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Global Refrigeration Oil Market Size study, by Type (Synthetic oil, Mineral oil) by Application (Refrigerators & Freezers, Air Conditioner, Automotive AC System, Aftermarket) and Regional Forecasts 2024-2032

Global Refrigeration Oil Market Size study, by Type (Synthetic oil,...

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Global Refrigeration Oil Market Size study, by Type (Synthetic oil, Mineral oil) by Application (Refrigerators & Freezers, Air Conditioner, Automotive AC System, Aftermarket) and Regional Forecasts 2024-2032
Global Refrigeration Oil Market Size...
Report Code
RO3/103/2413

Publish Date
30/Aug/2024

Pages
200
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Global Refrigeration Oil Market is valued at approximately USD 1210 million in 2023 and is anticipated to grow with a healthy growth rate of more than 5.53% over the forecast period 2024-2032. Refrigeration oil is a specific lubricant that is necessary for the compressors in air conditioning and refrigeration systems to run smoothly. It guarantees adequate lubrication, lowers friction, and keeps stability at different temperatures. It stops chemical reactions and moisture absorption that might harm the system and is compatible with some refrigerants. For older refrigerants, there are mineral oils, while for more contemporary uses, there are synthetic oils including POE, PAG, AB, and PVE. . The rise in shift towards eco-friendly refrigerants is a key trend that is supporting the growth of the Global Refrigeration Oil Market at a substantial rate. There is a significant trend towards using environment friendly refrigerants such as HFCs (hydrofluorocarbons), HFOs (hydrofluoroolefins), and natural refrigerants such as CO2 and ammonia. This shift is driving the demand for refrigeration oils compatible with these new refrigerants.

The increasing demand for innovative electronics like refrigerators, air conditioners, and automotive AC systems is attributing to the demand of the refrigeration oil across the globe. This surge in electronics fuels technological advancements and product innovation, thereby boosting the requirement for refrigeration oil. Additionally, the soaring demand for frozen food, particularly in countries such as China and the U.S., is fueling the necessity for efficient refrigeration systems and oils. This scenario creates an opportunity for manufacturers and suppliers in the market. Along with this, rapid urbanization, coupled with rising disposable incomes, are driving the demand for household appliances like refrigerators and air conditioners, thus fueling the demand for refrigeration oil. Moreover, the rise in advancements in compressor technology and the development of eco-friendly refrigerants have led to the creation of new and improved refrigeration systems, driving the need for compatible refrigeration oils. However, stringent regulations to limit use of fluorocarbon refrigerants, along with the environmental factors associated with the use of a refrigeration system is expected to stifle market growth during the forecast period of 2024-2032.

The key regions considered for the global Refrigeration Oil Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America was the largest regional market in terms of revenue. Whereas, the market in Asia Pacific is expected to grow at the fastest rate over the forecast period owing to the rapid growth of the automotive industry in the region. Also, the growing emphasis on comfort and convenience has significantly boosted product demand. Consequently, air conditioning systems have become standard in vehicles, necessitating the use of high-quality refrigeration oil for optimal efficiency. According to the International Organization of Motor Vehicle Manufacturers (OICA), India's automotive production surged by 24% in 2022, reaching 5,458,857 vehicles, an increase from 4,399,112 vehicles in 2021.

Major market player included in this report are:
INEOS Group Limited
Idemitsu Kosan Co., Ltd.
Exxon Mobil Corporation
Shell plc
TotalEnergies SE
China Petroleum & Chemical Corporation -
FUCHS Petrolub SE
PETRONAS Lubricants International Sdn Bhd
Johnson Controls International plc
BASF SE
The detailed segments and sub-segment of the market are explained below:
By Type
Synthetic oil
Mineral oil
By Application
Refrigerators & Freezers
Air Conditioner
Automotive AC System
Aftermarket
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market

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