Global Refrigeration Lubricants Market:
Overview
Lubricants
play a vital role in the reduction of friction and wear and tear of operating
parts of different machines. The movement of certain mechanical parts is
possible only in the presence of lubricants. This property to reduce friction
is known as lubricity. A good lubricant is expected to possess properties such
as high boiling point, high viscosity index, corrosion prevention, thermal
stability, low freezing point, and high resistivity to oxidation. Lubricants
extend the shelf-life of mechanical parts, thereby ensuring higher efficiency.
They are employed to facilitate smooth operation of mechanical parts and remove
residues, if any, deposited on these parts.
Refrigeration
lubricants are essential for the performance and longevity of a
refrigeration system. The choice of lubricant depends on the system, the
refrigerant, and the type of application. A wide range of refrigeration
lubricants are available in the market, with a varying range of viscosities and
packaging sizes. Different types of oils are used in the formulation of
refrigeration lubricants such as mineral oils, alkyl benzene oils, poly alpha
olefins (PAOs), poly alkylene glycols (PAGs), and polyol ester oils (PEOs). The
most commonly utilized refrigeration lubricants are hydrocarbon-based.
Use of
vegetable oils and animal fats in manufacturing has been a practice for several
years. Discovery of petroleum and availability of low-priced oils have led to a
paradigm shift in use of raw materials in manufacturing. However, the rise in
concerns related to environment is again shifting the focus toward bio-based
lubricants. Over the last five years, there has been a significant rise in the
number of regulations regarding protection of the environment. Bio-based
lubricants are derived from natural sources such as vegetable oils and animal
oils. They are biodegradable/eco-friendly in nature.
Decrease
in the world’s crude oil reserves, increase in oil prices, and issues related
to conservation have rebuilt the appeal of using bio-based materials. The use
of fats and natural oils for non-edible purposes worldwide has become possible
due to development of biodegradable, renewable, and eco-friendly industrial
fluids such as bio-lubricants.
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Global Refrigeration Lubricants Market: Drivers
Major
factors driving the refrigeration lubricants market are rise in the worldwide
need for health care and food supply and increase in the demand for
refrigeration lubricants from the automotive industry. Key innovations,
changing technologies, and R&D activities in refrigeration lubricants in
the last decade were the result of environmental legislations imposed by
Montreal and Kyoto protocols. All these factors also impact the selection of
refrigeration lubricants. The trend toward use of natural refrigeration
lubricants (such as CO2-based,
ammonia-based, and hydrocarbon-based) has been growing over the last few years.
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Global Refrigeration Lubricants Market: Key Segments
Based on
end-user, the refrigeration lubricants market for refrigeration lubricants can
be segmented into residential, commercial, industrial, and transportation. The
transportation segment includes industries such as automotive and marine. The
industrial segment comprises HVAC systems and PAC.
North
America holds a major share of the global refrigeration lubricants market, due
to increased demand from industrial and automotive sectors and advantageous
regulatory policies in the region. The region is followed by Europe. The
refrigeration lubricants market in BRICS is expected to register a high growth
rate during the forecast period, due to rapid industrialization. Pricing of
mineral oil, synthetic oil, and bio-based oil lubricants is a major challenge.
Shipping disputes and supply uncertainties contribute significantly to
variation in these prices.
Global Refrigeration Lubricants Market: Key Players
Key
players operating in the refrigeration lubricants market are ExxonMobil
Corporation, BASF Performance Chemicals, Royal Dutch Shell plc, Petronas
Lubricants Belgium NV (Suniso), The Lubrizol Corporation (Emkarate® RL), and
Calumet Specialty Products Partners, L.P.
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