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 News

  • 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.
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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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Global Refrigeration Oil Market

Report ID: SQMIG15A2392