The refrigeration oil market is estimated to grow from USD 1.1 billion in 2019 to USD 1.4 billion by 2024, at a CAGR of 4.7%. Refrigeration oil is a high-temperature formulation consisting of additives and oil. It is specially formulated to perform in extreme environments. It is designed for use in cooling systems. The primary function of refrigeration oil is to lubricate the compressor bearings and other moving parts. It is also used to reduce friction on metal parts, decrease wear on the compressor, and extend the life of the system.
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Based on oil type, the refrigeration oil market is segmented into mineral oil and synthetic oil. The synthetic oil segment accounted for the largest share, in terms of value, in 2018. The synthetic oil segment is further sub-segmented into POE, PAG, and others. The POE oil segment is estimated to grow at the highest rate during the forecast period, in terms of value. The superior performance of POE oils in comparison to other synthetic oils makes it a suitable option for refrigeration and air conditioning applications. Besides, POE oil has high thermal stability and excellent wear performance.
Based on the application, the refrigeration oil market is segmented into refrigerators & freezers, air conditioners, automotive AC systems, and aftermarket applications. The refrigerator & freezer application segment is estimated to grow at the highest rate, in terms of both value and volume, during the forecast period. This dominance is due to the changing lifestyle of consumers in developing countries and the increasing global demand for refrigerated food products. The expanding trade of food products is another factor driving the demand for refrigeration oil.
APAC is estimated to be the fastest-growing market for refrigeration oil during the forecast period, in terms of value. APAC dominates the refrigeration oil market due to rapid economic growth, particularly in the consumer goods and automobile industries. Also, the increasing disposable income of people in the region makes APAC an attractive market for refrigeration oil manufacturers. The rapid urbanization in APAC, coupled with the improved living standard, is driving the refrigeration oil market.
JXTG Group (Japan), Idemitsu Kosan Co., Ltd. (Japan), BASF SE (Germany), ExxonMobil Corporation (US), Royal Dutch Shell plc. (Netherlands), TOTAL S.A. (France), China Petroleum Corporation (China), Petroliam Nasional Berhad (PETRONAS) (Malaysia), Fuchs Petrolub SE (Germany), Johnson Controls (Ireland), The Lubrizol Corporation (US), BP P.L.C. (UK), and Chevron Corporation (US) are the leading manufacturers of refrigeration oil. These players are focusing on new product launches to cater to specific demands of end customers and expansions to increase their geographic reach. Besides, they have adopted the strategy of partnership & agreements to increase their market reach, enhance their product portfolio, and strengthen their market positions.
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