The global refrigeration oil market size is expected to reach USD 1.66 billion by 2030, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing adoption of refrigeration oil is to reduce friction on metal parts, decrease wear on the compressor, and lubricate the compressor bearings and other moving parts, fostering the industry demand. In addition, factors such as growing expenditure in the healthcare industry, rapid industrialization, and rising trend for the adoption of green products are attributed to industry growth across the globe.
Furthermore, the rising focus of various manufacturers on R&D activities to introduce innovative products at an affordable price and increasing demand for ready-to-eat and frozen food products are further offering growth prospects to the industry growth in the upcoming years.
Based on the application, the refrigerators and freezers segment dominates the global industry and is anticipated to lead the industry over the forecast period. The growing penetration of energy-efficient air conditioners in commercial and household settings, increasing levels of temperature and humidity, as well as changing climatic conditions are contributing to the segment growth.
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In contrast, the automotive AC system segment shows the highest growth rate in the global industry. The increasing number of technological developments, sustainable AC systems, and rising R&D investments lead to the segment demand.
The surging demand for frozen food and the rapid growth of the pharmaceutical industries is one of the primary factors fueling the industry demand. The growing population globally and changing food habits of the population are creating high growth of packaged and ready-to-eat food products. The refrigeration oils are gaining massive traction in refrigerator & freezer applications to preserve products at low temperatures and maintain their quality.
Moreover, the pharmaceutical industry also fosters industry demand as they also need low-temperature conditions for the storage and transportation of drugs. For instance, according to the Indian Brand Equity Foundation (IBEF), the Indian pharmaceutical sector ranked 3rd in volume and 13th in terms of value globally and recorded USD 42 billion in 2021. Also, in August 2021, the pharmaceutical industry in India rose by 17.7% annually, up from 13.7% in July 2020.
The rising development of the pharmaceutical sector, majorly in emerging economies of Asia Pacific like India and China, stimulates industry growth. Hence, these factors are anticipated to bolster the demand for refrigeration oil, thus augmenting the industry’s growth.
Industry participants include BASF SE, Petroliam Nasional Berhad, ExxonMobil Corporation, Eneos Holdings Inc., China Petrochemical Corporation, Total Energies SE, FUCHS PetrolubSE, Idemitsu Kosan Co. Ltd., Royal Dutch Shell Plc., and Johnson Controls are some of the key players operating in the global industry. For instance, in October 2021, Anderol B.V.- a worldwide producer and marketer of synthetic specialty lubricants- introduced its new compressor oil.
Polaris market research has segmented the refrigeration oil market report on the basis of oil type, application, and region:
Refrigeration Oil, Oil Type Outlook (Revenue – USD Billion, 2018 – 2030)
Refrigeration Oil, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Refrigerators & Freezers
- Air Conditioner
- Automotive AC System
Refrigeration Oil, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa