Refrigeration Oil Market Size was valued at USD 1.26 billion in 2023. The Refrigeration Oil industry is projected to grow from USD 1.33 billion in 2024 to USD 1.91 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.66% during the forecast period (2024 - 2032). The increasing demand for synthetic oil has changed the market dynamic for the refrigeration oil industry and the new automotive A.C. systems are also uplifted by refrigeration oils to increase their performance the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Market CAGR for refrigeration oil is being driven by the growing adoption of environmentally friendly refrigeration oils. With the rising concerns over climate change and ozone depletion, governments and industries worldwide have been focusing on sustainable practices. Traditional refrigeration oils, such as mineral oils and synthetic hydrocarbons, have been known to contribute to environmental issues. However, the introduction of environmentally friendly refrigeration oils, including hydrofluorocarbon (HFC) and hydro fluoro olefin (HFO) oils, has gained traction. These oils have low warming potential (GWP) and ozone depletion potential (ODP), making them compliant with environmental regulations like the Montreal Protocol and Kyoto Protocol.
Additionally, the refrigeration oil market has witnessed significant advancements in synthetic lubricants and additives, further influencing the industry's growth. Synthetic oils offer several advantages over mineral oils, including better thermal stability, improved lubrication efficiency, reduced volatility, and extended equipment lifespan. As a result, end-users are increasingly inclined towards adopting synthetic refrigeration oils. Moreover, continuous research and development efforts in the field of lubricants have led to the introduction of specialized additives. These additives are formulated to enhance the performance and efficiency of refrigeration systems. For instance, anti-wear additives reduce friction and wear in compressors, while anti-foaming agents prevent the formation of foam, ensuring smooth operation.
The demand for refrigeration oils with custom-tailored properties is rising, especially in industrial and commercial sectors where refrigeration systems are subjected to heavy-duty operations. Manufacturers are focusing on developing specialized lubricants that cater to specific applications and provide improved energy efficiency, resulting in a positive impact on the overall market.
The integration of lot technology into refrigeration systems has revolutionized equipment maintenance practices and is transforming the refrigeration oil market. IoT-enabled sensors and devices are capable of collecting real-time data, enabling remote monitoring and control of refrigeration units. This data-driven approach allows end-users to optimize system performance, reduce energy consumption, and detect potential issues before they escalate into major problems.
The refrigeration oil market is experiencing significant transformations, driven by environmental concerns, technological innovations, and the need for efficient maintenance practices. The adoption of environmentally friendly refrigeration oils, advancements in synthetic lubricants and additives, and the integration of lot and predictive maintenance are three prominent trends shaping the industry. It drives the Refrigeration Oil Market revenue.
The Refrigeration Oil Market segmentation, based on type includes Mineral Oil, Synthetic Oil, and Refrigerant. The synthetic oil segment dominated the market, accounting for 35% of market revenue (78.48 Billion). Synthetic oils are formulated from various chemical compounds to provide superior performance compared to mineral oils. They offer better lubrication, thermal stability, and resistance to breakdown under high temperatures and pressure.
The Refrigeration Oil Market segmentation, based on distribution channel, includes Refrigerators and Freezer, Aftermarket, Automotive AC Systems, Air Conditioners, Chillers, and Others. The aftermarket category generated the most income (70.4%). The aftermarket segment involves the replacement and servicing of refrigeration oil in existing cooling systems. With the increasing adoption of refrigeration equipment across industries, there is a growing demand for aftermarket services to maintain and extend the life of cooling systems. The aftermarket segment provides opportunities for manufacturers and service providers to offer specialized refrigeration oils tailored to specific system requirements.
Figure1: Refrigeration Oil Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Refrigeration Oil Market area will dominate this market, owing to its well-established refrigeration and air conditioning infrastructure. The region's high demand for refrigeration oils can be attributed to various industries, including food and beverage, pharmaceuticals, and chemicals. The growing adoption of energy-efficient and environmentally friendly refrigeration systems has driven the demand for synthetic refrigeration oils.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Refrigeration Oil Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Refrigeration Oil Market accounts for the second-largest market share due to the sustainability and energy efficiency that have fueled the adoption of advanced refrigeration technologies, driving the demand for specialized refrigeration oils. Further, the GermanRefrigeration Oil Market held had the largest market share, and the UK Refrigeration Oil Market was the fastest growing market in the European region
The Asia-Pacific Refrigeration Oil Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the demand for refrigeration equipment and, subsequently, refrigeration oils. The region's increasing focus on sustainable practices and the adoption of advanced refrigeration technologies has also stimulated the demand for eco-friendly refrigeration oils. Moreover, China’s Refrigeration Oil Market held the largest market share, and the Indian Refrigeration Oil Market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Refrigeration Oil Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Refrigeration oil industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Refrigeration Oil industry to benefit clients and increase the market sector. In recent years, the Refrigeration oil industry has offered some of the most significant advantages to medicine. Major players in the Refrigeration Oil Market, including Exxon Mobil Corporation, Jxtg Group, China Petrochemical Corporation (Sinopec Group), Royal Dutch Shell Plc, Petroleum Nasional Berhad (PETRONAS), Total S.A., BASF SE, The Lubrizol Corporation, CAMCO Lubricants, Cosmo Oil Lubricants Co. Ltd., Sun Company, Lubriplate Lubricants Company, Idemitsu Kosan Co. Ltd., Behr Hella Service Gmbh, Chevron Corporation, Phillips 66 Lubricants, Indian Oil Corporation Ltd., B.P. P.L.C., Kluber Lubrication, Isel, Johnson Controls, CITGO Petroleum Corporation, Petro-Canada Lubricants Inc., FUCHS Petrolub Se, L.P., Calumet Specialty Products Partners, Summit Oil Company, Ente Nazionale Idrocarburi (Eni), Lukoil, National Refrigerants, and others, are attempting to increase market demand by investing in research and development operations.
As one of the world's largest publicly held international oil and gas companies, ExxonMobil has a diverse portfolio of high-quality projects and opportunities across our Upstream, Downstream, and Chemical businesses. Working in locations around the world, ExxonMobil powers the economy of our neighboring countries with significant investments in economic growth. We demonstrate our commitment to supporting the communities within which we operate through education and economic empowerment, health, infrastructure provision, and human-capacity development. Explore recent discoveries and developments at ExxonMobil. ExxonMobil has had a presence in the United States since 1870 when John D. Rockefeller and his associates formed the Standard Oil Company (Ohio), with combined facilities constituting the largest refining capacity of any single firm in the world. Today, Exxon Mobil Corporation is one of the largest publicly traded international oil and gas companies and holds an industry-leading inventory of resources. We are also the largest refiner and marketer of petroleum products and our chemical company is one of the largest in the world.
Shell was formed in 1907 through the merger of the Royal Dutch Petroleum Company of the Netherlands and the "Shell" Transport and Trading Company of the United Kingdom. The combined company rapidly became the leading competitor of American Standard Oil and by 1920 Shell was the largest producer of oil in the world. Shell first entered the chemicals industry in 1929. Shell was one of the "Seven Sisters" which dominated the petroleum industry from the mid-1940s to the mid-1970s. In 1964, Shell was a partner in the world's first commercial sea transportation of liquefied natural gas (LNG). In 1970, Shell acquired the mining company Billiton, which it subsequently sold in 1994 and now forms part of BHP. In recent decades gas has become an increasingly important part of Shell's business and Shell acquired BG Group in 2016.
October 2021: Daikin Industries stated to be interested in a breakthrough green technology to remain the world's top air conditioner producer by sales, as well as a new refrigerant to allow the Japanese business to join the electric car industry, as warming pushes demand for energy efficiency. Elon Musk, the CEO of Tesla, who has businesses ranging from space travel to brain chips, hinted to shareholders earlier this month that he would start a home heating, ventilation, and air conditioning (HVAC) system company.
October 2017: Kuwait Petroleum International Ltd. and Idemitsu Kosan Co. Ltd. from Kuwait and Japan respectively built a business in Hanoi city of Vietnam called a service station business. They helped to boost the sales of companies by strengthening the procurement and production of petroleum products. This helped them outsource the product's market of the Pacific Rim.
May 2018: L.N.G. Canada signed a deal with PETRONAS at about 25% to strengthen and increase the value chain, market share, and market value of the company's (PETRONAS) lubricant business.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1.26 Billion |
| Market Size 2024 | USD 1.33 Billion |
| Market Size 2032 | USD 1.91 Billion |
| Compound Annual Growth Rate (CAGR) | 4.66% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and regions |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Exxon Mobil Corporation, Jxtg Group, China Petrochemical Corporation (Sinopec Group), Royal Dutch Shell Plc, Petroleum Nasional Berhad (PETRONAS), Total S.A., BASF SE, The Lubrizol Corporation, CAMCO Lubricants, Cosmo Oil Lubricants Co. Ltd., Sun Company, Lubriplate Lubricants Company, Idemitsu Kosan Co. Ltd., Behr Hella Service Gmbh, Chevron Corporation, Phillips 66 Lubricants, Indian Oil Corporation Ltd., B.P. P.L.C., Kluber Lubrication, Isel, Johnson Controls, CITGO Petroleum Corporation, Petro-Canada Lubricants Inc., FUCHS Petrolub Se, L.P., Calumet Specialty Products Partners, Summit Oil Company. |
| Key Market Opportunities | The major challenge faced by the refrigeration oil industry is the discontinuation of the HCFCs (hydrochlorofluorocarbons) and HFCS. |
| Key Market Dynamics | The increasing demand for synthetic oil has changed the market dynamic for the refrigeration oil industry.Increase in demand for food & pharmaceutical industries |
Refrigeration Oil Market Highlights:
Frequently Asked Questions (FAQ) :
The Refrigeration Oil Market size was valued at USD 1.26 billion in 2023.
The Refrigeration Oil Market is projected to grow at a CAGR of 4.66%during the forecast period, 2024-2032.
North America had the largest share of the Refrigeration Oil Market
The key players in the market are Exxon Mobil Corporation, Jxtg Group, China Petrochemical Corporation (Sinopec Group), Royal Dutch Shell Plc, Petroleum Nasional Berhad (PETRONAS), Total S.A., BASF SE, The Lubrizol Corporation, CAMCO Lubricants, Cosmo Oil Lubricants Co. Ltd., Sun Company, Lubriplate Lubricants Company, Idemitsu Kosan Co. Ltd., Behr Hella Service Gmbh, Chevron Corporation, Phillips 66 Lubricants, Indian Oil Corporation Ltd., B.P. P.L.C., Kluber Lubrication, Isel, Johnson Controls, CITGO Petroleum Corporation, Petro-Canada Lubricants Inc., FUCHS Petrolub Se, L.P., Calumet Specialty Products Partners, Summit Oil Company, Ente Nazionale Idrocarburi (Eni), Lukoil, National Refrigerants, and others.
The Synthetic Oil category dominated the Refrigeration Oil Market in 2023.
The Aftermarket has the largest share in the Refrigeration Oil Market
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
