Refrigeration Oil Market: Growth Factors and Upcoming Trends (2020-2026)

Refrigeration oil is used in a refrigeration system to lubricate the compressor that produces cold air and keep the refrigeration unit running smoothly. Refrigeration oil reduces friction on metal parts, reducing wear on the compressor and prolongs the life of the system. In a refrigeration system, the process of circulating refrigerant gas creates an increase in gas pressure and temperature to cool a chiller, freezer or home refrigerator. As the temperature rises, metal parts begin to heat up. Refrigeration oil is specially designed for high temperature to cool these cooling systems, hence, it is important to use recommended refrigerant oil as a lubricant for the equipment such as synthetic or mineral oil. Refrigeration oil has several benefits including low contamination, high dielectric strength, excellent thermal, low pour point, low viscosity, and chemical stability. Further, refrigeration oil also helps in checking environmental issues like global warming as most of the lubricants disposed of as waste oil and other responsible for ozone depletion that contributes to global warming. With the increasing demand for freezers, chillers, air conditioners, automobile HVAC systems, refrigerators and dehumidifiers, the demand for refrigeration oil also increases which indeed boosts the growth of the refrigeration oil market over the forecast period. In addition, growth in the packaged food and life science industry also supplements the growth of the refrigeration oil market as these industries pose huge demand for high-end refrigeration systems. However, stringent regulations to limit the use of refrigerants and compatibility of refrigeration oil with refrigerants are among the key restraints that hinder the growth of the refrigeration oil market.

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Insights Presented in the Report

  • Based on base oils, the market is fragmented into Synthetic Oil and Mineral Oil. Further, the synthetic oil is studied as Polyol Ester (POE) Oil, Poly Alkylene Glycol (PAG) Oil and Others. Polyol Ester synthetic oil is used in various refrigeration systems as this oil has the superior lubricating ability over the mineral oils commonly used in older CFC refrigerant systems
  • Based on refrigerant type, the market is segmented into Hydrochlorofluorocarbon (HCFC), Ammonia, Chlorofluorocarbon (CFC), Hydrofluorocarbon (HFC) and Others. Hydrochlorofluorocarbon (HCFC) refrigerants contain Hydrogen, Chlorine, Fluorine, and Carbon. HCFC has only about 10% of the ozone-depleting potential as compared to CFCs. HCFC is energy-efficient, low-in-toxicity, cost-effective and can be used safely
  • Based on application, the market is bifurcated into Refrigerator & Freezer, Air Conditioner, Automotive HVAC System, Aftermarket and Others. Refrigeration oil reduces friction on metal parts, reducing wear on the compressor and extends the life of the system for these systems
  • Based on the end market, the market is bifurcated into Automobiles, Households, Commercial and Industrial. Rising disposable income and growing demand from packaged food and life science industry for refrigeration appliances certainly supplement the growth of refrigeration oil market
  • For better understanding on the market dynamics of refrigeration oil market, detailed analysis was conducted for different countries in the region including North America (United States, Canada and Rest of North America), Europe (Germany, UK, France, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), and Rest of the World
  • Some of the major players operating in the market include JXTG Holdings, BASF SE, Idemitsu Kosan Co., Ltd., Exxonmobil Corporation, Royal Dutch Shell Plc, Total S.A., China Petrochemical Corporation (Sinopec Corp.), Lubrizol Corporation, Chevron Corporation, and FUCHS Petrolub SE among others

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  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends and opportunities prevailing in the industry
  • Examination of industry attractiveness with the help of Porter’s Five Forces analysis
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

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