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) estimates 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, HVACR systems in healthcare sectors and increasing preferences towards low GWP refrigerants.
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.
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.
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)
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.