Refrigeration Oil Market- Trends & Technological Advancements by 2025

The refrigeration oil market size is projected to reach USD 1.4 billion by 2024 from USD 1.1 billion in 2019, at a CAGR of 4.7%. The growth of the market is driven by the increasing demand for consumer appliances, growing demand from food & pharmaceutical industries, and rising demand for low GWP refrigerants. Also, increasing consumption of packaged food products is expected to drive the refrigeration oil market. APAC is the key market for refrigeration oil, globally, followed by North America and Europe.

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Emerging economies are witnessing rapid urbanization along with a rise in disposable income. The consequent increase in the standard of living and growing consumption of convenience/packaged food products, coupled with the mass adoption of vaccines and drugs will drive the demand for refrigerators, freezers, air conditioners, and automobile HVAC systems. This will fuel the demand for refrigeration oil, ultimately driving the refrigerator oil market.

Refrigerator & freezer application is estimated to be the largest segment of the natural fragrance market during the forecast period.

The refrigerator & freezer application is estimated to be the largest segment of the refrigeration oil market, in terms of value, during the forecast period. The growth of this segment can be attributed to the rising demand for packaged food items and the changing lifestyle of people in developed and developing regions.

Recent Developments

• In May 2018, PETRONAS entered into an agreement to acquire 25% equity In LNG Canada. This will strengthen the company’s lubricant business across the value chain.
• In October 2017, Idemitsu Q8 Petroleum LLC, a 50:50 joint venture company of Idemitsu Kosan Co. Ltd. (Japan) and Kuwait Petroleum International Ltd. (Kuwait City), started operating a service station business in Hanoi, Vietnam. This helped the company to strengthen its businesses ranging from production and procurement of petroleum products to the sale of such products in the overseas market of the Pacific Rim.

APAC is expected to account for the largest share of the refrigeration oil market

The presence of various refrigeration oil players, such as JXTG Group (Japan), Idemitsu Kosan Co., Ltd. (Japan), China Petrochemical Corporation (Sinopec Group) (China), Indian Oil Corporation Ltd. (India), and PETRONAS (Malaysia)., have a positive impact on the market. In addition, growth in refrigerator & freezer, air conditioner, automotive AC systems, and aftermarket sales in the region is increasing the demand for refrigeration oil.

The key market players profiled in the report include JXTG Group (Japan), BASF  (Germany), Idemitsu Kosan Co. (Japan), Royal Dutch Shell  (Netherlands), ExxonMobil (US), BP (UK), PETRONAS (Malaysia), Chevron (US), Total (France), Sinopec Group (China), FUCHS (Germany),  and Johnson Controls (Ireland).

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