Refrigeration Oil Market worth $1.4 billion by 2024 https://www.marketsandmarkets.com/Market-Reports/refrigeration-oil-market-126068118.html
Scope of The Report This report categorizes the global refrigeration oil market based on oil type, application, and region. Based on the Oil Type, the refrigeration oil market has been segmented as follows: • Synthetic Oil • Mineral Oil
On the basis of Application, the refrigeration oil market has been segmented as follows: • • • •
Refrigerator & Freezer Air Conditioner Automotive AC System Aftermarket
Based on the Region, the refrigeration oil market has been segmented as follows: • • • • •
APAC North America Europe Middle East & Arica South America
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Key Segments 1
The report provides detailed insights into the global Refrigeration Oil Market that has been segmented by oil type, application, and region.
2
“Synthetic oil is the largest segment of the Refrigeration Oil market.”
3 4 5
“Refrigerator & freezer application is estimated to be the largest segment of the natural fragrance market during the forecast period.”
“APAC is estimated to be the largest market for Refrigeration Oil during the forecast period.”
“The growth of the market is driven by the increasing demand for consumer appliances, growing demand from food & pharmaceutical industries, and rising demand for low GWP refrigerants.”
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Market Growth Rate 2019 Market Size of USD 1.1 billion
2024 Market Size of USD 1.4 billion
Recent Developments •
In May 2018, PETRONAS entered into an agreement to acquire 25% equity In LNG Canada. This will strengthen the company’s lubricant busines s across the value chain.
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In October 2017, Idemitsu Q8 Petroleum LLC, a 50:50 joint venture company of Idemitsu Kosan Co. Ltd. (Japan) and Kuwait Petroleum Internati onal Ltd. (Kuwait City), started operating a service station business in Hanoi, Vietnam.
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In September 2017, BASF India Limited, a subsidiary of BASF SE, expanded technical lab for fuel and lubricant solutions in South Asia. This will help the company to grow its refrigeration oil business automotive and industrial applications.
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In April 2017, Johnson Controls opened a new screw compressor testing lab for USD 6.7 million. The new 7,000 square feet laboratory is used t o test large screw compressors that support refrigeration and gas compression applications in the oil, gas, and process industries.
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Key Vendors Vendors • JXTG Group (Japan) • BASF (Germany)
• PETRONAS (Malaysia) • Chevron (US)
• Idemitsu Kosan Co. (Japan) • Royal Dutch Shell (Netherlands) • ExxonMobil (US), BP (UK) • FUCHS (Germany)
• Total (France) • Sinopec Group (China) • And More
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Major Regions • APAC • North America • Europe • Middle East & Arica • South America
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