The market for refrigeration oil is anticipated to increase at a compound annual growth rate (CAGR) of 3.70% from USD 1067.07 million in 2022 to USD 1427.01 million by 2030.
The cooling oil is extracted either from synthetic oil or from mineral oil. It is created by mixing oil and additives which are intended for use in cooling systems. The aim of cooling oil is to effectively lubricate moving components in the coolant compressor. In order to produce a cooling effect due to its high chemical and thermal stability, the oil flows under high pressure to transform from liquid to vapor. It also displays high viscosity, low pouring point, and is free of contamination.
The aim of the report is to estimate the size of the market for refrigeration oil and the future growth potential of the market for refrigeration oil across various segments, such as the form and end-use of oil, etc.
The base year considered for the analysis is 2019 and from 2018 to 2028 the market size is estimated. Factors such as rising demand in the Asia-Pacific region, growth in the food & beverage and healthcare sectors, and increasing consumer understanding of health are the key drivers of the refrigeration oil market in the coming years. The base year considered for the report is 2019, whereas the forecast period considered for the report is 2020 to 2028.
Due to their superior advantages and low/zero global warming potential (GWP) and ozone depletion potential (ODP) compared to traditional refrigerants such as HCFCs and HFCs, particularly in developed coolants, the growing demand for ammonia and CO2-based refrigeration systems across the food & beverage, pharmaceutical, plastic manufacturing and medical industries is one of the key trends observed on the market However, certain issues connected with natural refrigerants contribute to problems with incompatibility with the existing cooling oil. Increased investment in the processing of new ammonia and CO2-compatible oil has resulted in this. The widely used synthetic oils in systems that use natural refrigerants are POE and PAG. Therefore, rising demand for performance-enhancing refrigeration oil is projected to create lucrative prospects over the coming years for players operating in the global market for refrigeration oil. In addition, demand for new refrigerant-compatible synthetic refrigeration oils is likely to be led by the demand for low GWP and ODP for car air conditioning systems to minimize environmental emissions, especially in developing countries such as the United States, Germany, France, the United Kingdom, Japan, Italy and Spain.
Refrigeration Oil Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 1427.01 million|
|Growth Rate||CAGR of 3.70% during 2021-2030|
|Segment Covered||Material, End-use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||ExxonMobil Corporation, Shell Plc, Idemitsu Kosan Co., Ltd., MEIWA CORPORATION, CPI Fluid Engineering (Part of The Lubrizol Corporation), FUCHS Lubricants (Part of FUCHS Petrolub SE), Chevron Phillips Chemical Company LLC, Performance Chemicals (Division of BASF SE)|
Key Segments of the Global Refrigeration Oil Market
Material Overview, (USD Million) (Kilo Tons)
- Mineral oil
- Synthetic Oil
End-use Method, (USD Million) (Kilo Tons)
- Refrigerator and Freezer
- Air Conditioner
- Automotive AC system
- After Market
Regional Overview, (USD Million) (Kilo Tons)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Important Companies in Global refrigeration oil market
- XTG Group
- Idemitsu Kosan Co.
- Royal Dutch Shell
- Sinopec Group
- Johnson Controls
- Lubrizol (CPI Fluid Engineering Services)
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of refrigeration oil market
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on Refrigeration Oil Market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the field service management industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on solution, service, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global refrigeration oil Market. The report will benefit: Every stakeholder involved in the Composite Roller Melamine Foams Market.
- Managers within the field service management industry looking to publish recent and forecasted statistics about Refrigeration Oil Market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Refrigeration Oil Market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.