The global refrigeration oil market size was estimated at around USD 1.44 billion in 2023 and it is projected to hit around USD 2.29 billion by 2033, growing at a CAGR of 4.73% from 2024 to 2033.
The refrigeration oil market plays a crucial role in the efficient functioning of refrigeration systems across various industries. Refrigeration oils are specially formulated lubricants that ensure smooth operation of compressors and other components in refrigeration and air conditioning equipment. These oils help in maintaining the proper lubrication of moving parts, enhancing energy efficiency, and extending the lifespan of the equipment.
The growth of the refrigeration oil market is driven by an increasing demand for frozen and chilled food products, coupled with expanding HVACR (Heating, Ventilation, Air Conditioning, and Refrigeration) applications, is significantly boosting market growth. Technological advancements in refrigeration systems and the development of high-performance refrigeration oils are enhancing efficiency and extending equipment lifespan, further propelling market expansion. Moreover, stringent environmental regulations favoring the use of synthetic and environmentally-friendly refrigerants are driving the demand for compatible refrigeration oils.
The Asia Pacific refrigeration oil market size was estimated at around USD 0.54 billion in 2023 and it is projected to hit around USD 0.87 billion by 2033, growing at a CAGR of 4.73% from 2024 to 2033.
Asia Pacific led the global refrigeration oil market in 2023, commanding over 38% of the revenue share. The region's dominance is driven by a thriving automotive industry and increasing consumer demand for comfort and convenience. As living standards and disposable incomes rise, the demand for air conditioning systems in vehicles has become commonplace, emphasizing the essential role of high-quality refrigeration oils in maintaining system efficiency.
Europe is poised for growth over the forecast period, buoyed by stringent energy efficiency and environmental regulations. These regulations incentivize the adoption of energy-efficient cooling solutions and environmentally friendly refrigerants, thereby boosting the demand for compatible refrigeration oils in the region.
The synthetic type segment emerged as the market leader in 2023, capturing over 48% of the market share. This dominance is attributed to its exceptional thermal stability, low volatility, and superior lubrication properties, which outperform traditional mineral-based oils. These qualities contribute significantly to enhanced system reliability, reduced maintenance needs, and prolonged equipment lifespan, thereby stimulating the demand for synthetic refrigeration oil.
Moreover, advancements in refrigerant technology, particularly in automotive and industrial sectors, have necessitated specialized lubricants for new refrigeration systems. Synthetic refrigeration oil is preferred for these advanced applications due to its ability to meet stringent performance criteria and compatibility with modern refrigerants.
Semi-synthetic oils are also projected to witness growth during the forecast period. These oils strike a balance between the performance benefits of synthetics and the cost-effectiveness of mineral oils. Blending synthetic and mineral oils combines their respective advantages, making semi-synthetics popular where full synthetics may be deemed excessive or unnecessary, while still delivering improved efficiency and performance.
Refrigerators dominated the application segment with a market share exceeding 31% in 2023. Refrigeration oil plays a critical role in lubricating and facilitating heat transfer within refrigerators. It ensures smooth operation of key components such as compressors, motors, and fans by minimizing friction and wear. Additionally, the oil aids in heat absorption from the evaporator and dissipation at the condenser, enhances system sealing to prevent refrigerant leaks, and overall sustains the efficiency of the refrigeration cycle.
The automotive sector is anticipated to drive significant demand growth in the coming years. Advancements in automotive air conditioning technology necessitate specific refrigeration oils for optimal performance and compatibility with new refrigerants. Environmental regulations promoting the use of eco-friendly refrigerants in automotive air conditioning systems further underscore the importance of suitable refrigeration oil types.
By Type
By Application
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Refrigeration Oil Market
5.1. COVID-19 Landscape: Refrigeration Oil Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Refrigeration Oil Market, By Type
8.1. Refrigeration Oil Market, by Type, 2024-2033
8.1.1. Mineral
8.1.1.1. Market Revenue and Forecast (2021-2033)
8.1.2. Synthetic
8.1.2.1. Market Revenue and Forecast (2021-2033)
8.1.3. Semi-Synthetic
8.1.3.1. Market Revenue and Forecast (2021-2033)
Chapter 9. Global Refrigeration Oil Market, By Application
9.1. Refrigeration Oil Market, by Application, 2024-2033
9.1.1. Air Conditioner
9.1.1.1. Market Revenue and Forecast (2021-2033)
9.1.2. Refrigerators
9.1.2.1. Market Revenue and Forecast (2021-2033)
9.1.3. Automotive
9.1.3.1. Market Revenue and Forecast (2021-2033)
9.1.4. Coolers & Conditioners
9.1.4.1. Market Revenue and Forecast (2021-2033)
9.1.5. Other Applications
9.1.5.1. Market Revenue and Forecast (2021-2033)
Chapter 10. Global Refrigeration Oil Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Type (2021-2033)
10.1.2. Market Revenue and Forecast, by Application (2021-2033)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Type (2021-2033)
10.1.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Type (2021-2033)
10.1.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Type (2021-2033)
10.2.2. Market Revenue and Forecast, by Application (2021-2033)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Type (2021-2033)
10.2.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Type (2021-2033)
10.2.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Type (2021-2033)
10.2.5.2. Market Revenue and Forecast, by Application (2021-2033)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Type (2021-2033)
10.2.6.2. Market Revenue and Forecast, by Application (2021-2033)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Type (2021-2033)
10.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Type (2021-2033)
10.3.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Type (2021-2033)
10.3.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Type (2021-2033)
10.3.5.2. Market Revenue and Forecast, by Application (2021-2033)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Type (2021-2033)
10.3.6.2. Market Revenue and Forecast, by Application (2021-2033)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Type (2021-2033)
10.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Type (2021-2033)
10.4.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Type (2021-2033)
10.4.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Type (2021-2033)
10.4.5.2. Market Revenue and Forecast, by Application (2021-2033)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Type (2021-2033)
10.4.6.2. Market Revenue and Forecast, by Application (2021-2033)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Type (2021-2033)
10.5.2. Market Revenue and Forecast, by Application (2021-2033)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Type (2021-2033)
10.5.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Type (2021-2033)
10.5.4.2. Market Revenue and Forecast, by Application (2021-2033)
Chapter 11. Company Profiles
11.1. INEOS
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Idemitsu Kosan Co., Ltd
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Exxon Mobil Corporation
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Shell Global
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. TotalEnergies
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. China Petroleum & Chemical Corporation
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. FUCHS
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. PETRONAS Lubricants International
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Jhonson Controls
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers