Market Trends of China Refrigeration Lubricants Industry
Synthetic Lubricant Segment to Dominate the Market
- Synthetic oils, especially PAO and POE, exhibit high thermal stability, ensuring consistent performance in a wide range of temperatures encountered in refrigeration systems.
- Synthetic oils have lower pour points compared to mineral oils, ensuring fluidity at low temperatures, which is crucial in refrigeration applications where low temperatures are expected.
- Ventilation appliances circulate the air to regulate temperature. Air conditioning appliances are utilized to cool indoor air and provide comfort.
- Refrigeration appliances, such as refrigerators and freezers, maintain a low temperature below the ambient temperature.
- According to the data provided by the National Bureau of Statistics of China, the number of refrigerators per 100 rural and urban households reached 104.4 units for urban households and 103.9 units for rural households in China.
- Moreover, according to the data provided by the National Bureau of Statistics of China, the industrial production volume of household refrigerators in China in 2022 amounted to almost 87 million units.
- Therefore, these above trends are expected to increase the demand for the refrigeration market studied over the forecast period.
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Air-conditioning Application to Dominate the Market
- Air conditioning (AC) units modify air temperature and humidity in an enclosed area. Compressors, evaporators, expansion valves, and condensers are the primary components of an air conditioner.
- In these components, the lubricants are used to reduce side effects, such as pipeline corrosion, providing better compatibility with common refrigeration gases.
- The energy demand for space cooling in commercial buildings, such as in China, is increasing due to the rising population with rapid urbanization, higher purchasing power, infrastructure development, and global warming.
- According to the data provided by the National Bureau of Statistics of China, the production volume of air conditioners in China amounted to 222 million units in 2022, around four million more than in the previous year.
- In addition, according to the data provided by the National Bureau of Statistics of China, the industrial production volume of household refrigerators in China in 2022 was almost 87 million units.
- According to the data provided by the General Administration of Customs, China's exports of air conditioners were at 31.67 million units in the first half of 2023, which was up by 13.2% in June alone from the same period last year.
- The above factors and government support are thus expected to contribute to the rising need for refrigeration lubricants during the forecast period.
