Refrigeration Oil Market- By Type of Oil , By Refrigerant Type , By Application (Refrigerator & Freezer, Air conditioners, Automotive AC System, Aftermarket and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024 - 2030.

Report Code: CMR 83478 Report Format: PDF + Excel

Overview

The Refrigeration Oil Market size is forecast to reach USD $1.6 billion by 2030, after growing at a CAGR of 4.3% during the forecast period 2024-2030.  Refrigeration oil is a high-temperature formulation of a mixture of oil and additives devised for usage in cooling systems. It acts as a lubricant in refrigeration compressors, derived from both mineral and synthetic oil in order to lubricate or reduce friction of metal parts and wear on the compressor. The product flows under high pressure to turn from liquid to vapor state to generate a cooling effect due to its special characteristics such as better chemical and thermal stability, low contamination, low pour point, high dielectric strength and viscosity. Global environmental regulations, such as the Montreal Protocol and subsequent amendments like the Kigali Amendment, are driving the phase-out of high-GWP refrigerants like hydrofluorocarbons (HFCs). This shift is propelled by the need to curb greenhouse gas emissions and combat climate change. Low-GWP refrigerants, including hydrocarbons, natural refrigerants (like ammonia and CO2), and hydrofluoroolefins (HFOs), are gaining prominence due to their significantly reduced impact on global warming compared to their predecessors. The HVACR (Heating, Ventilation, Air Conditioning, and Refrigeration) sector is witnessing consistent growth globally, driven by urbanization, industrialization, and an increasing focus on indoor comfort and air quality. HVACR systems, including air conditioning units, heat pumps, and refrigeration equipment, rely on refrigeration oils for effective operation and lubrication of components like compressors, motors, and heat exchangers. Commercial buildings, industries, hospitals, and data centers require sophisticated HVACR systems for temperature control, preservation of goods, and maintaining optimal working environments.

Report Coverage

The report “Refrigeration Oil Market– Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Refrigeration Oil Market.

By Type of Oil: Mineral Oil, Synthetic Oil and Others.

By Refrigerant Type: Chlorofluorocarbon (CFC), Hydro-chlorofluorocarbon (HCFC), Hydrofluorocarbon (HFC), Ammonia, HFO, Butane and Iso Butane, Propane and Others

By Application: Refrigerator & Freezer, Air conditioners, Automotive AC System, Aftermarket and Others 

By Geography:  North America, South America, Europe, APAC, and RoW.

Key Takeaways

  • Asia Pacific region is expected to maintain its dominance during the forecast period.
  • The key factor driving the growth of the global refrigeration oil market is the increasing consumption of frozen and packaged food products.
  • Refrigeration oil exhibits high viscosity, low pour point, and is contamination-free due to which the market is expected to grow during the forecast period.

By Type of Oil - Segment Analysis

  • Synthetic Oil segment held a significant share in refrigeration oil market in 2023. This dominance is attributed to its high performance in extreme conditions, superior viscosity index, high shear stability, and enhanced chemical resistance in comparison to mineral oil. Additionally, synthetic oil lasts longer and is compatible with low GWP and modern refrigerants such as NH3, HFO, and CO2. The growth is attributed to the increasing demand for POE and PGA in ammonia and CO2 refrigeration systems. On the other hand, the mineral oil offers more benefits over the synthetic oil, which leads to its use as a thermal fluid in mechanical and industrial applications.

By Application - Segment Analysis

  • Building Refrigerator & Freezer segment held a significant share in refrigeration oil market in 2023 growing at a CAGR of 4.5% during the forecast period. This growth is attributed to the growing demand for perishable food products due to the changing lifestyle of people in developed and developing regions and growth in trade of food products. The rising sales of refrigerators & freezers are anticipated to drive the growth of the market over the forecast period. Compressor Oil is designed to provide long service life in most compressor applications. Moreover, air conditioners segment is expected to have a significant growth during the forecast period due to installation of air conditioners in vehicles, residences, centralized systems in offices and in industries. However, consumer electronics companies plan to increase prices of refrigerators, air-conditioners, microwave ovens and washing machines due to higher component prices amid short supplies from coronavirus-hit China.

By Geography - Segment Analysis

  • Asia Pacific dominated the refrigeration oil market with a share of more than 32%, followed by North America and Europe. The increasing population in the region and the rising demand for refrigerators, freezers, air conditioners, and automobiles in the emerging markets of APAC, such as China and India, are some of the major factors projected to drive the demand for refrigeration oil in the region. Furthermore, the improving lifestyle, increasing employment rate, rising disposable income of the people, and mounting foreign investments in various sectors of the economy are some of the other factors that make APAC an attractive market for refrigeration oil manufacturers. 

 

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Drivers – Refrigeration Oil Market

  • Growing Demand for Environmentally Friendly Oils

Stringent EU Consumer and industry preferences are increasingly inclined towards sustainable and eco-friendly products. This extends to refrigeration systems where there's a growing preference for oils derived from renewable sources or with minimal environmental impact. Manufacturers are responding to this demand by developing refrigeration oils derived from bio-based or synthetic sources that offer lower GWP, reduced toxicity, and improved biodegradability. Many industries are incorporating sustainability into their operational strategies. This includes using refrigeration oils that align with their sustainability commitments and promote environmentally responsible practices.

  • Cold chain logistics have sparked an interest in refrigeration equipment and in turn refrigeration oil 

Changing food habits coupled with spending capacity have resulted in a number of licensed and franchised stores of limited services restaurants such as McDonald’s and Subway, KFC and local services and is driving demand for frozen and chilled food products. Moreover, storage of medical products (such as vaccines, other medical products, etc.) is expected to increase demand for refrigeration systems. Hence, it is expected to increase installation of refrigeration equipment in warehouses as well as in vehicles for distribution. 

Challenges – Refrigeration Oil Market 

Inadequate Source: Expert Insights & IndustryARC Analysis

  • Stringent regulations

Various government organizations are trying to enforce amendments over the industries to reduce the use of HCFCs and CFCs in refrigeration system until 2030 by A5 countries in order to identify such refrigerants as obsolete. Thus, stringent government regulations are expected to hinder the refrigeration oil market. Moreover, ammonia is not compatible with copper, so it cannot be used in any system with copper pipes. Release of ammonia due to excess water within the system freezing, causes broken pipes and equipment.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the refrigeration oil market. in 2023, The major players in the Refrigeration Oil market are Exxon Mobil Corporation, Shell PLC, FUCHS, Idemitsu Kosan Co. Ltd, Petronas International Limited, BP p.l.c., Sinopec Group, Johnson Controls, Japan Sun Oil Company, Ltd., Isel Inc. and Others.

Developments:

  • In August 2023, The Japanese lubricating oil manufacturer Sun Oil Co. launched a mineral refrigeration oil that works with most refrigerants. 
  • In September 2022, Tata Motors announced the launch of the 5W30 synthetic engine oil, which is specifically intended to enhance the performance of the BS6 diesel engines.
     

1. Refrigeration Oil Market- Overview
    1.1. Definitions and Scope
2. Refrigeration Oil Market- Executive Summary
3. Refrigeration Oil Market- Comparative Analysis
    3.1. Company Benchmarking - Key Companies
    3.2. Global Financial Analysis - Key Companies
    3.3. Market Share Analysis - Key Companies
    3.4. Patent Analysis
    3.5. Pricing Analysis
4. Refrigeration Oil Market- Start-up Companies Scenario 
    4.1. Key Start-up Company Analysis by
        4.1.1. Investment
        4.1.2. Revenue
        4.1.3. Venture Capital and Funding Scenario
5. Refrigeration Oil Market– Market Entry Scenario Premium 
    5.1. Regulatory Framework Overview
    5.2. New Business and Ease of Doing Business Index
    5.3. Case Studies of Successful Ventures
6. Refrigeration Oil Market- Forces
    6.1. Market Drivers
    6.2. Market Constraints
    6.3. Market Challenges
    6.4. Porter's Five Force Model
        6.4.1. Bargaining Power of Suppliers
        6.4.2. Bargaining Powers of Customers
        6.4.3. Threat of New Entrants
        6.4.4. Rivalry Among Existing Players
        6.4.5. Threat of Substitutes
7. Refrigeration Oil Market– Strategic Analysis
    7.1. Value Chain Analysis
    7.2. Opportunities Analysis
    7.3. Market Life Cycle
8. Refrigeration Oil Market– by Type of Oil (Market Size – $Million/$Billion) 
    8.1. Mineral Oil
    8.2. Synthetic Oil
    8.3. Others
9. Refrigeration Oil Market– by Refrigerant Type (Market Size – $Million/$Billion)
    9.1. Chlorofluorocarbon (CFC)
    9.2. Hydro-chlorofluorocarbon (HCFC)
    9.3. Hydrofluorocarbon (HFC)
    9.4. Ammonia
    9.5. HFO
    9.6. Butane and Iso Butane
    9.7. Propane
    9.8. Others
10. Refrigeration Oil Market– by Application (Market Size – $Million/$Billion)
    10.1. Refrigerator & Freezer
    10.2. Air conditioners
    10.3. Automotive AC System
    10.4. Aftermarket
    10.5. Others
11. Refrigeration Oil Market– by Geography (Market Size – $Million/$Billion) 
    11.1. North America
        11.1.1. U.S
        11.1.2. Canada
        11.1.3. Mexico
    11.2. Europe
        11.2.1. Germany
        11.2.2. France
        11.2.3. UK
        11.2.4. Italy
        11.2.5. Spain
        11.2.6. Belgium
        11.2.7. Netherlands
        11.2.8. Rest of Europe
    11.3. Asia-Pacific
        11.3.1. China
        11.3.2. Japan
        11.3.3. South Korea
        11.3.4. India
        11.3.5. Australia & New Zealand
        11.3.6. Indonesia
        11.3.7. Malaysia
        11.3.8. Taiwan
        11.3.9. Rest of Asia-Pacific
    11.4. South America
        11.4.1. Brazil
        11.4.2. Argentina
        11.4.3. Chile
        11.4.4. Colombia
        11.4.5. Rest of South America
    11.5. Rest of The World
        11.5.1. Middle East
        11.5.2. Africa
12. Refrigeration Oil Market– Entropy
13. Refrigeration Oil Market– Industry/Segment Competition Landscape  
    13.1. Market Share Analysis
        13.1.1. Market Share by Product Type – Key Companies
        13.1.2. Market Share by Region – Key Companies
        13.1.3. Market Share by Country – Key Companies
    13.2. Competition Matrix
    13.3. Best Practices for Companies
14. Refrigeration Oil Market– Key Company List by Country Premium 
15. Refrigeration Oil Market- Company Analysis
    15.1. Exxon Mobil Corporation
    15.2. Shell PLC
    15.3. FUCHS
    15.4. Idemitsu Kosan Co. Ltd.
    15.5. Petronas International Limited.
    15.6. BP p.l.c.
    15.7. Sinopec Group
    15.8. Johnson Controls
    15.9. Japan Sun Oil Company, Ltd.,
    15.10. Isel Inc. 
    
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LIST OF TABLES

1.Global Refrigeration Oil Market By Oil Type Market 2023-2030 ($M)
1.1 Synthetic Oil Market 2023-2030 ($M) - Global Industry Research
1.2 Mineral Oil Market 2023-2030 ($M) - Global Industry Research
2.Global Refrigeration Oil Market By Oil Type Market 2023-2030 (Volume/Units)
2.1 Synthetic Oil Market 2023-2030 (Volume/Units) - Global Industry Research
2.2 Mineral Oil Market 2023-2030 (Volume/Units) - Global Industry Research
3.North America Refrigeration Oil Market By Oil Type Market 2023-2030 ($M)
3.1 Synthetic Oil Market 2023-2030 ($M) - Regional Industry Research
3.2 Mineral Oil Market 2023-2030 ($M) - Regional Industry Research
4.South America Refrigeration Oil Market By Oil Type Market 2023-2030 ($M)
4.1 Synthetic Oil Market 2023-2030 ($M) - Regional Industry Research
4.2 Mineral Oil Market 2023-2030 ($M) - Regional Industry Research
5.Europe Refrigeration Oil Market By Oil Type Market 2023-2030 ($M)
5.1 Synthetic Oil Market 2023-2030 ($M) - Regional Industry Research
5.2 Mineral Oil Market 2023-2030 ($M) - Regional Industry Research
6.APAC Refrigeration Oil Market By Oil Type Market 2023-2030 ($M)
6.1 Synthetic Oil Market 2023-2030 ($M) - Regional Industry Research
6.2 Mineral Oil Market 2023-2030 ($M) - Regional Industry Research
7.MENA Refrigeration Oil Market By Oil Type Market 2023-2030 ($M)
7.1 Synthetic Oil Market 2023-2030 ($M) - Regional Industry Research
7.2 Mineral Oil Market 2023-2030 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Refrigeration Oil Market Revenue, 2023-2030 ($M)
2.Canada Refrigeration Oil Market Revenue, 2023-2030 ($M)
3.Mexico Refrigeration Oil Market Revenue, 2023-2030 ($M)
4.Brazil Refrigeration Oil Market Revenue, 2023-2030 ($M)
5.Argentina Refrigeration Oil Market Revenue, 2023-2030 ($M)
6.Peru Refrigeration Oil Market Revenue, 2023-2030 ($M)
7.Colombia Refrigeration Oil Market Revenue, 2023-2030 ($M)
8.Chile Refrigeration Oil Market Revenue, 2023-2030 ($M)
9.Rest of South America Refrigeration Oil Market Revenue, 2023-2030 ($M)
10.UK Refrigeration Oil Market Revenue, 2023-2030 ($M)
11.Germany Refrigeration Oil Market Revenue, 2023-2030 ($M)
12.France Refrigeration Oil Market Revenue, 2023-2030 ($M)
13.Italy Refrigeration Oil Market Revenue, 2023-2030 ($M)
14.Spain Refrigeration Oil Market Revenue, 2023-2030 ($M)
15.Rest of Europe Refrigeration Oil Market Revenue, 2023-2030 ($M)
16.China Refrigeration Oil Market Revenue, 2023-2030 ($M)
17.India Refrigeration Oil Market Revenue, 2023-2030 ($M)
18.Japan Refrigeration Oil Market Revenue, 2023-2030 ($M)
19.South Korea Refrigeration Oil Market Revenue, 2023-2030 ($M)
20.South Africa Refrigeration Oil Market Revenue, 2023-2030 ($M)
21.North America Refrigeration Oil By Application
22.South America Refrigeration Oil By Application
23.Europe Refrigeration Oil By Application
24.APAC Refrigeration Oil By Application
25.MENA Refrigeration Oil By Application
26.Jxtg Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.BASF SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Exxonmobil Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Royal Dutch Shell Plc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Total S.A., Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Petroliam Nasional Berhad, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.FUCHS Petrolub Se, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Johnson Controls, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.The Lubrizol Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.BP P.L.C., Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Chevron Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)