Refrigeration Oil Market by Oil Type (Synthetic Oil and Mineral Oil), Refrigerant Type (Hydrochlorofluorocarbon, Chlorofluorocarbon, Hydrofluorocarbon, Ammonia, and Others), Application (Refrigerator, Air Conditioner, and Aftermarket): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026232 | Pages: 100 | Industry: Chemicals and Materials | Date: Sep 2022 | Type: Global

The market crossed US$ 1.2 billion mark in 2022 and is expected to hit US$ 1.7 billion by 2030, recording a CAGR of 4% during the forecast period.

Refrigeration oil market has been significantly growing due to a high demand for refrigeration oil from different applications such as air conditioning systems, refrigerating systems, freezers, and others

The major factor driving the refrigeration oil market growth is increasing its demand from air conditioning systems, refrigerating systems, freezers, etc. The refrigeration oil is crucial for the correct functioning of the compressor. Lubricants for refrigeration compressors reduce friction, prevent wear and act as a seal between the high- and low-pressure sides. Rising demand for air conditioning systems in commercial buildings, homes, and automobiles is creating the demand for the refrigeration oil. Furthermore, the growing focus of the manufacturers for research and development activities to create innovative products is also expected to fuel the market growth during the forecast period. The air conditioner segment is expected to pace up with the rising adoption of energy-efficient air conditioners in household and commercial buildings due to the changing climate and rising levels of temperature in different regions. Further, other segments such as refrigerator and aftermarket, are also expected to gain traction during the forecasted year.

Within the report, the market is segmented into oil type, refrigerant type, application, and geography. By oil type, the market is further segmented into synthetic oil and mineral oil. On the basis of refrigerant type, the market is segmented into hydrochlorofluorocarbon, chlorofluorocarbon, hydrofluorocarbon, ammonia, and others. On the basis of application, the market is segmented into, refrigerator, air conditioner, and aftermarket. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Strong growth of the refrigeration oils market in Asia Pacific region

The strong growth of the refrigeration oils market in Asia Pacific region is contributed to the growing demand for air-conditioners in the commercial and residential sectors, rising number of food chains which is boosting the adoption in refrigeration oil. With the growing popularity of smart homes, the demand for air conditioning systems is growing from the residential sector. The rapid development in the foodservice industry, including food retail, service restaurants and bars is also fuelling the market growth in Asia Pacific region.

Increasing demand for frozen food and growing demand from pharmaceutical industry

The food & beverage, and pharmaceutical industry are the major users of refrigeration oil in the refrigerator and freezer applications. Growing population worldwide and changing food habits creates the demand for packaged and ready-to-eat food products which are perishable and required to be stored at low temperature. Further, the pharmaceutical industry also needs low-temperature conditions for the transportation and storage of drugs. The pharmaceutical industry in different countries across the globe is witnessing significant growth, driving the demand for refrigeration oil.

Recent strategic developments in refrigeration oil market

The refrigeration oil market has undergone several significant developments, and a few of these have been mentioned below:

  • In 2021, Anderol B.V. added a high performance synthetic diester based compressor and vacuum pump oil free of any hazard labelling to their product portfolio.
  • According to the news released by Sunoco (Thailand) Co., Ltd., from January 2020, the company will launch SUNISO refrigeration oil products in the new durable and clever tin can packaging, which will replace the traditional plastic gallons to ensure top product quality for their endearing customers.

The refrigeration oil market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BASF SE, Exxon Mobil Corporation, TotalEnergies, Shell, and FUCHS are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Refrigeration oil related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Applications of refrigeration oil
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Oil Type
  • Synthetic Oil
  • Mineral Oil
  • Refrigerant Type
  • Hydrochlorofluorocarbon
  • Chlorofluorocarbon
  • Hydrofluorocarbon
  • Ammonia
  • Others
  • Application
  • Refrigerator
  • Air Conditioner
  • Aftermarket
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
  • BASF SE 
  • Exxon Mobil Corporation
  • TotalEnergies
  • Shell 
  • FUCHS 

Companies profiled
- Exxon Mobil Corporation 
- TotalEnergies 
- Shell 

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