Refrigeration Oil Industry Forecasted to Achieve USD 2,332.9 Million by 2033, Growing at 4.9% CAGR | FMI Reports

refrigeration oil market

The refrigeration oil industry is projected to be valued at USD 1,425.9 million in 2023, with an expected rise to USD 2,332.9 million by 2033. Sales of refrigeration oil are anticipated to grow at a significant CAGR of 4.9% during the forecast period.

The refrigeration oil market is essential for ensuring the efficient and reliable operation of refrigeration systems across various industries. Refrigeration oil is a specialized lubricant formulated specifically for use in refrigeration compressors and other components of refrigeration systems.

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The increasing demand for refrigeration and cooling solutions in industries such as food and beverage, pharmaceuticals, chemicals, and HVAC (heating, ventilation, and air conditioning) has propelled the growth of the market. Refrigeration systems are essential for preserving and transporting temperature-sensitive products, and the proper lubrication of compressors is crucial for their optimal performance.

The growing focus on energy efficiency and environmental sustainability has influenced the refrigeration oil market. Manufacturers are developing refrigeration oils that offer excellent lubrication properties, thermal stability, and compatibility with modern refrigerants.

Additionally, the increasing demand for frozen and packaged food products has driven the growth of the refrigeration oil market. The global food trade has expanded, and perishable food products need to be transported and stored under controlled temperature conditions.

HFCs (hydro-fluorocarbons) hold a significant share of 36.3% in the refrigeration oil market, reflecting their widespread use as refrigerants in various cooling and refrigeration systems. Refrigeration oils specifically formulated for HFC-based systems offer excellent lubrication properties, thermal stability, and compatibility with HFC refrigerants. The demand for refrigeration oil is closely linked to the adoption of HFCs, driven by increasing environmental regulations and the focus on sustainable refrigeration solutions.

Refrigerators and freezers hold a substantial share of 31.5% in the application of refrigeration oil market, reflecting their extensive usage in both residential and commercial sectors. Proper lubrication with refrigeration oil is essential for the efficient and reliable operation of refrigeration systems in these appliances.

The USA is expected to hold a prominent value share of 15.3% in the refrigeration oil market in 2022. Ongoing investments and development in industries such as automotive, oil and gas, pharmaceuticals, and infrastructure contribute to the demand for refrigeration systems and refrigeration oil in the country.

Germany is projected to hold around 6.1% of the demand share in the Europe refrigeration oil market. The country’s extensive spending on drug development and the expansion of the healthcare system and pharmaceutical industry contribute to the demand for refrigeration systems and refrigeration oil.

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Recent Developments

ExxonMobil, an oil and gas company, and Qatar Energy, a petroleum company, announced in June 2022 that they had signed an agreement to further develop Qatar’s North Field East project, which will increase the country’s annual LNG capacity from 77 million tonnes to 110 million tonnes by 2026.

Shell plc, an oil and gas company, agreed to sell IKAV its 100% stake in Shell Onshore Ventures LLC, which owns a 51.8% stake in Aera Energy LLC, a natural gas and oil exploration and production company, for approximately US$ 2 billion in cash and additional contingent payments based on future oil prices, in September 2022.

Key Companies Profiled 

  • ExxonMobil Corporation
  • Shell Plc
  • Idemitsu Kosan Co., Ltd.
  • CPI Fluid Engineering (Part of The Lubrizol Corporation)
  • FUCHS Lubricants (Part of FUCHS Petrolub SE)
  • Chevron Phillips Chemical Company LLC
  • Performance Chemicals (Division of BASF SE)

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Key Segments Covered in the Refrigeration Oil Market Report

By Product Type:

  • Mineral Oil
  • Synthetic Oil

By Refrigerant Type:

  • Chlorofluorocarbon (CFC)
  • Hydro-chlorofluorocarbon (HCFC)
  • Hydro-fluorocarbon (HFC)
  • Ammonia
  • Others

By End User:

  • Industrial
  • Commercial
  • Residential
  • By Application:
  • Air Conditioners
  • Coolers
  • Chillers
  • Refrigerators/Freezers
  • Condensers
  • Others (Ice Machines etc)

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific excluding Japan (APEJ)
  • Japan
  • Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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