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Refrigeration Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 220 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4515084


  • BVA Oil
  • CPI Fluid Engineeing
  • ExxonMobil Corporation
  • HP Lubricants
  • Isel
The refrigeration lubricants market was valued at USD 3,285.76 million in 2021. It is expected to reach USD 3,935.51 million by 2027, registering a CAGR of 3.67% from 2022 to 2027.

Refrigeration lubricants saw a surge in demand in 2021 with the increase in demand for automotive vehicles and other refrigeration applications across the world.

Key Highlights

  • The emergence of new generation refrigeration lubricants optimized for energy efficiency, increasing momentum in the global HVACR industry, and recovering automotive industry are expected to drive the growth of the refrigeration lubricants market.
  • On the flipside, phasing out of existing refrigerants due to constant regulations amendments is expected to hinder the growth of the market.
  • Augmenting prominence for nano lubricant technology and gain in demand for cryogenic applications are expected to unveil new opportunities for the market studied.

Key Market Trends

Increasing Momentum in the Global HVACR Industry

  • HVACR (heating, ventilation, air conditioning, and refrigeration) is an important part of residential and commercial buildings. The market is filled with different kinds of HVACR appliances.
  • Refrigeration lubricants for high-purity ammonia, such as R600a (isobutane), R290 (propane), R1270 (propene/propylene), R1150 (ethene/ethylene), and R170 (ethane), are used in a wide range of applications in domestic refrigeration, industrial refrigeration, and transport refrigeration.
  • According to the International Energy Agency (IEA), since 1990, space cooling energy consumption has more than tripled, posing considerable challenges for electricity systems, particularly during peak demand periods and extreme heat events.
  • In April 2021, Thailand produced around 658.17 thousand units of household refrigerators, according to the Office of Industrial Economics (Thailand).
  • According to the Ministry of Economy, Trade, and Industry (METI) of Japan, the country produced around 1.32 million units of electric refrigerators in 2020.
  • Due to all the above-mentioned factors, the demand for refrigeration lubricants is expected to surge in the upcoming years.

Asia-Pacific to Dominate the Market

  • The Asia-Pacific region was the largest market for refrigeration lubricants. The rising demand for refrigeration lubricants can be attributed to the increasing usage of air conditioning systems for domestic and industrial applications.
  • In China, According to the China Association of Automobile Manufacturers, the production of new energy passenger and commercial vehicles reached 111,900 vehicles in November 2020.
  • The leading electric car manufacturers in China include Tesla, BYD Co., and Nio Inc. The growing demand for electric vehicles in the country is driving the market for refrigeration lubricants for automotive compressors.
  • India ranks fourth in the largest railway system in the world after the United States, Russia, and China, with 123,542 km of tracks, 67,415 km route, and more than 7,300 stations.
  • The second-largest populated country in the world runs 13,523 passenger trains and 9,146 freight trains regularly on its network. The railways carried 1.23 billion metric ton of freight in FY2020-FY2021.
  • Due to all the aforementioned factors, Asia-Pacific is expected to dominate the market in the upcoming years.

Competitive Landscape

The refrigeration lubricants market has a higher degree of fragmentation, owing to multiple emission regulations in various countries. Key players (Not in any particular order) in the market include ExxonMobil Corporation, Shell PLC, FUCHS, IdemitsuKosan Co. Ltd, and PETRONAS International Limited.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.


  • BVA Oil
  • CPI Fluid Engineeing
  • ExxonMobil Corporation
  • HP Lubricants
  • Isel

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Emergence of New Generation Refrigeration Lubricants Optimized for Energy Efficiency
4.1.2 Increasing Momentum in the Global HVACR Industry
4.1.3 Recovering Automotive Industry
4.2 Restraints
4.2.1 Phasing Out of Existing Refrigerants Due to Constant Regulations Amendments
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5.1 Base Oil
5.1.1 Mineral Oil Lubricants Paraffinic Oil Naphthenic Oil Aromatic Oil
5.1.2 Synthetic Lubricants Synthetic Hydrocarbon Polyalphaolefin (PAO) Alkylated Aromatics Polybutene Ester Diester Polyol Ester Phosphate Ester Polymer Ester Polyalkylene Glycols (PAG) Other Synthetic Lubricants
5.1.3 Other Synthetic Lubricants
5.2 Application
5.2.1 Air Conditioning Transportation Automotive Other Modes of Transportation (Rail Road, Airways, and Marine) Other Air Conditioning Applications (Stationary Applications)
5.2.2 Refrigeration (Household, Industrial, and Cryogenics)
5.3 Geography
5.3.1 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.3.2 North America United States Mexico Canada
5.3.3 Europe Germany United Kingdom France Italy Rest of Europe
5.3.4 South America Brazil Argentina Rest of South America
5.3.5 Middle East & Africa Saudi Arabia South Africa Rest of Middle East & Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 BP PLC
6.4.3 BVA Oil
6.4.4 Chevron Corporation
6.4.5 China National Petroleum Corporation
6.4.6 China Petroleum & Chemical Corporation (Sinopec Group)
6.4.7 CPI Fluid Engineeing
6.4.8 ENEOS Corporation
6.4.9 ExxonMobil Corporation
6.4.10 FUCHS
6.4.11 HP Lubricants
6.4.12 Idemitsu Kosan Co. Ltd
6.4.13 Isel
6.4.14 Kluber Lubrication
6.4.15 Kuwait Petroleum
6.4.16 Matrix Specialty Lubricants BV
6.4.17 Parker Hannfin Corp
6.4.18 PETRONAS Lubricants International
6.4.19 Shell PLC
6.4.20 Tazzetti SPA
6.4.21 TotalEnergies
6.4.22 Xaerus Performance Fluids International
7.1 Augmenting Prominence for Nano Lubricant Technology
7.2 Gain in Demand for Cryogenic Applications

A selection of companies mentioned in this report includes:

  • BP PLC
  • BVA Oil
  • Chevron Corporation
  • China National Petroleum Corporation
  • China Petroleum & Chemical Corporation (Sinopec Group)
  • CPI Fluid Engineeing
  • ENEOS Corporation
  • ExxonMobil Corporation
  • HP Lubricants
  • Idemitsu Kosan Co. Ltd
  • Isel
  • Kluber Lubrication
  • Kuwait Petroleum
  • Matrix Specialty Lubricants BV
  • Parker Hannfin Corp
  • PETRONAS Lubricants International
  • Shell PLC
  • Tazzetti SPA
  • TotalEnergies
  • Xaerus Performance Fluids International