Refrigeration Oil Market Size To Reach $ 1.96 Billion By 2030

Refrigeration Oil Market Growth & Trends

The global refrigeration oil market is expected to reach USD 1.96 billion by 2030, and it is projected to grow at a CAGR of 4.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Refrigeration oil is an essential component in the refrigerant industry, serving a variety of applications. One of its primary roles is to lubricate and cool the moving parts of compressors, which are responsible for compressing the refrigerant gas. By reducing friction and preventing wear and tear, it helps to maintain the optimal performance of compressors.

Moreover, it finds applications across various industries, including food processing, cold storage, pharmaceuticals, chemical manufacturing, and HVAC systems. Its presence is crucial for maintaining the performance and reliability of refrigerant equipment in these sectors. Manufacturers develop specific formulations of refrigeration oil to meet the diverse requirements of different systems, considering factors such as temperature range, refrigerant compatibility, and environmental considerations.

However, the shift towards alternative cooling technologies and refrigerants, such as natural refrigerants and electric cooling systems, can impact the demand for traditional refrigeration oil. The growing focus on energy efficiency and the adoption of greener alternatives may reduce the reliance on conventional systems that require refrigeration oil.

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Refrigeration Oil Market Report Highlights

• The product market is anticipated to witness growth with a CAGR of 4.7% from 2024 to 2030. This is attributed to the increasing demand for deep freezers for the storage of drugs, vaccines, and frozen foods worldwide

• Mineral type segment is anticipated to witness growth over the forecast period. This growth is attributed to its compatibility with a wide range of refrigerant oils. Mineral oil exhibits good solubility and miscibility with various refrigerants, making it suitable for use in different types of refrigeration systems.

• Air conditioners in the application segment is anticipated to witness growth over the forecast period. The growth is attributed to the growing demand for air conditioners, particularly in emerging economies like India, China, and Indonesia, is contributing to the increased need for refrigeration oil. As global temperatures rise and heatwaves become more frequent, the demand for air conditioning is on the rise to provide cooling and comfort. This trend is further fueled by the increasing urbanization and improving living standards in these countries

• North America region is anticipated to witness growth over the forecast period. This growth is attributed to the increasing demand for refrigeration and cooling systems in various industries, including food and beverage, pharmaceuticals, and logistics. The growth of these industries, coupled with the need for temperature-controlled storage and transportation, has led to a higher demand for the product in the region

• According to the European Federation of Pharmaceutical Industries and Associations, the North American pharmaceutical market, including Canada and the U.S., remained the world’s largest market with 49.1% of the global pharmaceutical share in 2021. Thus, the advancement of the pharmaceutical industry is anticipated to drive the product demand in the region.

Refrigeration Oil Market Segmentation

Grand View Research has segmented the global refrigeration oil market report based on basis of type, application, and region:

Refrigeration Oil Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Mineral

• Synthetic

• Semi-Synthetic

Refrigeration Oil Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Air Conditioner

• Refrigerators

• Automotive

• Coolers & Conditioners

• Other Applications

Refrigeration Oil Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players in Refrigeration Oil Market

• INEOS

• Idemitsu Kosan Co., Ltd

• Exxon Mobil Corporation

• Shell Global

• TotalEnergies

• China Petroleum & Chemical Corporation

• FUCHS

• PETRONAS Lubricants International

• Jhonson Controls