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  • Refrigeration Oil Market Forecast & Growth Analysis | 2022-2028

    Refrigeration Oil Market Forecast & Growth Analysis | 2022-2028

    Refrigeration Oil Market Forecast & Growth Analysis | 2022-2028
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    Refrigeration Oil Market Size, Share, Forecast Analysis & Growth Opportunity&ndas See more...

    Market Insights

    The refrigeration oil market size was valued at USD 1.14 billion in 2021 and is likely to grow at a healthy CAGR of 4.16% during the forecast period of 2022-2028 to reach USD 1.52 billion in 2028.

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    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.

    Refrigeration Oil Market Features

    Market Size in 2021

    USD 1.14 billion

    Market Size in 2028

    USD 1.52 billion

    Market Growth (2022-2028)

    4.16% CAGR

    Base Year of Study

    2021

    Trend Period

    2017-2020

    Forecast Period

    2022-2028

    Segments Covered

    By Oil Type (Mineral Oil and Synthetic Oil [Polyolester, Polyalkylene Glycol, and Others]),

    By Application Type (Refrigerator & Freezer [Domestic Refrigerator & Freezer, Commercial Refrigerator & Freezer, and Industrial Refrigerator & Freezer], Air Conditioner [Domestic Air Conditioners and Commercial Air Conditioners], and Automotive AC System),

    By Sales Type (OE and Aftermarket), and

    By Region.

    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).

    Market Drivers

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

    Refrigeration-Oil-Market-Snapshot

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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 2021 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 Analysis

    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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    Market Scope & 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 market is segmented into the following categories.

    By Oil Type

    • Mineral Oil
    • Synthetic Oil
      • Regional Analysis
      • Type Analysis: Polyolester, Polyalkylene Glycol, and Others

    By Application Type

    • Refrigerator & Freezer
      • Regional Analysis
      • Type Analysis: Domestic Refrigerator & Freezer, Commercial Refrigerator & Freezer, and Industrial Refrigerator & Freezer
    • Air Conditioner
      • Regional Analysis
      • Type Analysis: Domestic Air Conditioners and Commercial Air Conditioners
    • 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 Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Refrigeration-Oil-Market-Segmentation

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    Research Methodology

    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 10 detailed primary interviews with the market players across the value chain in all four regions and with 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 the market dynamics and will enable strategic decision-making for the 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, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

    Report – Features

    Market Segmentation

    4

    Regions Covered

    4

    Countries/Sub-Regions Covered

    13

    No. of Figures & Tables

    >150

    Company Profiles

    10

    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

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The market was valued at USD 1.14 billion in 2021.

    The market is likely to reach USD 1.52 billion in 2028.

    Refrigeration Oil Market is likely to witness a healthy CAGR of 4.16% during the forecast period.

    Some of the major players in the refrigeration oil 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).

    Asia-Pacific is expected to be the largest share of the market during the forecast period.

    The high growth of the refrigeration oil market is mainly bolstered by its increasing demand for refrigerators and freezers and air conditioning systems, coupled with the increasing consumption of packaged food products globally.

    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.

    The synthetic oil segment and refrigerator & freezer segment dominate the market during the forecast period.

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