The refrigerant oil market

The refrigerant oil market to reach USD 10 billion by 2020.
According to a recent study from IndustryARC, the refrigerant oil market recorded revenues of USD 7.8 billion in 2014 and for the period 2015-2020, it is estimated to grow at a Compound annual growth rate (CAGR) of 4.4% to reach USD 10 billion by 2020.

The synthetic refrigerant oil market comprises mineral oil, alkyl benzene (AB), PAO, PAG and POE.

The refrigerant industry is an extremely competitive market in the Asia-Pacific region, whereas Europen and American markets have reached a point of saturation.

Due to the fast paced growth of the consumer electronics market, there is an upsurge in the demand for refrigerant oils especially in developing countries. Major regulatory changes have a very strong impact on a market such as refrigerant oil which has direct consequences on the refrigerants markets.

In 2015, Asia Pacific (APAC) is estimated to hold a majority share of approximately 35%. By 2020, a slight rise in the market share of the region is expected due to growing urbanization, which will result in OEMs inevitably increasing production of air conditioners and refrigerators as in developed countries.
The Americas also held a co
nsiderable share of 29.5% and its market volume is forecast to grow by 3.9% from 2015 to 2020. Europe’s refrigerant oil market volume was 236 Kilotons in 2014 and is estimated to reach 297 Kilotons by 2020.

The Lubrizol Corporation (U.S.), Chemtura Corporation (U.S.), BASF SE (Germany),The Dow Chemical Co. (U.S.) and Idemitsu Kosan Ltd. (Japan) are the major players in this market.