Refrigeration Oil Market Analysis | 2024-2030

Market Insights

The refrigeration oil market was estimated at USD 1.35 billion in 2023 and is likely to grow at a CAGR of 4.74% during 2024-2030 to reach USD 1.86 billion in 2030.

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Market Dynamics

Introduction

Refrigeration oil lubricates the compressor of a freezer or an air conditioning system for its smooth operation and to achieve longer service life. Refrigeration oils are also required to withstand extreme temperature differences and be compatible with the refrigerants used in refrigeration and air conditioning systems.

COVID-19 Impact

The spread of the pandemic severely impacted the oil & gas industry which resulted in disruption in the supply of raw materials. This ultimately affected the refrigeration oil market.

Market Drivers

The major factors driving the growth of the refrigeration oil market are:

• Increasing demand for refrigerators & freezers, and air conditioning systems.
• Increasing consumption of packaged food products globally.

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Key Players

Major players in the market are:

• JXTG Group
• BASF SE
• Idemitsu Kosan Co., Ltd.
• Royal Dutch Shell plc
• Exxon Mobil Corporation
• BP p.l.c.
• Petroliam Nasional Berhad (PETRONAS)
• Chevron Corporation
• Total S.A.
• China Petrochemical Corporation (Sinopec Group)
• Fuchs Petrolub SE
• Johnson Controls International plc, and
• The Lubrizol Corporation (CPI Fluid Engineering Services).

Note: The above list does not necessarily include all the top players in the market.

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Segments' Analysis

By Oil Type

Based on the oil type, the market is segmented as mineral oil and synthetic oil. The synthetic oil segment held the larger share of the market in 2023 and is expected to remain dominant during the forecast period. Synthetic oil is further classified as polyolester, polyalkylene glycol, and others. Higher performance in critical conditions, higher thermal stability, viscosity, and chemical resistance, compared to mineral oil along with its increasing demand in low GWP and CO₂ refrigeration systems; is the major factor behind the dominance of synthetic oil in the market.

By Application Type

Based on the application type, the market is segmented as refrigerator & freezer, air conditioner, and automotive AC systems. The refrigerator & freezer segment dominates the market, owing to the increasing sales of refrigerators & freezers in the global market.

Regional Insights

In terms of regions, Asia-Pacific is expected to be the dominant region in the market during the forecast period. The Asia-Pacific region is the largest market for the food & beverage and consumer goods sectors; thus, creating a high demand for refrigerant oil in the region. Rapid industrialization and urbanization in developing countries such as India and China are likely to boost the demand for refrigerant oil in the region during the forecast period. North America and Europe are also expected to offer substantial growth opportunities over the forecast period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects refrigeration oil market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The refrigeration oil market is segmented into the following categories:

By Oil Type

• Mineral Oil
• Synthetic Oil

By Application Type

• Refrigerator & Freezer
• Air Conditioner
• Automotive AC System

By Sales Type

• OE
• Aftermarket

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the oil types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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