Global Refrigeration Oil Market is expected to reach USD 1.36 Billion by 2024 from USD 1.02 Billion in 2016 at a CAGR of 4.2 %.
Poultry and meat production continues to expand to meet the increasing worldwide demand, which in turn has increased the need for temperature control and industrial refrigeration. Dairy sector needs refrigeration in the manufacturing and storage of wide range of goods including butter, cheese, and milk. Immense requirement for the refrigeration in the food and beverages sector which, in turn, will augment the demand for the refrigeration oil market. Implementation of natural refrigerant improvement in energy effectiveness, increasing food processing sector in several developing countries, and rush in cold chain capability. These factor drives the refrigeration oil market.
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