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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.