Refrigeration Oil Market Segmentation:
Type Segment Analysis
The mineral oil-based segment is predicted to gain the largest market share of 54.6% during the projected period by 2034, because mineral oils are compatible with the most commonly used chlorofluorocarbon (CFC) and hydrochlorofluorocarbon (HCFC) refrigerants in the legacy systems and because they are economical for industrial refrigeration. The U.S. Department of Energy (DOE) has noted that mineral oils continue to be the primary oil for older compressors because retrofitting these compressors is not economical. In addition, the National Renewable Energy Laboratory (NREL) has noted, mineral oils have very low miscibility concerns in legacy systems, which is why it is still in demand as we phase down HFCs and HCFCs gradually.
Application Segment Analysis
The air conditioners segment is anticipated to constitute the most significant growth by 2034, with 36.2% market share, mainly due to the impressive growth of HVAC installations in Asia-Pacific and the Middle East continue to spur demand for refrigeration oil based on urbanization, climate change, and rising lifestyle standards. The International Energy Agency (IEA) estimates that the stock of air conditioners will triple in numbers by 2050, and emerging markets will represent approximately two-thirds of all global air conditioning additions. This dynamic will lead to increased refrigeration oil demand, specifically for lubricants for efficient lubrication under variable-speed compressor systems and possibly under variable-speed drive systems in residential and commercial buildings. Additionally, Preliminary data from ASHRAE show that the use of variable refrigerant flow (VRF) systems continues to rise, which warrants higher-performing refrigeration oils to ensure compressor reliability and energy conservation.
Our in-depth analysis of the global refrigeration oil market includes the following segments:
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