The refrigeration oil market size is projected to reach USD 1.4 billion by 2026 from USD 1.1 billion in 2021, at a CAGR of 4.1%. 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. Furthermore, the changing lifestyle of consumer and rising income levels have led to higher demand for refrigerators & freezers and air conditioners, which, in turn, drives the refrigeration oil market. The growing demand for perishable food products along with growth in the pharmaceutical industry also drives the demand for refrigerators & freezers, fueling the growth of the refrigeration oil market.
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APAC is an emerging market for the refrigeration oil market, and it is mainly attributed to high economic growth rate, followed by heavy investment across industries such as oil & gas, automotive, infrastructure, chemical, and electronics among others. With economic contraction and saturation in the European and North American markets, the demand is shifting to the APAC region.
Refrigeration oil manufacturers are targeting this region as it is the strongest regional market for various applications, such as automotive, electronics and home appliances among others. 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.
Key Market Players
The key market players profiled in the report include as 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).
Eneos Holdings Inc. is one of the world’s leading manufacturers and innovators 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 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 BASF Group comprises subsidiaries and joint ventures in more than 80 countries and operates six integrated production sites and 390 other production sites in Europe, Asia, Australia, America, and Africa. BASF has customers in over 200 countries and supplies products to a wide variety of industries. The company has a presence in more than 60 countries of Europe, North America, APAC, South America, and the Middle East & Africa.
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