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.

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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