The global refrigeration oils market is projected to grow from US$1.3 billion in 2024 to US$1.8 billion by 2030, according to a new report from Research and Markets. This represents a compound annual growth rate (CAGR) of 4.7%, driven by the rising demand for refrigeration systems, technological innovations in oil formulation, and a shift toward environmentally friendly refrigerants.
The report highlights that synthetic refrigeration oils are the fastest-growing segment, expected to reach US$1.2 billion by 2030 with a CAGR of 5.4%. Mineral oils are also growing but at a slower pace, with a projected CAGR of 3.1%. The increasing use of synthetic oils is attributed to their enhanced performance and compatibility with low-global warming potential (GWP) refrigerants.
In terms of application, refrigeration oils are widely used across refrigerators, air conditioners, and automotive cooling systems. The expansion of the food and beverage sector, pharmaceutical logistics, and cold chain infrastructure is further fueling market demand, particularly in temperature-sensitive storage and transportation.
Regionally, the United States market was valued at US$292.5 million in 2024. China is forecasted to grow at a CAGR of 6.5%, reaching US$279.5 million by 2030. Other key markets include Japan, Canada, Germany, and countries across Asia-Pacific, Latin America, the Middle East, and Africa.
The report features profiles of 74 companies active in the market, including BASF SE, Behr Hella Service GmbH, BP PLC, ExxonMobil Corporation, Fuchs Petrolub SE, and Total SA. It also provides updated analysis of global trade dynamics, tariff impacts, and technological trends, with particular attention to regulatory shifts and sustainability requirements.
This edition includes revised forecasts and market share estimates for 2025, integrating recent developments in global trade policy and supply chain realignment.