Refrigeration Oil Market Share, Size, Trends, Industry Analysis Report, By Oil Type (Synthetic, Mineral), By Application (Refrigerators & Freezer, Air Conditioner, Automotive AC System, Aftermarket); By Region; Segment Forecast, 2022 - 2030
- Published Date:May-2022
- Pages: 120
- Format: PDF
- Report ID: PM2402
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global refrigeration oil market was valued at USD 1.14 billion in 2021 and is expected to grow at a CAGR of 4.2% during the forecast period. The rising demand for refrigerators by the food & beverages, meat, and dairy products industries and increasing applications of refrigeration oils in the air conditioner, automotive AC systems, freezers, etc., are propelling the refrigeration oil market demand across the globe.
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In addition, the profitable growth of the pharmaceutical industry, coupled with the increasing working population, is more inclined toward ready-to-eat food is also attributed to the market growth. Furthermore, changing climatic conditions, shifting lifestyle of the population, as well as growing investments in technological developments are further creating various growth prospects for the refrigeration oil industry developments in the forecast period.
At the onset of the COVID-19, various economic sectors have also shown a substantial impact. Accordingly, the refrigeration oil industry was also negatively affected owing to the imposition of strict regulations over trade and strict lockdown to curb the effect of the virus. Consequentially, the demand and supply chain were disturbed, which negatively influenced industry development. Moreover, the prices of raw materials kept fluctuating during the pandemic, also hindering the industry expansion during the forecast period. Hence, the gradual opening of the lockdown is anticipated to improve the global refrigeration oil market growth in the approaching period.
Industry Dynamics
Growth Drivers
The rising application of refrigeration is the major driving factor for refrigeration oil market growth. Also, the growing popularity of frozen and ready-to-eat food products is further flourishing the demand for refrigeration oil. The various end-use industries increasingly adopt these refrigeration solutions due to their cost-effectiveness, lightweight, and oil sustainability. Refrigeration oil in the form of oil is generally articulated by blending additives that is considered for usage in the cooling system. These are usually derived from mineral or synthetic oil.
The primary advantages of using refrigeration oil are to lubricate the moving parts and compressor bearings etc., to enhance the shelf life of the devices as the refrigeration oil solutions have high lubrication capability, which protects the machinery and equipment from friction and corrosion. It lessens friction on metal parts, plummets wear on the compressor, and increases the system's life. Thereby it increases the shelf life of the devices. Thus, the growth of the pharmaceutical & chemical industries and the surging adoption of refrigerators also provide the impetus for the development of the industry.
Furthermore, the changing climatic condition creates an essential requirement for AC which creates lucrative growth in the market. For instance, according to the United States Environmental Protection Agency, it is found that with the widespread changes in weather patterns, the global average temperature is rising, such as heatwaves, large storms, high and low temperatures, drought, etc. Thereby, the growing temperature worldwide leads to the higher adoption of AC, coolers, and fans to get rid of the hot climate and health effects of global warming. Hence, changing climatic conditions also propels refrigeration oil market growth in the coming years.
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Report Segmentation
The market is primarily segmented based on oil type, application, and region.
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By Oil Type |
By Application |
By Region |
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Insight by Application
The refrigerators and freezers segment is the dominant segment and holds the largest revenue share. Increasing investment in restaurants, cafes, hotels, etc., is the factor that acts as a catalyzing factor for the segment growth. For instance, according to the American Bankers Association (ABA), in 2020, the sales of frozen food, ice creams, and bakery products will have increased by 62.3%. It also states that frozen food sales have increased by 44.3%, and bakery products have increased by 48.9%. Thereby, the rising sales of frozen food in the global market are expected to foster the refrigerator and freezers segment worldwide.
Geographic Overview
Geographically, Asia Pacific accounted for the largest revenue share. The significant factors creating opportunity for the market growth in the region are the growing need for preserving medications, drugs, and medicinal chemicals at a specific temperature, and the demand for refrigerators is increasing across the pharmaceutical sector, which fosters the market demand. Additionally, rising innovation and development in the automotive industry and demand for food and beverages are vital to market expansion. Additionally, the increasing working population, the growth of the food industry as well as the development of emerging economies such as India, China, and Australia are further act as catalyzing factors for market growth.
Moreover, the North American market is anticipated to exhibit the highest CAGR over the forecasting years. The increasing technological advancement in the automotive industry fosters market growth. The rising public inclination towards a luxurious lifestyle coupled with the adoption of A.C. at working and residential places raised the demand for the market product.
Competitive Insight
Some of the major players operating in the global market include BASF SE, Calumet Specialty Products Partners, L.P., CAMCO Lubricants, Chevron Corporation, China Petrochemical Corporation, CITGO, Cosmo Oil Lubricants Co., Ltd., Eneos Holdings Inc., Eni, ExxonMobil Corporation, FUCHS Petrolub SE, Idemitsu Kosan Co. Ltd., Indian Oil Corporation Ltd., ISELGLOBAL, Johnson Controls, Klüber, Lubriplate Lubricants Company, MAHLE GmbH., National Refrigerants, Inc., Petro-Canada Lubricants Inc., Petroleum Nasional Berhad, Royal Dutch Shell Plc., and Total Energies S.E.
Refrigeration Oil Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 1.14 Billion |
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Revenue forecast in 2030 |
USD 1.66 Billion |
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CAGR |
4.2% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Oil Type, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
BASF SE, Calumet Specialty Products Partners, L.P., CAMCO Lubricants, Chevron Corporation, China Petrochemical Corporation, CITGO, Eneos Holdings Inc., Eni, ExxonMobil Corporation, FUCHS Petrolub SE, Idemitsu Kosan Co. Ltd., ISELGLOBAL, Johnson Controls, Klüber, Lubriplate Lubricants Company, MAHLE GmbH., National Refrigerants, Inc., Petro-Canada Lubricants Inc., Petroleum Nasional Berhad, Royal Dutch Shell Plc., and Total Energies S.E. |
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