Global Refrigeration Oil Market Size By Product Type (Mineral Oil, Synthetic Oil), Application (Air Conditioner, Refrigerator and Freezer), & Region for 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

View Details Buy Now 2890 Download Sample Ask for Discount Request Customization

Refrigeration Oil Market Valuation – 2024-2031

Growing demand for chilled, chilled, and frozen food to preserve food quality has boosted the sales of refrigeration oil in the market. Refrigeration systems are also widely used in the pharmaceutical industry to prolong the life of temperature-sensitive drugs, thereby increasing the demand for such oil. According to the analyst from Market Research, the refrigeration oil market has a valuation of USD 2.46 Billion in 2031 over the forecast subjugating around USD 1.8 Billion in 2024.

Growing demand for chilled, chilled, and frozen food to preserve food quality has boosted the sales of refrigeration oil in the market. This surge in demand enables the market to grow at a CAGR of 4% from 2024 to 2031.

Refrigeration Oil MarketDefinition/ Overview

Refrigeration oil is designed for applications in cooling systems. It is used in the lubrication of the compressor to ensure the smooth operation of the refrigeration unit. Refrigeration oil has properties such as – chemical and thermal stability and is non-reactive with the refrigerant. The oil reduces the friction in the compressors and prevents further wear on the compressors. Refrigeration oils can be mineral oil and synthetic oil types. Such oils are used in air conditioners, refrigerators and freezers, and automotive AC systems.

Furthermore, some of these are dust, dirt, debris small pieces of cut metal, and oxidized metal from the tube. Accumulated debris can block system filters and cause excessive wear or damage to sensitive objects such as vans or valves. This feature makes it extremely important to ensure that the parts are properly machined, dismantled, and cleaned.

What's inside a
industry report?

Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.

Which are the Drivers Encouraging the Adoption of Refrigeration Oil Market?

The refrigeration oil market is driven by a few key factors that add to its reception and development across different ventures. One of the essential drivers is the rising interest in refrigeration and cooling frameworks in areas like food and drink, drugs, and cars. As worldwide temperatures climb and urbanization speeds up, the requirement for cooling arrangements has become more articulated, prodding the sending of refrigeration frameworks in both private and business settings.

Mechanical progressions in refrigeration frameworks have prompted the advancement of more proficient and harmless gear for the ecosystem. Current refrigeration oils are planned to meet the severe prerequisites of cutting-edge refrigeration frameworks, including those utilizing low-GWP (an Earth-wide temperature boost potential) refrigerants like hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs). These oils offer prevalent oil, warm soundness, and similarity with new refrigerant plans, in this manner driving their reception on the lookout.

Furthermore, administrative drives pointed toward eliminating ozone-exhausting substances (ODS) and decreasing ozone-harming substance emanations have provoked the change to eco-accommodating refrigerants and oils. Guidelines, for example, the Montreal Convention and the Kigali Revision, have sped up the reception of elective refrigerants with lower natural effects, establishing an ideal climate for the development of the refrigeration oil market.

What are the Challenges in Refrigeration Oil Market?

The refrigeration oil market isn't exactly sailing smoothly; there are some bumps in the road that could really change how things grow and improve. One biggie is that environmental rules about refrigerants and oils are getting tougher all the time. Since everyone's trying hard to fight climate change, there's a lot of pressure to ditch hydrofluorocarbon (HFC) refrigerants – you know, the ones that really pump out those greenhouse gases. Moving to kinder options, like hydrofluoroolefins (HFOs) and natural refrigerants such as ammonia and carbon dioxide, throws a curveball at the folks who make and sell refrigeration oils. Plus, the whole refrigeration scene is changing fast with new technologies, leading to more energy-efficient and eco-friendly systems.

And get this – these new systems often demand oils with super specific features! We're talking oils that play nice with the new refrigerants, can handle the heat (better thermal stability), and are extra slippery (improved lubricity). It's a real challenge for the folks making refrigeration oils, because they have to invest big time in research and development to create products that meet all the latest industry standards. Another big problem? The rise of fake and low-quality oils flooding the market. Slapping in the wrong kind of refrigeration oil can totally mess things up – leading to equipment breakdowns, wasting energy, and even serious safety risks. So, making sure the oil is the real deal and offering top-notch tech support and after-sales service is key to building trust and staying credible in the refrigeration game.

Category-Wise Acumens

How does Mineral Oil help in the growth of the Refrigeration Oil Market?

According to analysis, Mineral oil is estimated to dominate the market during the forecast period because of its generally minimal expense compared with engineered other options. This reasonableness makes it a viable decision for economical shoppers and organizations, particularly in locales where cost contemplations are basic. Subsequently, the accessibility of mineral oil-based refrigeration oils assists with taking special care of a wide range of clients, including limited-scope administrators and developing business sectors where spending plan imperatives might restrict interest in additional costly greases.

Mineral oil is pretty versatile, acting a lot like many common refrigerants found in cooling systems. Because of its chemical makeup and how well it lubricates, it works nicely with both older and newer refrigerants, like hydrofluorocarbons (HFCs), hydrochlorofluorocarbons (HCFCs), and even natural refrigerants such as smelling salts (R-717) and carbon dioxide (R-744). This adaptability helps mineral oil-based refrigeration oils handle the oil needs of lots of different setups, making them more appealing. Mineral oil has a reputation for getting the job done reliably in refrigeration setups. Its natural ability to lubricate helps cut down on friction and wear inside compressors, which helps equipment last longer and reduces the chance of breakdowns. This reliability is super important in places like commercial refrigeration, industrial cooling, and HVACR (heating, ventilation, cooling, and refrigeration) systems, where downtime and maintenance costs need to be kept as low as possible.

Furthermore, mineral oil-based refrigeration oils are promptly accessible from a wide organization of providers and wholesalers around the world. This openness guarantees that clients have helpful admittance to grease for their refrigeration frameworks, limiting lead times and calculated difficulties related to acquirement. Additionally, the laid-out foundation for mineral oil creation, appropriation, and capacity works with the proficient stock of refrigeration oils to satisfy market needs, supporting the development of the refrigeration oil market.

Which Factors are Influencing the Growth of Air Conditioners in the Refrigeration Oil Market?

The air conditioner segment is estimated to dominate the market during the forecast period. The rising interest in cooling frameworks, driven by elements like urbanization, industrialization, and further developing ways of life, fundamentally adds to the development of the refrigeration oil market. As more private, business and modern structures require effective cooling solutions to keep up with agreeable indoor conditions, the interest for cooling units keeps on flooding internationally.

Progressing mechanical developments and headways in cooling frameworks add to the advancement of refrigeration oil prerequisites. Present-day cooling units frequently consolidate refined parts, like variable-speed blowers, high-level intensity exchangers, and energy-productive plans, which request superior execution oils for ideal activity. The advancement of new refrigerants and framework plans likewise drives the requirement for viable and particular refrigeration oils, animating business sector development. Ecological guidelines and manageability drives drive a shift towards harmless to the ecosystem refrigerants in cooling frameworks.

Furthermore, the stage out of ozone-exhausting substances (ODS) and high unnatural weather change potential (GWP) refrigerants, like hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs), has prompted the reception of elective refrigerants with lower ecological effect, including hydrocarbons (HCs), hydrofluoroolefins (HFOs), and normal refrigerants like alkali (R-717) and carbon dioxide (CO2). These progressions in refrigerant inclinations impact the choice of viable refrigeration oils, driving business sector interest in greases planned to work productively with new refrigerant sciences.

Gain Access to Refrigeration Oil Market Report Methodology

Country/Region-wise Acumens

Which Region has the Most Potential for Growth in the Refrigeration Oil Market?

The Asia-Pacific region has emerged as one of the regions with the most significant potential for growth in the refrigeration oil market. The rising interest in cooling frameworks, driven by elements like urbanization, industrialization, and further developing ways of life, fundamentally adds to the development of the refrigeration oil market. As more private, business and modern structures require effective cooling solutions to keep up with agreeable indoor conditions, the interest for cooling units keeps on flooding internationally.

Progressing mechanical developments and headways in cooling frameworks add to the advancement of refrigeration oil prerequisites. Present-day cooling units frequently consolidate refined parts, like variable-speed blowers, high-level intensity exchangers, and energy-productive plans, which request superior execution oils for ideal activity. The advancement of new refrigerants and framework plans likewise drives the requirement for viable and particular refrigeration oils, animating business sector development.

Furthermore, ecological guidelines and manageability drives drive a shift towards harmless to the ecosystem refrigerants in cooling frameworks. The stage out of ozone-exhausting substances (ODS) and high-an unnatural weather change potential (GWP) refrigerants, like hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs), has prompted the reception of elective refrigerants with lower ecological effect, including hydrocarbons (HCs), hydrofluoroolefins (HFOs), and normal refrigerants like alkali (R-717) and carbon dioxide (CO2). These progressions in refrigerant inclinations impact the choice of viable refrigeration oils, driving business sector interest in greases planned to work productively with new refrigerant sciences.

How North America is dominating in Refrigeration Oil Market?

North America region is estimated to dominate the market during the forecast period. North America applies strength in the refrigeration oil market because of a few key factors that add to its driving position. The district flaunts an experienced and deeply grounded modern region, including fabricating, food handling, and cold chain operations, which drive huge interest in refrigeration and cooling frameworks. Moreover, rigid natural guidelines in North America command the utilization of top-notch refrigeration oils that are viable with eco-accommodating refrigerants, guaranteeing consistency with manageability principles.

North America is really pushing for energy efficiency and cutting down on greenhouse gases, which means more and more people are switching to modern refrigeration oils. These new oils offer superior performance and are better for the environment. Plus, with the region’s huge cold chain infrastructure – think refrigerated warehouses, distribution centers, and trucking companies – there's a big need for refrigeration oils to keep everything at the right temperature and make sure products stay fresh across different industries. Ongoing technological leaps and research in North America are constantly improving refrigeration oil formulas, making them more efficient, better at lubrication, and compatible with different refrigerants. This dedication to innovation and product improvements really cements North America’s lead in the global refrigeration oil market, as manufacturers try to keep up with what customers need and the regulations they have to follow.

Competitive Landscape

The competitive landscape in the refrigeration oil market is dynamic and evolving, driven by changing customer preferences, technological advancements, and market dynamics. Providers continue to innovate and differentiate their offerings to stay competitive and capture market share in this rapidly growing market.

Some of the prominent players operating in the refrigeration oil market include

  • Bayerische Motoren Werke AG
  • Stahl Holdings BV
  • Lear Corporation
  • Toyota Boshoku Corporation
  • Technical Textile Services Ltd.
  • ZF Friedrichshafen AG
  • Faurecia S.A., Delphi Technologies
  • Grammer AG
  • Johnson Controls
  • Grupo Antolin,
  • Henkel Corporation
  • Lear Corporation
  • Auto Textile S.A.
  • Shamkem Multifab Limited
  • Suminoe Textile Co., Ltd.
  • Magna International Inc,
  • Calsonic Kansei Corporation
  • Celanese Corporation
  • Toyoda Gosei Co., Ltd.

Latest Developments

  • In June 2022, ExxonMobil, an oil and Gas Company, and Qatar Energy, a petroleum company, announced that they signed an agreement to further develop Qatar’s North Field East project, which will expand its annual Liquefied Natural Gas (LNG) capacity from the current 77 million tons to 110 million tons by 2026.
  • In September 2022, Shell plc. An oil and gas company agreed to sell IKAV its 100% stake in Shell Onshore Ventures LLC, which owns a 51.8% stake in Aera Energy LLC, a natural gas and oil exploration and production company, for a total consideration of about US$ 2 billion in cash and additional contingent payments based on future oil prices.

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2021-2031

Growth Rate

CAGR of ~4% from 2024 to 2031

Base Year for Valuation

2023

HISTORICAL PERIOD

2021-2023

FORECAST PERIOD

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • By Product Type
  • By Applications
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Bayerische Motoren Werke AG, Stahl Holdings BV, Lear CorporationToyota Boshoku Corporation, Technical Textile Services Ltd. , ZF Friedrichshafen AG Faurecia S.A., Delphi Technologies, Grammer AG, Johnson Controls, Grupo Antolin,, Henkel Corporation, Lear Corporation, Auto textile S.A., Shamkem Multifab Limited, Suminoe Textile Co., Ltd., Magna International Inc,, Calsonic Kansei Corporation, Celanese Corporation, Toyoda Gosei Co., Ltd

CUSTOMIZATION SCOPE

Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

Refrigeration Oil Market, by Category

Product Type

  • Mineral Oil
  • Synthetic Oil

Application

  • Air Conditioner
  • Refrigerator and Freezer

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

We dig deep into the market using both qualitative and quantitative methods, breaking it down based on things like money and even stuff that isn't about money. We'll give you the market value (in USD Billion) for every little piece of the market. You'll also see which region and segment are likely to be the fastest-growing and the biggest overall. We analyze each region, focusing on product/service consumption and what's influencing the market there. Plus, we look at the competition, ranking the major players and highlighting their new stuff, partnerships, expansions, and acquisitions over the last five years.

Speaking of players, we've got detailed profiles of the big ones, including overviews, insights, product comparisons, and SWOT analysis. You’ll get a picture of where the market is now and where it's headed, considering the latest news, growth potential, what's driving it, and the hurdles in both new and established regions. We even throw in a detailed look at the market from different angles using Porter's five forces. You'll gain insight into the market through understanding the Value Chain, too. We'll also show you how the market is changing, highlighting growth opportunities for the future. And don't forget, you get 6 months of analyst support after you buy!

Customization of the Report

• In case of any please connect with our sales team, who will ensure that your requirements are met.

Related Reports

Table of Content

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

List Tables Figures

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

FAQ'S

For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:

sales@marketinsightsresearch.com

Within 24 to 48 hrs.

You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email

You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.

Discounts are available.

Hard Copy

Email