Global Refrigeration Oil Market

Refrigeration Oil Market Size, Share, Growth Analysis, By Type(Mineral, Synthetic and Semi-Synthetic), By Application(Air Conditioner, Refrigerators, Automotive, and Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15A2392 | Region: Global | Published Date: April, 2024
Pages: 184 |Tables: 63 |Figures: 75

Refrigeration Oil Market Insights

Global Refrigeration Oil Market size was valued at USD 1.15 billion in 2022 and is poised to grow from USD 1.20 billion in 2023 to USD 1.65 billion by 2031, growing at a CAGR of 4.1% in the forecast period (2024-2031).

The increasing demand for cutting-edge electronics, including air conditioners, refrigerators, and HVAC systems, is driving growth in the electronics sector. This industry expansion not only propels technological advancements and product innovation but also amplifies the need for refrigeration oil. Additionally, the rising preference for frozen food, especially in various nations, is creating a demand for highly efficient refrigeration systems and the corresponding refrigeration oils. This scenario presents a favorable opportunity for manufacturers and suppliers in the product market. As per projections from Gentlemen Marketing Agency (GMA), the Chinese frozen food market is anticipated to reach USD 26,492.8 million by 2024, with a growth rate exceeding 12%. Similarly, the American Frozen Food Institute reported that frozen food sales in the US exceeded USD 72 billion in 2022, indicating a substantial market size. This surge in frozen food demand is expected to propel the overall product market growth in the foreseeable future. However, the increasing emphasis on energy efficiency and environmental sustainability has led to the establishment of regulations and standards governing the use of refrigeration systems. These regulations often mandate the use of environmentally friendly refrigerants with lower global warming potentials, leading to a noticeable shift towards alternative refrigerants like natural refrigerants or low-GWP synthetic refrigerants, potentially impacting the demand for traditional refrigeration oils.As these industries expand, the importance of refrigeration oil in ensuring the smooth operation and maintenance of systems becomes paramount. Furthermore, the surging demand for frozen food, both domestically and for export, has played a significant role in driving the demand for refrigeration oil. Given the United States' prominent position in the frozen food industry, the increasing consumption of frozen food products has led to a discriminating need for reliable and efficient refrigeration systems, consequently boosting the demand for refrigeration oil.

Market Snapshot - 2024-2031

Global Market Size

USD 1.15 billion

Largest Segment

Synthetic

Fastest Growth

Synthetic

Growth Rate

4.1% CAGR

Global Refrigeration Oil Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Refrigeration Oil Market Segmental Analysis

Global Refrigeration Oil Market is segmented on the basis of Type, Application and region. By Type, the market is segmented into Mineral, Synthetic, and Semi-Synthetic. By Application, the market is segmented into Air Conditioner, Refrigerators, Automotive, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis By Type

The synthetic type segment occurred as the market leader, with an impressive revenue share exceptional 47% in 2023. This dominance can be attributed to the exceptionally low volatility, thermal stability, and enhanced lubrication properties inherent in synthetic refrigeration oils, interpreting them as more efficient compared to predictable mineral-based oils. These abilities play a pivotal role in enhancing system reliability, reducing maintenance needs, and prolonging the lifespan of equipment, thereby stimulating the demand for synthetic refrigeration oil. Furthermore, the ongoing advancements in refrigerant technology, especially in the industrial sectors, have given rise to new refrigeration systems that demand particular lubricants. Synthetic refrigeration oil is often the favored choice for these advanced systems, given its capability to meet specific performance requirements and compatibility with refrigerants.

The segment composed for growth in the forecast period is semi-synthetic. These oils strike a balance between the performance advantages obtainable by synthetic oils and the cost-effectiveness associated with mineral oils. Semi-synthetic oils, being blends of synthetic and mineral oils, merge the benefits of both categories. This makes them a popular choice in applications where full synthetic oils might be deemed too expensive or redundant, there is a desire for enhanced performance and efficiency.

Analysis By Application

The refrigerators segment occurred as the market leader, impressive revenue share exceeding 30% in 2023. This dominance is credited to the essential role of refrigeration oil in lubricating and facilitating heat transfer within refrigerators. It plays a pivotal role in safeguarding the seamless operation of various moving components in refrigerator systems. By justifying friction and minimizing wear, the oil contributes to the efficient functionality of these elements. Additionally, it enables the heat transfer process by absorbing heat from the evaporator and releasing it in the condenser. Moreover, the oil aids in system sealing, preventing refrigerant leaks and upholding the overall efficiency of the refrigeration cycle.

The automotive segment is composed to be a key driver of product demand in the predictable future. Continuing advancements in automotive technology have given rise to the creation of more efficient and cultured air conditioning systems. These advanced systems demand precise types of refrigeration oil to safeguard compatibility and achieve optimal performance. Moreover, heightened awareness of environmental concerns and a focus on curbing greenhouse gas emissions have compelled the automotive industry to hold ecologically friendly refrigerants in air conditioning systems. The acceptance of these new refrigerants regularly needs specific types of refrigeration oil.

Global Refrigeration Oil Market By Type, 2022 (%)

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Refrigeration Oil Market Regional Insights

Asia Pacific declared its dominance in the refrigeration oil market, imposing a revenue share surpassing 37% in 2023. This can be attributed to the thriving automotive industry within the region. Moreover, the growing importance of comfort and convenience has played an essential role in stimulating product demand. As living standards and disposable incomes rise, consumers in the Asia Pacific region are progressively looking for enhanced comfort in their daily lives. Accordingly, air conditioning systems have become a standard feature in vehicles, and the use of high-quality refrigeration oil is imperative to maintain their efficiency. According to the International Organization of Motor Vehicle Manufacturers, automotive production in India experienced a remarkable growth of 24% in 2022, totaling 5,458,857 vehicles compared to 4,399,112 in 2021.

Europe is composed for growth in the upcoming forecast period, driven by the region's stringent regulations and standards focusing on energy efficiency and environmental conservation. The demand for refrigeration oil in Europe has been further forced by measures implemented to approve the utilization of energy-efficient cooling systems. Moreover, there is a concerted effort to encourage the adoption of ecologically friendly refrigerants in compliance with these regulations, therefore boosting the demand for products compatible with such systems.

Global Refrigeration Oil Market By Region, 2024-2031
  • Largest
  • Fastest

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Refrigeration Oil Market Dynamics

Drivers

Rising Demand for Energy-Efficient Systems

  • The refrigeration oil market is observing a significant surge in demand, driven by the mounting need for energy-efficient systems. As humanities become increasingly aware of environmental concerns and strive to reduce their carbon footprint, there has been a growing stress on adopting energy-efficient knowledge in various industries. This shift is fueled by a dual purpose of environmental sustainability, but it also helps organizations enhance operational costs.

Prevalence of Chronic Diseases

  • The refrigeration oil market has observed significant growth in tandem with the increasing refrigeration and air conditioning industry. As global demand for cooling solutions continues to rise due to increasing urbanization, industrialization, and climate change, the need for efficient and reliable refrigeration and air conditioning systems has become dominant. Refrigeration oils play a crucial role in maintaining the smooth operation and longevity of these systems by safeguarding proper lubrication and heat transfer. The market has experienced a flow in demand for environmentally friendly and energy-efficient refrigeration oils, driven by stringent regulations and a growing emphasis on sustainability. Furthermore, advancements in technology and the development of eco-friendly refrigerants are shaping the industry.

Restraints

Transition to Low-GWP Refrigerants

  • The refrigeration oil market is experiencing a significant transformation driven by the imperative shift towards low-GWP refrigerants. With increased regulatory scrutiny, the refrigeration sector is shifting away from high-global warming potential (GWP) refrigerants, including hydrofluorocarbons, and adopting alternatives characterized by reduced environmental impact. This transition is not only redesigning refrigerant preferences but also impacting the demand for specialized refrigeration oils. The need for compatible lubricants that ensure optimal system performance and efficiency in low-GWP refrigeration systems has become dominant.

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Refrigeration Oil Market Competitive Landscape

The market exhibits a moderate level of merging, with a handful of major players imposing a significant share of the revenue. These key industry participants are advantageously intent on the introduction of innovative products to support their market positioning. Moreover, they are dedicated to executing strategic initiatives aimed at bolstering their overall market presence.

Top Player’s Company Profile

  • Total Energies SE
  • National Refrigerants, Inc.
  • Royal Dutch Shell Plc
  • EXXONMOBIL CORPORATION
  • Idemitsu Kosan Co. Ltd
  • Petrochemical Corporation of Singapore (Private) Limited.
  • kluber
  • FUCHS Petrolub S
  • BASF SE
  • Lukoil
  • Cosmo Oil Lubricants Co., Ltd.
  • Lubriplate Lubricants Company
  • Eneos Holdings Inc.
  • Johnson Controls International plc
  • Chevron Corporation
  • INEOS
  • Indian Oil Corporation Ltd.
  • Petro-Canada Lubricants Inc.
  • CAMCO Lubricants
  • MAHLE GmbH.

Recent Developments

  • In March 2023, the establishment of a sustainable aviation fuel (SAF) supply chain in Queensland will be investigated collaboratively by Burnett Mary Regional Group, IDEMITSU Kosan Co., Ltd., and J-Oil Mills, Inc. This will include growing PONGAMIA pinnata (MILLETTIA pinnata) trees, a non-edible oil feedstock, for CO2 fixation and securing plant materials through reforestation.
  • In September 2022, Shell plc reached a consensus to sell its complete 100% ownership in Shell Onshore Ventures LLC to IKAV. This entity possesses a 51.8% stake in Aera Energy LLC, a firm involved in the exploration and production of natural gas and oil. The overall compensation for this deal stands at around US$2 billion in cash, augmented by additional contingent payments linked to prospective oil prices.
  • In June 2022, ExxonMobil and Qatar Energy entered into an agreement to propel the progress of Qatar's North Field East project. This collaborative effort is strategically designed to significantly increase the annual Liquefied Natural Gas capacity from the current 77 million tons to 110 million tons by the year 2026.

Refrigeration Oil Key Market Trends

Shift to Eco-Friendly Lubricants:

  • The refrigeration oil market is undergoing a substantial transformation in response to global industries progressively embracing environmentally conscious practices. Escalating environmental apprehensions have prompted a noticeable shift in the refrigeration oil sector towards the utilization of environmentally friendly oils. Conventional refrigeration oils, frequently derived from mineral oils, have raised environmental concerns owing to their detrimental effects on ecosystems and contribution to climate change. In this evolving scenario, there is a growing demand for sustainable alternatives.

Refrigeration Oil Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analyses, the refrigeration oil market is undergoing significant growth and transformation, driven by several key factors. The rising need for cooling solutions in diverse sectors such as food and beverage, pharmaceuticals, and automotive serves as a major catalyst. Furthermore, the increasing emphasis on energy efficiency and environmental sustainability has driven the creation and acceptance of advanced refrigeration technologies, consequently fueling the demand for high-performance refrigeration oils. Synthetic refrigeration oils, recognized for their exceptional thermal stability and compatibility with eco-friendly refrigerants, are gaining traction. The market is marked by fierce competition, as major players concentrate on research and development initiatives to bring forth innovative products.

Report Metric Details
Market size value in 2022 USD 1.15 billion
Market size value in 2031 USD 1.65 billion
Growth Rate 4.1%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Mineral, Synthetic and Semi-Synthetic
  • Application
    • Air Conditioner, Refrigerators, Automotive, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Total Energies SE
  • National Refrigerants, Inc.
  • Royal Dutch Shell Plc
  • EXXONMOBIL CORPORATION
  • Idemitsu Kosan Co. Ltd
  • Petrochemical Corporation of Singapore (Private) Limited.
  • kluber
  • FUCHS Petrolub S
  • BASF SE
  • Lukoil
  • Cosmo Oil Lubricants Co., Ltd.
  • Lubriplate Lubricants Company
  • Eneos Holdings Inc.
  • Johnson Controls International plc
  • Chevron Corporation
  • INEOS
  • Indian Oil Corporation Ltd.
  • Petro-Canada Lubricants Inc.
  • CAMCO Lubricants
  • MAHLE GmbH.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Refrigeration Oil Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Refrigeration Oil Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Refrigeration Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Refrigeration Oil Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Refrigeration Oil Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Refrigeration Oil Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Refrigeration Oil Market size was valued at USD 1.15 billion in 2022 and is poised to grow from USD 1.20 billion in 2023 to USD 1.65 billion by 2031, growing at a CAGR of 4.1% in the forecast period (2024-2031).

The market exhibits a moderate level of merging, with a handful of major players imposing a significant share of the revenue. These key industry participants are advantageously intent on the introduction of innovative products to support their market positioning. Moreover, they are dedicated to executing strategic initiatives aimed at bolstering their overall market presence. 'Total Energies SE', 'National Refrigerants, Inc.', 'Royal Dutch Shell Plc', 'EXXONMOBIL CORPORATION', 'Idemitsu Kosan Co. Ltd', 'Petrochemical Corporation of Singapore (Private) Limited.', 'kluber', 'FUCHS Petrolub S', 'BASF SE', 'Lukoil', 'Cosmo Oil Lubricants Co., Ltd.', 'Lubriplate Lubricants Company', 'Eneos Holdings Inc.', 'Johnson Controls International plc', 'Chevron Corporation', 'INEOS', 'Indian Oil Corporation Ltd.', 'Petro-Canada Lubricants Inc.', 'CAMCO Lubricants', 'MAHLE GmbH.'

The refrigeration oil market is observing a significant surge in demand, driven by the mounting need for energy-efficient systems. As humanities become increasingly aware of environmental concerns and strive to reduce their carbon footprint, there has been a growing stress on adopting energy-efficient knowledge in various industries. This shift is fueled by a dual purpose of environmental sustainability, but it also helps organizations enhance operational costs.

The refrigeration oil market is undergoing a substantial transformation in response to industries progressively embracing environmentally conscious practices. Escalating environmental apprehensions have prompted a noticeable shift in the refrigeration oil sector towards the utilization of environmentally friendly oils. Conventional refrigeration oils, frequently derived from mineral oils, have raised environmental concerns owing to their detrimental effects on ecosystems and contribution to climate change. In this evolving scenario, there is a growing demand for sustainable alternatives.

Asia Pacific declared its dominance in the refrigeration oil market, imposing a revenue share surpassing 37% in 2023. This can be attributed to the thriving automotive industry within the region. Moreover, the growing importance of comfort and convenience has played an essential role in stimulating product demand. As living standards and disposable incomes rise, consumers in the Asia Pacific region are progressively looking for enhanced comfort in their daily lives. Accordingly, air conditioning systems have become a standard feature in vehicles, and the use of high-quality refrigeration oil is imperative to maintain their efficiency. According to the International Organization of Motor Vehicle Manufacturers, automotive production in India experienced a remarkable growth of 24% in 2022, totaling 5,458,857 vehicles compared to 4,399,112 in 2021.

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