The world for refrigeration oil market is currently estimated at around US$ 1.369 billion, and is expected to reach US$ 2,332.9 million by 2032. Refrigeration oil market sales are expected to increase at a compound rate of 4.9%. in the period 2022 and 2032.
Increasing consumption of refrigeration oil in various applications such as air conditioners, refrigeration systems, freezers, chillers, chillers and others is expected to boost sales. With this in mind, Future Market Insights (FMI) esRefrigeration Oil Markettimates that the global refrigeration oil market will reach a valuation of US$2332.9 million in 2032.
Refrigeration oil is a lubricant, derived from either mineral oil or synthetic oil which is a blend of a special high-temperature formulation of oils and additives in order to provide lubrication to compressors. The refrigeration oil flows under pressure where it changes its state from liquid to vapours for generation of the cooling effect.
Some of the major reasons for the rise in demand for refrigeration oil in compressors as a lubricant is the cold chain transportation for frozen food, beverages and meat products, HVAC&R systems in healthcare sectors and increasing preferences towards low GWP refrigerants.
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Consumption of electricity power more than 70% by the refrigeration equipment and the depletion of ozone layer due to increasing emission of Green House Gases (GHG) from refrigeration systems has led to the production and adoption of low GWP refrigerants which will boost demand for more energy efficient refrigeration oil.
Various government organizations are trying to enforce amendments over the industries to reduce the use of HCFCs and CFCs in refrigeration system until 2030 by A5 countries in order to identify such refrigerants as obsolete. Thus, adoption of new refrigerants is expected to be the major reason behind the development of refrigeration oil compatible with these refrigerants in refrigeration.
- Based on product type, the global refrigeration oil market can be segmented into mineral oil and synthetic oil. The synthetic oil segment is expected to hold a significant share in the global refrigeration oil market and is expected to expand relatively higher in terms of value over the forecast period. The segment is expected to create incremental opportunity more than the mineral oil segment during 2016–2026
- Based on the refrigerant type the global refrigeration oil market can be segmented as chlorofluorocarbon (CFC), hydro-chlorofluorocarbon (HCFC), hydro-fluorocarbon (HFC), ammonia and others. The growth rate of the others segment is expected to accelerate as compared to remaining refrigerants in terms of value and is anticipated to create a productive incremental opportunity over the forecast period
- Based on application the global refrigeration oil market can be segmented as air conditioners, coolers, chillers, refrigerators/ freezers, condensers and others. The air conditioners segment is estimated to account for a major share in the overall global refrigeration oil market with relatively maximum CAGR value over the forecast period
- Based on end user the global refrigeration oil market can be segmented as industrial, commercial and residential. Industrial segment is estimated to be a major contributor in the overall global refrigeration oil market followed by commercial and residential sectors by 2026 end
The major shareholders of the global refrigeration oil market are MEIWA CORPORATION, Royal Dutch Shell plc, ExxonMobil Corporation, Idemitsu Kosan Co. Ltd, FUCHS Lubricants, Chevron Phillips Chemical Company, BASF SE and The Lubrizol Corporation.
These players have adopted a strategy of capacity expansion of their existing production units and strengthening the sales distribution networks worldwide to meet the increasing demand for refrigeration oil across the globe and are therefore expected to offer productive market opportunity over the forecast period.
Refrigeration Oil Market by Category
By Product Type:
- Mineral Oil
- Synthetic Oil
By Refrigerant Type:
- Chlorofluorocarbon (CFC)
- Hydro-chlorofluorocarbon (HCFC)
By End User:
- Air Conditioners
- Others (Ice Machines etc)
Regional market projections
The global refrigeration oil market is segmented on the basis of region into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa. APEJ is anticipated to register the highest CAGR in terms of value over the forecast period.
North America and Europe are highly focussed on using low GWP refrigerants in refrigeration oil. The markets of Latin America, Middle East & Africa and Japan are expected to remain stagnant over the forecast period.
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