Refrigeration Oil Market – Increase in Demand for Frozen Food and Pharmaceutical Businesses is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 3.9% from 2022 to 2028

Refrigeration Oil
  • Refrigeration Oil Market

As stated in our extensive report; the Global Refrigeration Oil Market accounted forUSD 1,029.4 Millionin 2021.

The Refrigeration Oil is a type of lubricant generally taken through mineral or synthetic oil. It dissipates heat away from hot compressor components. In addition, it is utilized as a functional fluid, hydraulic control, and lubricating oil in refrigeration compressors. The critical function of the Refrigeration Oil is lubricating the compressor, which produces cold air. It facilitates the removal of the friction on metal parts, reducing wear on the compressor and extending the system life. The growth of the Global Refrigeration Oil Market can be attributable to the growing demand for refrigerator oil for consumer appliances, food industries, and pharmaceuticals. Also, the escalating use of frozen and packaged food items engages commercial refrigerators.

The growth in the preservation of vaccines and drugs is expected to increase the demand for freezers, refrigerators, air conditioners, and automobile HVAC systems. Furthermore, other aspects like escalating the healthcare industry with augmented expenses on new drug development will enhance the refrigeration system needed to store drugs & vaccines, which will further help to influence the industry's growth positively. Besides, the rising focus of the producers on Research and Development (R&D) activities to develop innovative products at lower cost and the increasing launches of new and inventive refrigerator oil will fuel the market growth. Besides, the increase in demand for synthetic oil is changing the market dynamic for the Refrigeration Oil.

On the other hand, the strict regulations relating to the Chlorofluorocarbons (CFCs) emission can hamper the growth of the Refrigeration Oil Market. Also, the government has restricted the use of fluorocarbons refrigerants with the rising emission of greenhouse gases. Therefore, there is difficulty in controlling the oil function, which might negatively impact this industry.

Asia Pacificholds the significant market share in theRefrigeration OilMarket and is likely to continue this trend during the forecast period. The sales of the refrigerator & freezers, condensers, automotive AC systems, air conditioners, chillers, and other cooling systems in the commercial and residential sectors drive the market expansion in this region. In addition, the increasing urbanization, lifestyle changes, and purchasing power will support the market growth in this region. Moreover, many players in developing regions will propel regional market growth.

Some of 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.