Refrigeration Oil Market Size, Share, And Growth Report 2032

The global refrigeration oil market size was worth around USD 1,204.60 million in 2023 and is predicted to grow to around USD 1,744.40 million by 2032 with a compound annual growth rate (CAGR) of roughly 4.20% between 2024 and 2032.

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The report covers forecasts and analyses for the refrigeration oil market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Million). The study includes the drivers and restraints for the refrigeration oil market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the refrigeration oil market on a global level.

Refrigeration Oil Market: Overview

Refrigeration oil is a mixture of oil and additives, which is used as a lubricant in the refrigeration system. It is used to lubricate the compressor to keep the system running smoothly. The oil used in the refrigeration systems ensures evacuation of heat caused by friction of various mobile parts. Refrigeration oil is derived from mineral and synthetic oils. In a traditional refrigeration system, by default, mineral oil is used. However, these oils are no longer suitable for the latest refrigeration systems, due to their inadequate lubricity and miscibility. Refrigeration oil has several benefits, which include low pour point, low contamination, excellent thermal and chemical stability, high dielectric strength, and low viscosity. It provides lubrication to all the moving parts, including gears, bearing, and mechanical seals, among other loaded contacts to the compressor. 

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The rising demand for consumer appliances, such as refrigerators and air conditioners among others, will primarily drive the expansion of the refrigeration oil market during the forecast period. Moreover, technological advancements and the changing lifestyles of people globally are considerable factors positively influencing the growth of refrigeration oil market. In addition, rising demand for refrigerators from the pharmaceutical and food industries in order to increase the shelf life of products is anticipated to positively influence this market’s growth in the upcoming years. The refrigerant oil has its application in various industries, such as chemicals, oil and gas processing, gas compression, pharmaceuticals, test chambers, and power generation, among others. However, strict regulations regarding the limitation on the use of fluorocarbon refrigerants due to the consequent depletion of the ozone layer are hampering the growth of this market during the forecast period

Refrigeration Oil Market: Segmentation

The study provides a decisive view of the refrigeration oil market by segmenting the market based on oil type, refrigerant type, application, and regions.

On the basis of oil type, refrigeration oil market is bifurcated into mineral oil and synthetic oil.

Based on refrigeration type, this market is categorized into chlorofluorocarbon (CFC), hydrochlorofluorocarbon (HCFC), ammonia, and hydrofluorocarbon (HFC).

On the basis of application, this market is segmented into the air conditioner, refrigerator and freezer, automotive AC system, chillers, and condensers.

All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Refrigeration Oil Market: Report Scope

Refrigeration Oil Market: Regional Analysis

The regional segmentation includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. This segmentation includes the demand for the refrigeration oil market based on all segments in all regions and countries.

On the basis of geography, Asia Pacific is anticipated to be the dominant region during the forecast period. This growth can be attributed to the rising population, which, in turn, leads to the increase in demand for freezers, refrigerators, air conditioners, and automobiles in the developing markets, such as India and China. Furthermore, increasing employment rate, improving lifestyle, and rise in disposable income of people are some other factors that make this region a lucrative market for refrigeration oil manufacturers.

Refrigeration Oil Market: Competitive Space

• Fuchs Lubricants
• BASF SE
• Idemitsu Kosan Co. Ltd.
• Meiwa Corporation
• ExxonMobil Corporation
• Chevron Royal Dutch Shell Plc
• Phillips Chemical Company
• The Lubrizol Corporation
• China Petrochemical Corporation
• Indian Oil Corporation Ltd
• JXTG Holdings Inc.
• Behr Hella Service GmbH
• Lubriplate Lubricants Company
• Calumet Specialty Products Partners L.P.
• Among Others  

This report segments the global refrigeration oil market as follows:

By Oil Type 

• Mineral Oil
• Synthetic Oil

By Refrigerant Type

• Chlorofluorocarbon (CFC)
• Hydrochlorofluorocarbon (HCFC)
• Ammonia
• Hydrofluorocarbon (HFC)

By Application 

• Microbial Contamination
• Refrigerator & Freezer
• Air Conditioner
• Automotive AC System
• Chillers
• Condensers

By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa