Refrigeration Oil Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Mineral Oil, Synthetic Oil), By Application (Air Conditioner, Refrigerator & Freezer, Automotive AC System, Others), By Region and Competition 2018-2028

Industry : Chemicals
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Published Date : NA

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Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 1.25 billion
CAGR (2023-2028)	3.35%
Fastest Growing Segment	Synthetic Oil
Largest Market	Asia Pacific

Market Overview

Global Refrigeration Oil Market has valued at USD 1.25 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 3.35% through 2028. Lubrication of refrigeration compressors is of utmost importance for ensuring their optimal performance and efficiency. The type of refrigeration oil used plays a crucial role in determining the overall performance of the compressors. As refrigeration compressors operate under varying temperature conditions, the temperature inside the compressors tends to rise. Therefore, it becomes imperative to minimize and dissipate the heat generated by the compressors. To achieve this, refrigeration oils are used to disperse heat from various components of the compressor, such as compression chambers and valves, while also assisting in sealing. The demand for refrigeration oils that effectively dissipate heat from compressor components has been on the rise, thereby driving the growth of the global refrigeration oil market.

In refrigeration and freezer systems, air conditioners, and automotive air conditioning systems, the compression temperature can reach peak levels of up to 180ºC. The thermal and chemical stability of refrigeration oil plays a vital role in reducing the compression temperature, ensuring the proper functioning of air conditioners. Moreover, stringent environmental regulations have created new opportunities for the development of natural refrigeration oils, such as ammonia and carbon dioxide. This factor is expected to further fuel the growth of the global refrigeration oil market during the forecast period.

Refrigeration oils are gaining increasing importance and are being widely used in industrial heat pumps. Synthetic refrigeration oils are predominantly used in industrial compressors and heat pumps due to their superior efficiency compared to conventional oils. Furthermore, synthetic refrigeration oils are compatible with a wide range of refrigerants, including carbon dioxide and ammonia. Industrial refrigeration compressors, heat pumps, and low evaporators require the use of oils that effectively minimize heat generation, dissipate heat from the equipment, improve the lifespan of lubricant oils, and minimize shaft leakage. These factors have significantly contributed to the growing demand for refrigeration oil, driving the growth of the global market.

However, it is important to note that the oxidation capability of refrigeration oils results in the need for periodic drain and oil replacement, which can increase routine maintenance costs. On the other hand, the high viscosity index of refrigeration oil helps in minimizing fluid temperature, thereby reducing the deposition of wax content on compressors and associated parts. This ensures the smooth operation of the equipment and its components. Moreover, the low traction coefficient of refrigeration oil is vital for improving system efficiency and reducing power consumption. These desirable properties make refrigeration oil widely used in compressors, further driving the growth of the global market. It is worth mentioning that certain refrigeration oils may pose environmental concerns, necessitating periodic oil drain and replacement.

In conclusion, the use of appropriate refrigeration oils is crucial for ensuring the efficient and reliable operation of refrigeration compressors and other related equipment. The global market for refrigeration oil is expected to witness significant growth due to the increasing demand for efficient heat dissipation, compatibility with diverse refrigerants, and the need for improved system efficiency in various industries.

Key Market Drivers

Growing Demand of Refrigeration Oil in Food & Beverage Industry

Refrigeration oil plays a pivotal role in the functionality of refrigeration systems. It ensures the smooth operation of compressors, which are the heart of refrigeration mechanisms, by providing necessary lubrication. This, in turn, leads to efficient cooling and ultimately, better preservation of food products.

The food and beverage industry heavily relies on refrigeration systems to preserve the quality and extend the shelf life of products. From storing raw materials to preserving prepared foods, refrigeration is integral at every step of the food processing chain. Consequently, the demand for refrigeration oil is intrinsically linked to the operation of the food and beverage industry.

The global food and beverage industry has been witnessing significant growth over the past few years. Factors such as rising population, urbanization, and changes in lifestyle have led to an increased demand for processed and packaged foods. These factors, coupled with stringent food safety regulations, have necessitated the expansion of cold storage facilities, and refrigerated transport, leading to an upswing in the demand for refrigeration oil.

Moreover, the growing trend of dining out and the surge in the number of restaurants and fast-food outlets have further fueled the demand for refrigeration systems, thereby propelling the refrigeration oil market. As consumers increasingly opt for convenience and ready-to-eat meals, the need for efficient refrigeration systems and reliable refrigeration oil becomes paramount.

With the continuous expansion of the food and beverage industry, the demand for refrigeration oil is expected to rise steadily. Advances in technology are likely to lead to the development of more efficient and environmentally friendly refrigeration systems, which will further drive the refrigeration oil market. Additionally, the industry's focus on sustainability and reducing carbon emissions will spur the demand for eco-friendly refrigeration oil alternatives.

In conclusion, the growing demand for refrigeration oil in the food and beverage industry is a significant driver of the global refrigeration oil market. As the industry continues to expand and evolve, the role of refrigeration oil is set to become even more crucial. With advancements in technology and a focus on sustainability, the market for refrigeration oil is poised for robust growth in the years to come.

Growing Demand of Refrigeration Oil in Healthcare Industry

Refrigeration oil plays a vital role in the smooth operation of refrigeration systems. It provides necessary lubrication for compressors, which are the heart of refrigeration mechanisms, ensuring efficient cooling. This is particularly important in the healthcare industry, where the effective preservation of critical items such as vaccines, medications, blood samples, and other biological materials heavily relies on refrigeration.

The healthcare industry's reliance on refrigeration systems is profound and encompasses a wide range of applications. From storing temperature-sensitive drugs and vaccines to preserving organ transplants, refrigeration is integral to numerous healthcare processes. As a result, the demand for refrigeration oil is intrinsically tied to the functionality of the healthcare industry.

The growth of the healthcare industry has been remarkable, driven by an escalating global population and the emergence of various diseases. This expansion has led to an increase in the number of hospitals, clinics, and research laboratories, all of which require refrigeration systems for various purposes. The need for efficient and reliable refrigeration solutions has become even more apparent in recent times, with health crises like the COVID-19 pandemic highlighting the importance of maintaining specific temperatures for the storage and transportation of vaccines.

Looking ahead, the demand for refrigeration oil in the healthcare industry is expected to rise steadily. Technological breakthroughs are likely to lead to the development of more efficient and environmentally friendly refrigeration systems, thereby further propelling the refrigeration oil market. As the healthcare sector continues to progress and evolve, the role of refrigeration oil is set to become even more critical, promising strong growth and opportunities for the market in the future.

In conclusion, the growing demand for refrigeration oil in the healthcare industry serves as a significant driver of the global refrigeration oil market. As healthcare advances and expands, the role of refrigeration oil will continue to be indispensable, ensuring the smooth and efficient operation of refrigeration systems and contributing to the overall success of the industry.

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Key Market Challenges

Problems Associated with Oil Disposal and Recycling

Used refrigeration oil, if not disposed of properly, can have severe environmental consequences. Improper handling and disposal methods often result in contamination of soil and water resources, posing a significant threat to both human health and biodiversity. The regulation of used lubricating oil disposal varies at the state and federal level, highlighting the importance of proper management to mitigate environmental impacts.

Moreover, older refrigerators and freezers not only contain used refrigeration oil but also ozone-depleting refrigerants and/or foam blowing agents. These substances add another layer of complexity to the disposal process and require specialized handling. If released into the atmosphere, these ozone-depleting substances contribute to global warming and the depletion of the ozone layer, exacerbating environmental concerns.

In the context of the circular economy, recycling used refrigeration oil presents unique challenges. While the circular economy aims to recover materials, reduce waste, and promote recycling, the actual process of recycling refrigeration oil is complex and resource intensive. It requires advanced technologies and specialized facilities to extract, purify, and re-refine the oil for reuse. Furthermore, the characteristics of used oil and oil production pose specific sustainability issues that need to be addressed.

To meet the growing demand for higher-quality lubricants, re-refiners have increased their used oil re-refining capacity. However, they face sustainability challenges related to oil composition, impurities, and the overall energy and resource requirements of the re-refining process. These considerations make the recycling of refrigeration oil a nuanced and multifaceted issue that requires careful attention to ensure environmental sustainability.

Key Market Trends

Transition to Low-GWP Refrigerants

The refrigeration industry has been gradually transitioning from hydrochlorofluorocarbons (HCFCs) to hydrofluorocarbon (HFC) refrigerants, but now it is shifting its focus towards low-GWP hydrofluoroolefin (HFO) refrigerants as part of a broader push for sustainability and reducing the environmental impact of refrigeration systems.

Low-GWP refrigerants, such as CO2 (or refrigerant R-744), R-290 (propane), and others, are gaining popularity as more sustainable alternatives. These refrigerants have a lower potential for contributing to global warming compared to traditional refrigerants.

Moreover, the fluctuating environmental policies worldwide are further encouraging the transition to refrigerants with a lower global warming potential. Consequently, there is a rising demand for low-GWP refrigerants, which in turn drives the demand for compatible lubricants. Lubricants that can effectively work with low-GWP refrigerants are crucial to ensure the efficient operation of refrigeration systems.

The development of next-generation refrigeration lubricants specifically designed for low-GWP refrigerants is already underway. These innovative technologies and products are shaping the future of the refrigeration oil market, allowing the industry to adapt to the ongoing sustainability shift.

In conclusion, the transition to low-GWP refrigerants represents a significant trend in the global refrigeration oil market. As this trend continues to gain momentum, the market is expected to witness further growth and innovation, driven by the need for more sustainable and environmentally friendly solutions.

Segmental Insights

Type Insights

Based on the category of type, the synthetic oil segment emerged as the dominant player in the global market for Refrigeration Oil in 2022. The high stability and low volatility of refrigeration oil have proven to be significant factors in reducing the occurrence of light end stripping, thus driving the demand for synthetic refrigeration oil. Synthetic refrigeration oils not only contribute to the formation of a thick oil film on the refrigerant, but also enhance compressor protection, leading to an extended shelf life of the compressor. Moreover, the formation of a thick oil film enables better shaft sealing, reduces fatigue on bearings, and minimizes the maintenance cost of compressor parts. As a result of these advantages, the demand for synthetic refrigeration oils has witnessed a remarkable surge in the global refrigeration oil market.

Application Insights

The Refrigerator & Freezer segment is projected to experience rapid growth during the forecast period. Increasing investment in restaurants, cafes, hotels, and other related establishments is a significant catalyst for the growth of the segment. For example, according to the American Bankers Association (ABA), in 2020, the sales of frozen food, ice creams, and bakery products are projected to experience a staggering increase of 62.3%. Furthermore, the report highlights that frozen food sales have surged by 44.3%, while bakery products have witnessed a substantial growth of 48.9%. These remarkable figures indicate the rising demand for frozen food in the global market, which in turn is expected to fuel the growth of the refrigerator and freezers segment worldwide. This trend reflects the evolving consumer preferences and the increasing significance of convenience foods in today's fast-paced lifestyle.

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Regional Insights

Asia Pacific emerged as the dominant player in the Global Refrigeration Oil Market in 2022, holding the largest market share in terms of both value and volume. The significant factors creating opportunities for market growth in the region are multi-faceted. Firstly, there is a growing need for preserving medications, drugs, and medicinal chemicals at specific temperatures, as this is crucial for maintaining their effectiveness and ensuring patient safety. The demand for refrigerators, which provide the required temperature control, is increasing across the pharmaceutical sector, thereby fostering the market demand.

Furthermore, the market expansion is also driven by rising innovation and development in the automotive industry. As automotive technologies advance, there is a growing demand for refrigeration systems in vehicles to safely transport temperature-sensitive goods, such as food and beverages. This creates a favorable environment for market growth.

Moreover, the increasing working population and the growth of the food industry play significant roles in driving market expansion. With a larger workforce, there is a higher demand for ready-to-eat meals and convenience foods, which require proper refrigeration for storage and transportation. This, in turn, fuels the demand for refrigerators and contributes to the market's growth.

Lastly, the development of emerging economies, such as India, China, and Australia, acts as catalyzing factors for market growth. These countries are experiencing rapid economic growth, leading to an increase in disposable income and changing lifestyles. As a result, there is a greater demand for refrigeration appliances to support the expanding food and beverage industry, as well as the rising middle-class population.

Overall, the combination of the growing need for temperature preservation in the pharmaceutical sector, the demand for refrigeration in the automotive industry, the growth of the food industry, and the development of emerging economies collectively contribute to the market's upward trajectory.

Recent Developments

In May 2019, BASF SE, a leading chemical company, made strategic expansions in its production capacity of antioxidants for lubricants. Recognizing the growing global demand for long-life lubricant additives, BASF expanded its operations in China and Mexico. This expansion was a direct response to the increasing requirement for refrigeration oil, driven by the continuous advancements in various industries.
Fast forward to April 2022, Fuchs Petrolub SE, a prominent player in the lubricant industry, embarked on an exciting journey in Vietnam. The company seized an opportunity to establish a state-of-the-art finished lubricant factory. Acquiring a spacious 20,000-square-meter plot, Fuchs Petrolub SE planned to invest EUR 8 million (USD 8.6 million) in constructing this cutting-edge facility. The plant's primary focus will be to cater to the automotive aftermarket, mining, and industrial segments, including the production of refrigeration lubricants.
Not to be outdone, in October 2021, Chevron Corporation made a strategic move to enhance its market foothold across the globe. The renowned energy corporation acquired the base oil business of Neste OJ, a move aimed at strengthening Chevron's presence in the lubricant industry. This strategic acquisition further solidified Chevron Corporation's position as a key player, enabling them to offer a comprehensive range of lubricant solutions to customers worldwide.

Key Market Players

Eneos Holdings Inc.
Idemitsu Kosan Co. Ltd
EXXONMOBIL CORPORATION
Royal Dutch Shell Plc
Total Energies SE
Chevron Corporation
Johnson Controls International plc
Cosmo Oil Lubricants Co., Ltd.
National Refrigerants, Inc.
BASF SE

By Type	By Application	By Region
Mineral Oil Synthetic Oil	Air Conditioner Refrigerator & Freezer Automotive AC System Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Refrigeration Oil Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Refrigeration Oil Market, By Type:

o Mineral Oil

o Synthetic Oil

Refrigeration Oil Market, By Application:

o Air Conditioner

o Refrigerator & Freezer

o Automotive AC System

o Others

Refrigeration Oil Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe

§ France

§ United Kingdom

§ Italy

§ Germany

§ Spain

o Asia-Pacific

§ China

§ India

§ Japan

§ Australia

§ South Korea

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East & Africa

§ South Africa

§ Saudi Arabia

§ UAE

§ Kuwait

§ Turkey

§ Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Refrigeration Oil Market.

Available Customizations:

Global Refrigeration Oil Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Refrigeration Oil Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Global Refrigeration Oil Market Outlook

4.1. Market Size & Forecast

4.1.1. By Value & Volume

4.2. Market Share & Forecast

4.2.1. By Type (Mineral Oil, Synthetic Oil)

4.2.2. By Application (Air Conditioner, Refrigerator & Freezer, Automotive AC System, Others)

4.2.3. By Region

4.2.4. By Company (2022)

4.3. Market Map

4.3.1. By Type

4.3.2. By Application

4.3.3. By Region

5. Asia Pacific Refrigeration Oil Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value & Volume

5.2. Market Share & Forecast

5.2.1. By Type

5.2.2. By Application

5.2.3. By Country

5.3. Asia Pacific: Country Analysis

5.3.1. China Refrigeration Oil Market Outlook

5.3.1.1. Market Size & Forecast

5.3.1.1.1. By Value & Volume

5.3.1.2. Market Share & Forecast

5.3.1.2.1. By Type

5.3.1.2.2. By Application

5.3.2. India Refrigeration Oil Market Outlook

5.3.2.1. Market Size & Forecast

5.3.2.1.1. By Value & Volume

5.3.2.2. Market Share & Forecast

5.3.2.2.1. By Type

5.3.2.2.2. By Application

5.3.3. Australia Refrigeration Oil Market Outlook

5.3.3.1. Market Size & Forecast

5.3.3.1.1. By Value & Volume

5.3.3.2. Market Share & Forecast

5.3.3.2.1. By Type

5.3.3.2.2. By Application

5.3.4. Japan Refrigeration Oil Market Outlook

5.3.4.1. Market Size & Forecast

5.3.4.1.1. By Value & Volume

5.3.4.2. Market Share & Forecast

5.3.4.2.1. By Type

5.3.4.2.2. By Application

5.3.5. South Korea Refrigeration Oil Market Outlook

5.3.5.1. Market Size & Forecast

5.3.5.1.1. By Value & Volume

5.3.5.2. Market Share & Forecast

5.3.5.2.1. By Type

5.3.5.2.2. By Application

6. Europe Refrigeration Oil Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value & Volume

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Application

6.2.3. By Country

6.3. Europe: Country Analysis

6.3.1. France Refrigeration Oil Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value & Volume

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Application

6.3.2. Germany Refrigeration Oil Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value & Volume

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Application

6.3.3. Spain Refrigeration Oil Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value & Volume

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Application

6.3.4. Italy Refrigeration Oil Market Outlook

6.3.4.1. Market Size & Forecast

6.3.4.1.1. By Value & Volume

6.3.4.2. Market Share & Forecast

6.3.4.2.1. By Type

6.3.4.2.2. By Application

6.3.5. United Kingdom Refrigeration Oil Market Outlook

6.3.5.1. Market Size & Forecast

6.3.5.1.1. By Value & Volume

6.3.5.2. Market Share & Forecast

6.3.5.2.1. By Type

6.3.5.2.2. By Application

7. North America Refrigeration Oil Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value & Volume

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Application

7.2.3. By Country

7.3. North America: Country Analysis

7.3.1. United States Refrigeration Oil Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value & Volume

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Application

7.3.2. Mexico Refrigeration Oil Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value & Volume

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Application

7.3.3. Canada Refrigeration Oil Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value & Volume

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Application

8. South America Refrigeration Oil Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value & Volume

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Application

8.2.3. By Country

8.3. South America: Country Analysis

8.3.1. Brazil Refrigeration Oil Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value & Volume

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Application

8.3.2. Argentina Refrigeration Oil Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value & Volume

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Application

8.3.3. Colombia Refrigeration Oil Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value & Volume

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Application

9. Middle East and Africa Refrigeration Oil Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value & Volume

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Application

9.2.3. By Country

9.3. MEA: Country Analysis

9.3.1. South Africa Refrigeration Oil Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value & Volume

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Application

9.3.2. Saudi Arabia Refrigeration Oil Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value & Volume

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Application

9.3.3. UAE Refrigeration Oil Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value & Volume

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Type

9.3.3.2.2. By Application

9.3.4. Egypt Refrigeration Oil Market Outlook

9.3.4.1. Market Size & Forecast

9.3.4.1.1. By Value & Volume

9.3.4.2. Market Share & Forecast

9.3.4.2.1. By Type

9.3.4.2.2. By Application

10. Market Dynamics

10.1. Drivers

10.2. Challenges

11. Market Trends & Developments

11.1. Recent Developments

11.2. Product Launches

11.3. Mergers & Acquisitions

12. Global Refrigeration Oil Market: SWOT Analysis

13. Porter’s Five Forces Analysis

13.1. Competition in the Industry

13.2. Potential of New Entrants

13.3. Power of Suppliers

13.4. Power of Customers

13.5. Threat of Substitute Product

14. Competitive Landscape

14.1. Eneos Holdings Inc.

14.1.1. Business Overview

14.1.2. Company Snapshot

14.1.3. Products & Services

14.1.4. Current Capacity Analysis

14.1.5. Financials (In case of listed)

14.1.6. Recent Developments

14.1.7. SWOT Analysis

14.2. Idemitsu Kosan Co. Ltd

14.3. EXXONMOBIL CORPORATION

14.4. Royal Dutch Shell Plc

14.5. Total Energies SE

14.6. Chevron Corporation

14.7. Johnson Controls International plc

14.8. Cosmo Oil Lubricants Co., Ltd.

14.9. National Refrigerants, Inc.

14.10. BASF SE

15. Strategic Recommendations

16. About Us & Disclaimer

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Press Release

Refrigeration Oil Market to Grow with a CAGR of 3.35% through 2028

Oct, 2023

Growth in research and development activities is expected to drive the Global Refrigeration Oil Market growth in the forecast period, 2024-2028.

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