Refrigeration oil plays a crucial role in maintaining the efficient and reliable functioning of refrigeration systems across various industries. It serves as a lubricant, coolant, and sealant, ensuring smooth operation and extending the lifespan of compressors and other refrigeration equipment. As technology advances and environmental concerns intensify, the refrigeration oil market continues to evolve, adapting to new regulations and customer demands. In this research report, we will delve into the growth and trends shaping the refrigeration oil market.
The report “Refrigeration Oil Market by Type (Synthetic Oil (POE, PAG), Mineral Oil), Application (Refrigerators & Freezers, Air conditioner, Automotive AC System, Aftermarket), & Region(APAC, North America, South America, Europe, & MEA) – Global Forecasts to 2026″, is projected to reach USD 1.4 billion by 2026, at a CAGR of 4.1% from USD 1.1 billion in 2021.
This growth is primarily triggered by the increasing demand from the refrigerator & freezer, air conditioner, and automotive AC system applications. APAC is the largest refrigeration oil market due to a rise in the manufacturing of consumer appliances and automobiles.
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Refrigeration Oil Market Key Players
Eneos Holdings Inc. (Japan), BASF SE (Germany), Idemitsu Kosan Co. Ltd (Japan), ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Energies SE(France), China Petrochemical Corporation (Sinopec Corp), Petroliam Nasional Berhad(Petronas), FUCHS Petrolub SE (Germany), Johnson Controls(Ireland) are the major players in this market.
Eneos Holdings Inc. engages in the development, production, and sale of petroleum, natural gas, and metals. The company operates through four business segments, namely, Energy, Metals, Oil, Natural gas E&P, and Others. The company operates its refrigeration oil business in Japan, China, and other among other countries.
BASF SE is one of the largest chemical producers in the world. It engages in manufacturing and selling a wide range of chemicals and intermediate solutions. The company offers various products including chemicals, additives, plastics, functional solutions, performance products, agricultural solutions, and crude oil. It operates through seven different business segments namely: Chemicals, Industrial solutions, Nutrition & care, Materials, Surface technologies, Agricultural solutions and others. The company has a presence in more than 60 countries of Europe, North America, APAC, South America, and the Middle East & Africa
Growing Demand for Efficient and Sustainable Solutions
With the increasing need for energy efficiency and environmental sustainability, the demand for refrigeration oils that minimize the carbon footprint and offer enhanced performance has surged. Synthetic oils, such as polyol ester (POE) and polyalkylene glycol (PAG), have gained popularity due to their excellent thermal stability, low toxicity, and compatibility with refrigerants like hydrofluorocarbons (HFCs), hydrochlorofluorocarbons (HCFCs), and natural refrigerants like hydrofluoroolefins (HFOs) and ammonia. These oils offer improved energy efficiency, reduce greenhouse gas emissions, and comply with stringent environmental regulations.
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Technological Advancements and Innovations
Technological advancements are revolutionizing the refrigeration industry, leading to the development of more efficient and sustainable refrigeration systems. The emergence of variable-speed compressors, microchannel heat exchangers, and advanced control systems has increased the demand for refrigeration oils with specific characteristics and capabilities. Ongoing research and development focus on enhancing oil viscosity, heat transfer properties, and lubrication efficiency, leading to the introduction of innovative oils that improve system performance, reduce energy consumption, and minimize maintenance costs.
Refrigerators & Freezers is estimated to be the largest application of the refrigeration oil market during the forecast period.
Refrigerator & freezer is the largest application of refrigeration oil. This growth is attributed to the rising demand for perishable food items and changing the lifestyle of people in developed and developing regions. Refrigeration oil is used in domestic, commercial, and industrial refrigerators & freezers. In addition, the growing demand for refrigerated food products and increasing trade of food products are driving the refrigeration oil market in the refrigerator & freezer application.
APAC is estimated to be the largest market for refrigeration oil during the forecast period.
APAC is the largest market for refrigeration oil, followed by North America and Europe. APAC dominates the refrigeration oil market due to the rapid economic growth, particularly in the consumer goods and automobile industries in the region. The rapid urbanization in APAC, coupled with the improved living standard is driving the refrigeration oil market. The advantage of shifting production to the Asian region is that the cost of production is low here. Also, it is easier to serve the local emerging market. Also, due to the massive production and demand for consumer appliances and automobiles in countries such as China, Japan, India, and South Korea. This high growth is attributed to the growing manufacturing of consumer goods and automobile in the region.
