Refrigeration Oil Market by Oil Type (Mineral Oil, Synthetic Oil (Polyolester, Polyalkylene Glycol)), Application (Refrigerator & Freezer, Air Conditioner, Automotive AC System, and Aftermarket), and Region - Global Forecast to 2024
The refrigeration oil market is estimated to grow from USD 1.1 billion in 2019 to USD 1.4 billion by 2024, at a CAGR of 4.7%. It is driven mainly by driven by the rising demand for consumer appliances and automobiles. Refrigeration oil is used for lubrication in compressors and reduces the friction of metal parts, thereby reducing the wear and tear of compressors in consumer appliances and automotive AC systems. The growing demand for refrigeration oil from the food and pharmaceutical industries, along with the rising demand for low GWP refrigerants are other factors expected to drive the refrigeration oil market.
POE oil type segment is expected to be the fastest-growing segment of the refrigeration oil market, in terms of value, between 2019 and 2024.
The POE oil type segment is expected to witness the highest growth, in terms of value, from 2019 to 2024. POE oil has high thermal stability and excellent wear performance; its usage in all applications is one of the key factors expected to drive the growth of this oil type in the coming years.
Refrigerator & freezer application segment is estimated to witness the highest growth rate between 2019 and 2024.
The refrigerator & freezer segment is estimated to be the fastest-growing application segment between 2019 and 2024, in terms of both value and volume. The growth of the segment can be attributed to the increasing demand and manufacture of refrigerators and freezers in APAC. The region accounts for more than two-thirds of the global demand for refrigerators and freezers. This is majorly due to the increasing urbanization and rapid industrialization in the region.
Growing demand for consumer appliances and automobiles is likely to drive the demand for the refrigeration oil market in APAC.
The APAC refrigeration oil market is estimated to witness significant growth during the forecast period. The growing demand for consumer appliances and automobiles is expected to fuel the growth of the refrigeration oil market in the APAC region. In addition, the presence of major manufacturers such as JXTG Group (Japan), Idemitsu Kosan Co., Ltd. (Japan), China Petrochemical Corporation (Sinopec Group) (China), Indian Oil Corporation Ltd. (India), and PETRONAS (Malaysia), have positively influenced the demand trend for refrigeration oil in the region.
- By Company Type: Tier 1 - 30%, Tier 2 - 43%, and Tier 3 - 27%
- By Designation: C-Level - 21%, Director Level - 23%, and Others - 56%
- By Region: North America - 30%, Europe - 18%, APAC - 41%, South America and Middle East & Africa - 11%
The key players profiled in the report include are JXTG Group (Japan), BASF (Germany), Idemitsu Kosan Co. (Japan), Royal Dutch Shell (Netherlands), ExxonMobil (US), BP (UK), PETRONAS (Malaysia), Chevron (US), Total (France), Sinopec Group (China), FUCHS (Germany), Johnson Controls (Ireland), and Lubrizol (CPI Fluid Engineering Services) (US).