Refrigeration Oil Market
Refrigeration Oil Market Size, Share & Trends Analysis Report by Oil Type (Synthetic Oil, Mineral Oil), by Application (Refrigerators & Freezers, Air Conditioner, Automotive AC System, Aftermarket), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Forecast Years for Refrigeration Oil Market:||2022 - 2028|
|Historical Years for Refrigeration Oil Market:||2016 - 2021|
|Revenue 2021 for Refrigeration Oil Market:||USD 1,029.4 Million|
|Revenue 2028 for Refrigeration Oil:||USD 1,295 Million|
|Revenue CAGR (2022 - 2028) for Refrigeration Oil Market :||3.9%|
|Fastest Growing Region (2022 - 2028) for Refrigeration Oil Market:||Asia Pacific|
|Largest Region (2021) for Refrigeration Oil Market:||Asia Pacific|
The Global Refrigeration Oil Market was valued USD 1,029.4 Million in 2021 and is anticipated to reach a value of USD 1,295 Million by 2028. The Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 3.9% over the forecast period.
Refrigeration Oil is intended for use in cooling systems. It is used in compressor lubrication to maintain the smooth running of the refrigeration unit. Refrigeration Oil possesses chemical and thermal stability, as well as being non-reactive with the refrigerant. The oil decreases friction in the compressors and protects them from further damage. Mineral oil and synthetic oil are both types of refrigeration oils. Air conditioners, refrigerators and freezers, and vehicle ac systems all require these oils. The same features make it a suitable oil solution and a good solution for the undesired items left behind after the manufacturing process.
Dust, dirt, debris, small fragments of cut metal, and oxidized metal from the tube are among these. Debris can clog system filters, causing undue wear or damage to sensitive objects like vans or valves. Because of this aspect, it is critical to ensure that the pieces are correctly machined, removed, and cleaned. The Refrigeration Oil Market has expanded dramatically, posing numerous issues as the company's structure and staff behavior have evolved. The Global Refrigeration Oil Market is facing substantial changes as producers strive to maintain the structure of their operations. The increasing demand for chilled, refrigerated, and frozen food to ensure food quality has increased market sales of refrigeration oil.
Refrigeration systems are widely utilized in the pharmaceutical industry to extend the shelf life of temperature-sensitive medications, increasing the demand for such oil. The market is expected to grow at a rapid pace due to the rising demand for consumer appliances. Developing technologically advanced infrastructure and ongoing research initiatives in collaboration with international institutions and renowned vendors for the production of effective Refrigeration Oil will provide the Global Refrigeration Oil Market with attractive growth chances.
The Refrigeration Oil Market is segmented into Oil Type, Application, and Region. The market is segmented into Synthetic Oil and Mineral Oil, on the basis of Oil Type. Furthermore, the market is segmented into Refrigerators & Freezers, Air Conditioners, Automotive AC Systems, and Aftermarkets on the basis of Application.
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Based on Oil Type:
The Synthetic Oil segment dominated the market and is projected to continue to do so during the forecast period. Polyester, polyethylene glycol, and other types of synthetic oil are available. Higher performance in critical situations, higher thermal stability, viscosity, and chemical resistance compared to mineral oil, as well as increased demand in low GWP and CO2 refrigeration systems, are the main reasons for synthetic oil's market domination.
Based on Application:
The Refrigerator & Freezer sector held a major proportion of the Refrigeration Oil market. This increase is ascribed to rising demand for perishable food products as a result of changing lifestyles in developed and developing nations, as well as increased food trade. Rising sales of refrigerators and freezers are expected to drive market expansion throughout the forecast period. Compressor oil is intended to last a long time in most compressor applications. Due to the installation of air conditioners in automobiles, houses, centralized systems in offices, and industries, the air conditioners segment is predicted to rise significantly during the projection period.
Asia Pacific is projected to Grow at the Highest CAGR during the Forecast Period
Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The growing necessity for keeping medications, therapeutics, and medicinal compounds at a specified temperature, as well as the increasing need for refrigerators across the pharmaceutical sector, are important drivers driving market expansion in the region. Expanding automotive innovation and development, as well as demand for food and beverages, are critical to market expansion. The growing working population, the expansion of the food industry, and the development of emerging economies such as India, China, and Australia all operate as stimulating drivers for market growth.
The key players in the Global Refrigeration Oil Market 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), and others.
Segmentation of the Global Refrigeration Oil Market:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Questions
the global demand for Refrigeration Oil
in terms of revenue?
The global Refrigeration Oil valued at USD 1,029.4 Million in 2020 and is expected to reach USD 1,295 Million in 2028 growing at a CAGR of 3.9%
are the prominent players
in the market?
The prominent players in the market are 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).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 3.9% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Refrigeration Oil include
- Increasing demand for consumer appliances
region accounted for the
largest share in the market?
Asia Pacific was the leading regional segment of the Refrigeration Oil in 2020.