas), FUCHS Petrolub SE (Germany), Johnson Controls(Ireland) and others among others.

Research Coverage
This report segments the market for refrigeration oil based on application, type, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, associated with the market for refrigeration oil.

Reasons to Buy this Report
This research report is focused on various levels of analysis -- industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the refrigeration oil market; high-growth regions; and market drivers, restraints, and opportunities.

The report provides insights on the following pointers:
? Market Penetration: Comprehensive information on refrigeration oil offered by top players in the global market
? Market Development: Comprehensive information about lucrative emerging markets -- the report analyzes the markets for refrigeration oil across regions
? Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global refrigeration oil market
? Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the refrigeration market
Read the full report:

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