Increased demand for frozen food and pharmaceutical industries driving the Market for Refrigeration Oil

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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One of the major drivers for the refrigeration oil market is increase in the use of frozen food and pharmaceutical industries. These are the major users of refrigeration oils in the refrigerator & freezer application. Rising population and changing food habits drive the growth of packaged and ready-to-eat food products which are perishable and needs to be stored at low temperature. Also, the pharmaceutical industry also requires low-temperature conditions for the transportation and storage of drugs. The pharmaceutical industry is witnessing significant growth, especially in major emerging economies of APAC such as China and India. Therefore, the growth in the pharmaceutical industry is expected to drive the refrigeration oil market.

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.

The refrigeration oil industry got affected negatively by the pandemic. Owning to the pandemic situation, several countries around the world went into lockdown, to curb the spread of the virus. Due to this the supply and demand chain got disrupted affecting the market. The industries, manufacturing units and mining operations got on hold for the past two years due to the pandemic situation leading to the reduced sales in electronics and automotive.

The fluctuating price of raw materials used to make refrigeration oil and COVID-19 pandemic have hindered the growth of the refrigeration oil market. The companies on a brighter side are expecting the situations to get back to normal and the market to improve in the near future. The countries such as China, US, among the others are back on their feet continuing their regular work.

The key market players profiled in the report include 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) among others.

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Competitive Analysis- Refrigeration Oil Market

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% between 2019 and 2024. The increasing demand for refrigerators & freezers from the food and pharmaceutical industries to preserve packaged food items and drugs is one of the major factors to drive the demand for the refrigeration oil market. Stringent regulations to limit the use of fluorocarbon refrigerants is restraining the growth of the refrigeration oil market.

The APAC region is estimated to lead the refrigeration oil market in 2018 in terms of value and volume. The increasing population in the region and the rising demand for refrigerators, freezers, air conditioners, and automobiles in the emerging markets of APAC, such as China and India, are some of the major factors projected to drive the demand for refrigeration oil in the region. Furthermore, the improving lifestyle, increasing employment rate, rising disposable income of the people, and mounting foreign investments in various sectors of the economy are some of the other factors that make APAC an attractive market for refrigeration oil manufacturers.

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On the other hand, increasing demand for consumer appliances drives the demand for refrigeration oil. The players in the refrigeration oil market are mainly concentrating on expansions, new product launches, and partnership & agreements to meet the growing demand in various applications. New product launches help companies strengthen their product portfolio and meet the specific requirements of customers.

The growth of the refrigeration oil market has been influenced mainly by expansions, new product launches, and partnership & agreement that took place between 2016 and 2019. JXTG Group (Japan), BASF (Germany), and Idemitsu Kosan Co. (Japan), ExxonMobil Corporation (US), and Royal Dutch Shell plc. (Netherlands) adopted expansions, new product launches, and agreements to remain competitive in the refrigeration oil market.

BASF is one of the world’s largest chemical companies and one of the world’s largest players in the refrigeration oil market. It engages in manufacturing and selling a wide range of chemicals and intermediate solutions. The company offers POE and PAG refrigeration oils. It focusses on joint ventures and expansions to remain competitive in the refrigeration oil market. In May 2019, the company expanded its production capacity of antioxidants for lubricants in China and Mexico due to the increasing global demand for long-life lubricant additives, which, in turn, will increase the demand for refrigeration oil.

Idemitsu Kosan Co. is a petroleum refining and manufacturing company in Japan. The company has a major presence in APAC and manufactures and sells petrochemical and oil products. It offers PVE and PAG refrigeration oils to global customers. Idemitsu focuses on joint ventures, agreements, and expansions to remain competitive in the refrigeration oil market. In October 2017, the company started operating a service station business in Hanoi, Vietnam, that helped it 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.

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Synthetic oil is expected to lead the refrigeration oil market

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.

The synthetic oil segment accounted for the largest share of the refrigeration oil market, in terms of value. Synthetic refrigeration oil has several advantages over conventional mineral refrigeration oil, such as high viscosity index, superior chemical resistance, excellent shear stability, and stable performance in extreme conditions. Additionally, its compatibility with low GWP and modern refrigerants gives it an added advantage over mineral refrigeration oil.

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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.

The increasing population in the region and the rising demand for refrigerators, freezers, air conditioners, and automobiles in the emerging markets of APAC, such as China and India, are some of the major factors projected to drive the demand for refrigeration oil in the region. Furthermore, the improving lifestyle, increasing employment rate, rising disposable income of the people, and mounting foreign investments in various sectors of the economy are some of the other factors that make APAC an attractive market for refrigeration oil manufacturers.

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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).

Refrigeration Oil Market worth $1.4 billion- Global Forecast 2024

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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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).

Don’t miss out on business opportunities in Refrigeration Oil Market. Speak to our analyst and gain crucial industry insights that will help your business grow.