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Refrigeration Oil Market By Oil Type, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031

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    Report

  • 274 Pages
  • September 2022
  • Region: Global
  • Allied Market Research
  • ID: 5712944
The global refrigeration oil market was valued at $1.4 billion in 2021, and is projected to reach $2.2 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.

Refrigeration oil is a material or blend of materials that are used to add a protecting cover to industrial tanks and cuts the heat loss or heat gain from tank surfaces that are operating at temperatures above or below the surrounding temperature.

In addition, minimal Brookfield viscosity further contributes towards improved oil flow at cryogenic temperature and oil return from evaporator, which contributes towards the growth of the global market. In addition, paraffin-based refrigeration oils help surface protection of compressors, which in turn ensures longevity of the equipment and cuts down maintenance cost. Viscosity index is crucial for safe and proper lubrication of compressors. Refrigeration oil tend to have high viscosity index, making them the best choice for lubrication of compressors. In addition, mineral refrigeration oil compatibility contributes to oil separator efficiency, which ensures low miscibility of refrigeration oil with ammonia refrigerant. All these factors have escalated the demand for mineral oil and is anticipated to offer new growth opportunities during the forecast period.

Several environmental risks associated with use of refrigeration oils hamper the market growth. For instance, during disposal of used refrigeration oil, the risk of contamination associated with water bodies negatively impacts aquatic animals. In addition, emission risk associated with use of refrigeration oil also hampers the market growth. Refrigeration oil tend to cause ozone depletion and contribute to global warming. Refrigeration oils are mainly used in air conditioning and refrigeration systems.

However, the air conditioning and refrigeration systems tend to impact negatively on stratospheric ozone owing to use of ozone-depleting refrigerants. This further contributes towards global warming owing release of refrigerants and from emission of greenhouse gases (GHGs) for associated energy use. All these factors tend to negatively impact the demand and use for refrigeration oil in air conditioning and refrigeration systems. This further tends to hamper the growth of the global market.

Conversely, refrigeration oil has low traction co-efficient factor, making it widely used in compressors, which drives the growth of the global market. Some refrigeration oil poses environmental issues owing to need for periodic drain and replace the oil. Thus, key-players in the refrigeration oil market are testing environment-friendly oils, intended to be used across industrial compressor. This factor is anticipated to open up new opportunities for the refrigeration oil market.

The refrigeration oil market is segmented on the basis of oil type, application, and region. On the basis of oil type, the market is categorized into synthetic and mineral. By application, the market is segmented into refrigerators & freezers, air conditioner, automotive air conditioning system, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major companies profiled in this report include Exxon Mobil Corporation, HP Lubricants, Castrol Limited, Shell plc, ENEOS Corporation, ADDINOL, FUCHS, Phillips 66 Company, BP Lubricants Pvt. Ltd., Lubriplate Lubricants Company, Freudenberg Group, and Whitmore Manufacturing LLC. The global refrigeration oil market report provides in-depth competitive analysis as well as profiles of these major players.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the refrigeration oil market analysis from 2021 to 2031 to identify the prevailing refrigeration oil market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the refrigeration oil market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global refrigeration oil market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Oil Type

  • Synthetic
  • Type
  • POE
  • PAG
  • Others
  • Mineral

By Application

  • Refrigerators and Freezers
  • Air Conditioner
  • Automotive Air Conditioning System
  • Others

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest Of Europe
  • Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest Of Asia-Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest Of LAMEA

Key Market Players

  • Eneos Holdings Inc.
  • Idemitsu Kosan Co. Ltd
  • EXXONMOBIL CORPORATION
  • Royal Dutch Shell Plc
  • Total Energies SE
  • FUCHS Petrolub S
  • Johnson Controls International plc
  • Cosmo Oil Lubricants Co., Ltd.
  • National Refrigerants, Inc.
  • kluber
  • Lubriplate Lubricants Company
  • BASF SE
  • Lukoil
  • Chevron Corporation
  • Petrochemical Corporation of Singapore (Private) Limited.
Frequently Asked Questions about the Global Refrigeration Oil Market

What is the estimated value of the Global Refrigeration Oil Market?

The Global Refrigeration Oil Market was estimated to be valued at $1.4 billion in 2021.

What is the growth rate of the Global Refrigeration Oil Market?

The growth rate of the Global Refrigeration Oil Market is 4.6%, with an estimated value of $2.2 billion by 2031.

What is the forecasted size of the Global Refrigeration Oil Market?

The Global Refrigeration Oil Market is estimated to be worth $2.2 billion by 2031.

Who are the key companies in the Global Refrigeration Oil Market?

Key companies in the Global Refrigeration Oil Market include Eneos Holdings Inc., Idemitsu Kosan Co. Ltd, EXXONMOBIL CORPORATION, Royal Dutch Shell Plc, Total Energies SE, FUCHS Petrolub S, Johnson Controls International plc, Cosmo Oil Lubricants Co., Ltd. and kluber.

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective

CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
3.7. Pricing Analysis
3.8. Value Chain Analysis
3.9. Key Regulation Analysis
3.10. Patent Landscape

CHAPTER 4: REFRIGERATION OIL MARKET, BY OIL TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Synthetic
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.2.4 Synthetic Refrigeration Oil Market by Type
4.2.4.1 POE Market size and forecast, by region
4.2.4.2 POE Market size and forecast, by country
4.2.4.3 PAG Market size and forecast, by region
4.2.4.4 PAG Market size and forecast, by country
4.2.4.5 Others Market size and forecast, by region
4.2.4.6 Others Market size and forecast, by country
4.3 Mineral
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country

CHAPTER 5: REFRIGERATION OIL MARKET, BY APPLICATION
5.1 Overview
5.1.1 Market size and forecast
5.2 Refrigerators and Freezers
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Air Conditioner
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Automotive Air Conditioning System
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
5.5 Others
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market analysis by country

CHAPTER 6: REFRIGERATION OIL MARKET, BY REGION
6.1 Overview
6.1.1 Market size and forecast
6.2 North America
6.2.1 Key trends and opportunities
6.2.2 North America Market size and forecast, by Oil Type
6.2.2.1 North America Synthetic Refrigeration Oil Market by Type
6.2.3 North America Market size and forecast, by Application
6.2.4 North America Market size and forecast, by country
6.2.4.1 U.S.
6.2.4.1.1 Market size and forecast, by Oil Type
6.2.4.1.1.1 U.S. Synthetic Refrigeration Oil Market by Type
6.2.4.1.2 Market size and forecast, by Application
6.2.4.2 Canada
6.2.4.2.1 Market size and forecast, by Oil Type
6.2.4.2.1.1 Canada Synthetic Refrigeration Oil Market by Type
6.2.4.2.2 Market size and forecast, by Application
6.2.4.3 Mexico
6.2.4.3.1 Market size and forecast, by Oil Type
6.2.4.3.1.1 Mexico Synthetic Refrigeration Oil Market by Type
6.2.4.3.2 Market size and forecast, by Application
6.3 Europe
6.3.1 Key trends and opportunities
6.3.2 Europe Market size and forecast, by Oil Type
6.3.2.1 Europe Synthetic Refrigeration Oil Market by Type
6.3.3 Europe Market size and forecast, by Application
6.3.4 Europe Market size and forecast, by country
6.3.4.1 Germany
6.3.4.1.1 Market size and forecast, by Oil Type
6.3.4.1.1.1 Germany Synthetic Refrigeration Oil Market by Type
6.3.4.1.2 Market size and forecast, by Application
6.3.4.2 UK
6.3.4.2.1 Market size and forecast, by Oil Type
6.3.4.2.1.1 U.S.nthetic Refrigeration Oil Market by Type
6.3.4.2.2 Market size and forecast, by Application
6.3.4.3 France
6.3.4.3.1 Market size and forecast, by Oil Type
6.3.4.3.1.1 France Synthetic Refrigeration Oil Market by Type
6.3.4.3.2 Market size and forecast, by Application
6.3.4.4 Spain
6.3.4.4.1 Market size and forecast, by Oil Type
6.3.4.4.1.1 Spain Synthetic Refrigeration Oil Market by Type
6.3.4.4.2 Market size and forecast, by Application
6.3.4.5 Italy
6.3.4.5.1 Market size and forecast, by Oil Type
6.3.4.5.1.1 Italy Synthetic Refrigeration Oil Market by Type
6.3.4.5.2 Market size and forecast, by Application
6.3.4.6 Rest of Europe
6.3.4.6.1 Market size and forecast, by Oil Type
6.3.4.6.1.1 Rest of Europe Synthetic Refrigeration Oil Market by Type
6.3.4.6.2 Market size and forecast, by Application
6.4 Asia-Pacific
6.4.1 Key trends and opportunities
6.4.2 Asia-Pacific Market size and forecast, by Oil Type
6.4.2.1 Asia-Pacific Synthetic Refrigeration Oil Market by Type
6.4.3 Asia-Pacific Market size and forecast, by Application
6.4.4 Asia-Pacific Market size and forecast, by country
6.4.4.1 China
6.4.4.1.1 Market size and forecast, by Oil Type
6.4.4.1.1.1 China Synthetic Refrigeration Oil Market by Type
6.4.4.1.2 Market size and forecast, by Application
6.4.4.2 India
6.4.4.2.1 Market size and forecast, by Oil Type
6.4.4.2.1.1 India Synthetic Refrigeration Oil Market by Type
6.4.4.2.2 Market size and forecast, by Application
6.4.4.3 Japan
6.4.4.3.1 Market size and forecast, by Oil Type
6.4.4.3.1.1 Japan Synthetic Refrigeration Oil Market by Type
6.4.4.3.2 Market size and forecast, by Application
6.4.4.4 South Korea
6.4.4.4.1 Market size and forecast, by Oil Type
6.4.4.4.1.1 South Korea Synthetic Refrigeration Oil Market by Type
6.4.4.4.2 Market size and forecast, by Application
6.4.4.5 Australia
6.4.4.5.1 Market size and forecast, by Oil Type
6.4.4.5.1.1 Australia Synthetic Refrigeration Oil Market by Type
6.4.4.5.2 Market size and forecast, by Application
6.4.4.6 Rest of Asia-Pacific
6.4.4.6.1 Market size and forecast, by Oil Type
6.4.4.6.1.1 Rest of Asia-Pacific Synthetic Refrigeration Oil Market by Type
6.4.4.6.2 Market size and forecast, by Application
6.5 LAMEA
6.5.1 Key trends and opportunities
6.5.2 LAMEA Market size and forecast, by Oil Type
6.5.2.1 LAMEA Synthetic Refrigeration Oil Market by Type
6.5.3 LAMEA Market size and forecast, by Application
6.5.4 LAMEA Market size and forecast, by country
6.5.4.1 Brazil
6.5.4.1.1 Market size and forecast, by Oil Type
6.5.4.1.1.1 Brazil Synthetic Refrigeration Oil Market by Type
6.5.4.1.2 Market size and forecast, by Application
6.5.4.2 Saudi Arabia
6.5.4.2.1 Market size and forecast, by Oil Type
6.5.4.2.1.1 Saudi Arabia Synthetic Refrigeration Oil Market by Type
6.5.4.2.2 Market size and forecast, by Application
6.5.4.3 South Africa
6.5.4.3.1 Market size and forecast, by Oil Type
6.5.4.3.1.1 South Africa Synthetic Refrigeration Oil Market by Type
6.5.4.3.2 Market size and forecast, by Application
6.5.4.4 Rest of LAMEA
6.5.4.4.1 Market size and forecast, by Oil Type
6.5.4.4.1.1 Rest of LAMEA Synthetic Refrigeration Oil Market by Type
6.5.4.4.2 Market size and forecast, by Application

CHAPTER 7: COMPANY LANDSCAPE
7.1. Introduction
7.2. Top winning strategies
7.3. Product Mapping of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Key developments

CHAPTER 8: COMPANY PROFILES
8.1 Eneos Holdings Inc.
8.1.1 Company overview
8.1.2 Company snapshot
8.1.3 Operating business segments
8.1.4 Product portfolio
8.1.5 Business performance
8.1.6 Key strategic moves and developments
8.2 Idemitsu Kosan Co. Ltd
8.2.1 Company overview
8.2.2 Company snapshot
8.2.3 Operating business segments
8.2.4 Product portfolio
8.2.5 Business performance
8.2.6 Key strategic moves and developments
8.3 EXXONMOBIL CORPORATION
8.3.1 Company overview
8.3.2 Company snapshot
8.3.3 Operating business segments
8.3.4 Product portfolio
8.3.5 Business performance
8.3.6 Key strategic moves and developments
8.4 Royal Dutch Shell Plc
8.4.1 Company overview
8.4.2 Company snapshot
8.4.3 Operating business segments
8.4.4 Product portfolio
8.4.5 Business performance
8.4.6 Key strategic moves and developments
8.5 Total Energies SE
8.5.1 Company overview
8.5.2 Company snapshot
8.5.3 Operating business segments
8.5.4 Product portfolio
8.5.5 Business performance
8.5.6 Key strategic moves and developments
8.6 FUCHS Petrolub S
8.6.1 Company overview
8.6.2 Company snapshot
8.6.3 Operating business segments
8.6.4 Product portfolio
8.6.5 Business performance
8.6.6 Key strategic moves and developments
8.7 Johnson Controls International plc
8.7.1 Company overview
8.7.2 Company snapshot
8.7.3 Operating business segments
8.7.4 Product portfolio
8.7.5 Business performance
8.7.6 Key strategic moves and developments
8.8 Cosmo Oil Lubricants Co., Ltd.
8.8.1 Company overview
8.8.2 Company snapshot
8.8.3 Operating business segments
8.8.4 Product portfolio
8.8.5 Business performance
8.8.6 Key strategic moves and developments
8.9 National Refrigerants, Inc.
8.9.1 Company overview
8.9.2 Company snapshot
8.9.3 Operating business segments
8.9.4 Product portfolio
8.9.5 Business performance
8.9.6 Key strategic moves and developments
8.10 kluber
8.10.1 Company overview
8.10.2 Company snapshot
8.10.3 Operating business segments
8.10.4 Product portfolio
8.10.5 Business performance
8.10.6 Key strategic moves and developments
8.11 Lubriplate Lubricants Company
8.11.1 Company overview
8.11.2 Company snapshot
8.11.3 Operating business segments
8.11.4 Product portfolio
8.11.5 Business performance
8.11.6 Key strategic moves and developments
8.12 BASF SE
8.12.1 Company overview
8.12.2 Company snapshot
8.12.3 Operating business segments
8.12.4 Product portfolio
8.12.5 Business performance
8.12.6 Key strategic moves and developments
8.13 Lukoil
8.13.1 Company overview
8.13.2 Company snapshot
8.13.3 Operating business segments
8.13.4 Product portfolio
8.13.5 Business performance
8.13.6 Key strategic moves and developments
8.14 Chevron Corporation
8.14.1 Company overview
8.14.2 Company snapshot
8.14.3 Operating business segments
8.14.4 Product portfolio
8.14.5 Business performance
8.14.6 Key strategic moves and developments
8.15 Petrochemical Corporation of Singapore (Private) Limited.
8.15.1 Company overview
8.15.2 Company snapshot
8.15.3 Operating business segments
8.15.4 Product portfolio
8.15.5 Business performance
8.15.6 Key strategic moves and developments

List of Tables
Table 1. Global Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 2. Global Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 3. Refrigeration Oil Market, for Synthetic, by Region, 2021-2031 ($Million)
Table 4. Refrigeration Oil Market, for Synthetic, by Region, 2021-2031 (Tons)
Table 5. Refrigeration Oil Market for Synthetic, by Country, 2021-2031 ($Million)
Table 6. Refrigeration Oil Market for Synthetic, by Country, 2021-2031 (Tons)
Table 7. Global Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 8. Global Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 9. Refrigeration Oil Market, for Poe, by Region, 2021-2031 ($Million)
Table 10. Refrigeration Oil Market, for Poe, by Region, 2021-2031 (Tons)
Table 11. Refrigeration Oil Market, for Poe, by Country, 2021-2031 ($Million)
Table 12. Refrigeration Oil Market, for Poe, by Country, 2021-2031 (Tons)
Table 13. Refrigeration Oil Market, for Pag, by Region, 2021-2031 ($Million)
Table 14. Refrigeration Oil Market, for Pag, by Region, 2021-2031 (Tons)
Table 15. Refrigeration Oil Market, for Pag, by Country, 2021-2031 ($Million)
Table 16. Refrigeration Oil Market, for Pag, by Country, 2021-2031 (Tons)
Table 17. Refrigeration Oil Market, for Others, by Region, 2021-2031 ($Million)
Table 18. Refrigeration Oil Market, for Others, by Region, 2021-2031 (Tons)
Table 19. Refrigeration Oil Market, for Others, by Country, 2021-2031 ($Million)
Table 20. Refrigeration Oil Market, for Others, by Country, 2021-2031 (Tons)
Table 21. Refrigeration Oil Market, for Mineral, by Region, 2021-2031 ($Million)
Table 22. Refrigeration Oil Market, for Mineral, by Region, 2021-2031 (Tons)
Table 23. Refrigeration Oil Market for Mineral, by Country, 2021-2031 ($Million)
Table 24. Refrigeration Oil Market for Mineral, by Country, 2021-2031 (Tons)
Table 25. Global Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 26. Global Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 27. Refrigeration Oil Market, for Refrigerators and Freezers, by Region, 2021-2031 ($Million)
Table 28. Refrigeration Oil Market, for Refrigerators and Freezers, by Region, 2021-2031 (Tons)
Table 29. Refrigeration Oil Market for Refrigerators and Freezers, by Country, 2021-2031 ($Million)
Table 30. Refrigeration Oil Market for Refrigerators and Freezers, by Country, 2021-2031 (Tons)
Table 31. Refrigeration Oil Market, for Air Conditioner, by Region, 2021-2031 ($Million)
Table 32. Refrigeration Oil Market, for Air Conditioner, by Region, 2021-2031 (Tons)
Table 33. Refrigeration Oil Market for Air Conditioner, by Country, 2021-2031 ($Million)
Table 34. Refrigeration Oil Market for Air Conditioner, by Country, 2021-2031 (Tons)
Table 35. Refrigeration Oil Market, for Automotive Air Conditioning System, by Region, 2021-2031 ($Million)
Table 36. Refrigeration Oil Market, for Automotive Air Conditioning System, by Region, 2021-2031 (Tons)
Table 37. Refrigeration Oil Market for Automotive Air Conditioning System, by Country, 2021-2031 ($Million)
Table 38. Refrigeration Oil Market for Automotive Air Conditioning System, by Country, 2021-2031 (Tons)
Table 39. Refrigeration Oil Market, for Others, by Region, 2021-2031 ($Million)
Table 40. Refrigeration Oil Market, for Others, by Region, 2021-2031 (Tons)
Table 41. Refrigeration Oil Market for Others, by Country, 2021-2031 ($Million)
Table 42. Refrigeration Oil Market for Others, by Country, 2021-2031 (Tons)
Table 43. Refrigeration Oil Market, by Region, 2021-2031 ($Million)
Table 44. Refrigeration Oil Market, by Region, 2021-2031 (Tons)
Table 45. North America Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 46. North America Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 47. North America Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 48. North America Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 49. North America Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 50. North America Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 51. North America Refrigeration Oil Market, by Country, 2021-2031 ($Million)
Table 52. North America Refrigeration Oil Market, by Country, 2021-2031 (Tons)
Table 53. U.S. Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 54. U.S. Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 55. U.S. Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 56. U.S. Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 57. U.S. Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 58. U.S. Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 59. Canada Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 60. Canada Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 61. Canada Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 62. Canada Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 63. Canada Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 64. Canada Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 65. Mexico Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 66. Mexico Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 67. Mexico Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 68. Mexico Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 69. Mexico Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 70. Mexico Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 71. Europe Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 72. Europe Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 73. Europe Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 74. Europe Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 75. Europe Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 76. Europe Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 77. Europe Refrigeration Oil Market, by Country, 2021-2031 ($Million)
Table 78. Europe Refrigeration Oil Market, by Country, 2021-2031 (Tons)
Table 79. Germany Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 80. Germany Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 81. Germany Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 82. Germany Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 83. Germany Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 84. Germany Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 85. UK Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 86. UK Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 87. U.S.nthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 88. U.S.nthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 89. UK Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 90. UK Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 91. France Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 92. France Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 93. France Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 94. France Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 95. France Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 96. France Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 97. Spain Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 98. Spain Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 99. Spain Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 100. Spain Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 101. Spain Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 102. Spain Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 103. Italy Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 104. Italy Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 105. Italy Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 106. Italy Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 107. Italy Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 108. Italy Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 109. Rest of Europe Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 110. Rest of Europe Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 111. Rest of Europe Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 112. Rest of Europe Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 113. Rest of Europe Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 114. Rest of Europe Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 115. Asia-Pacific Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 116. Asia-Pacific Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 117. Asia-Pacific Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 118. Asia-Pacific Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 119. Asia-Pacific Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 120. Asia-Pacific Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 121. Asia-Pacific Refrigeration Oil Market, by Country, 2021-2031 ($Million)
Table 122. Asia-Pacific Refrigeration Oil Market, by Country, 2021-2031 (Tons)
Table 123. China Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 124. China Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 125. China Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 126. China Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 127. China Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 128. China Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 129. India Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 130. India Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 131. India Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 132. India Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 133. India Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 134. India Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 135. Japan Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 136. Japan Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 137. Japan Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 138. Japan Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 139. Japan Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 140. Japan Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 141. South Korea Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 142. South Korea Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 143. South Korea Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 144. South Korea Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 145. South Korea Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 146. South Korea Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 147. Australia Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 148. Australia Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 149. Australia Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 150. Australia Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 151. Australia Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 152. Australia Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 153. Rest of Asia-Pacific Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 154. Rest of Asia-Pacific Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 155. Rest of Asia-Pacific Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 156. Rest of Asia-Pacific Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 157. Rest of Asia-Pacific Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 158. Rest of Asia-Pacific Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 159. LAMEA Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 160. LAMEA Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 161. LAMEA Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 162. LAMEA Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 163. LAMEA Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 164. LAMEA Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 165. LAMEA Refrigeration Oil Market, by Country, 2021-2031 ($Million)
Table 166. LAMEA Refrigeration Oil Market, by Country, 2021-2031 (Tons)
Table 167. Brazil Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 168. Brazil Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 169. Brazil Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 170. Brazil Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 171. Brazil Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 172. Brazil Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 173. Saudi Arabia Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 174. Saudi Arabia Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 175. Saudi Arabia Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 176. Saudi Arabia Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 177. Saudi Arabia Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 178. Saudi Arabia Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 179. South Africa Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 180. South Africa Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 181. South Africa Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 182. South Africa Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 183. South Africa Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 184. South Africa Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 185. Rest of LAMEA Refrigeration Oil Market, by Oil Type, 2021-2031 ($Million)
Table 186. Rest of LAMEA Refrigeration Oil Market, by Oil Type, 2021-2031 (Tons)
Table 187. Rest of LAMEA Synthetic Refrigeration Oil Market, by Type, 2021-2031 ($Million)
Table 188. Rest of LAMEA Synthetic Refrigeration Oil Market, by Type, 2021-2031 (Tons)
Table 189. Rest of LAMEA Refrigeration Oil Market, by Application, 2021-2031 ($Million)
Table 190. Rest of LAMEA Refrigeration Oil Market, by Application, 2021-2031 (Tons)
Table 191. Eneos Holdings Inc.: Company Snapshot
Table 192. Eneos Holdings Inc.: Operating Segments
Table 193. Eneos Holdings Inc.: Product Portfolio
Table 194. Eneos Holdings Inc.: Net Sales
Table 195. Eneos Holdings Inc.: Key Strategies
Table 196. Idemitsu Kosan Co. Ltd.: Company Snapshot
Table 197. Idemitsu Kosan Co. Ltd.: Operating Segments
Table 198. Idemitsu Kosan Co. Ltd.: Product Portfolio
Table 199. Idemitsu Kosan Co. Ltd.: Net Sales
Table 200. Idemitsu Kosan Co. Ltd.: Key Strategies
Table 201. Exxonmobil Corporation: Company Snapshot
Table 202. Exxonmobil Corporation: Operating Segments
Table 203. Exxonmobil Corporation: Product Portfolio
Table 204. Exxonmobil Corporation: Net Sales
Table 205. Exxonmobil Corporation: Key Strategies
Table 206. Royal Dutch Shell PLC: Company Snapshot
Table 207. Royal Dutch Shell PLC: Operating Segments
Table 208. Royal Dutch Shell PLC: Product Portfolio
Table 209. Royal Dutch Shell PLC: Net Sales
Table 210. Royal Dutch Shell PLC: Key Strategies
Table 211. Total Energies SE: Company Snapshot
Table 212. Total Energies SE: Operating Segments
Table 213. Total Energies SE: Product Portfolio
Table 214. Total Energies SE: Net Sales
Table 215. Total Energies SE: Key Strategies
Table 216. Fuchs PetrolU.S. Company Snapshot
Table 217. Fuchs PetrolU.S. Operating Segments
Table 218. Fuchs PetrolU.S. Product Portfolio
Table 219. Fuchs PetrolU.S. Net Sales
Table 220. Fuchs PetrolU.S. Key Strategies
Table 221. Johnson Controls International PLC: Company Snapshot
Table 222. Johnson Controls International PLC: Operating Segments
Table 223. Johnson Controls International PLC: Product Portfolio
Table 224. Johnson Controls International PLC: Net Sales
Table 225. Johnson Controls International PLC: Key Strategies
Table 226. Cosmo Oil Lubricants Co. Ltd.: Company Snapshot
Table 227. Cosmo Oil Lubricants Co. Ltd.: Operating Segments
Table 228. Cosmo Oil Lubricants Co. Ltd.: Product Portfolio
Table 229. Cosmo Oil Lubricants Co. Ltd.: Net Sales
Table 230. Cosmo Oil Lubricants Co. Ltd.: Key Strategies
Table 231. National Refrigerants, Inc.: Company Snapshot
Table 232. National Refrigerants, Inc.: Operating Segments
Table 233. National Refrigerants, Inc.: Product Portfolio
Table 234. National Refrigerants, Inc.: Net Sales
Table 235. National Refrigerants, Inc.: Key Strategies
Table 236. Kluber: Company Snapshot
Table 237. Kluber: Operating Segments
Table 238. Kluber: Product Portfolio
Table 239. Kluber: Net Sales
Table 240. Kluber: Key Strategies
Table 241. Lubriplate Lubricants Company: Company Snapshot
Table 242. Lubriplate Lubricants Company: Operating Segments
Table 243. Lubriplate Lubricants Company: Product Portfolio
Table 244. Lubriplate Lubricants Company: Net Sales
Table 245. Lubriplate Lubricants Company: Key Strategies
Table 246. BASF SE: Company Snapshot
Table 247. BASF SE: Operating Segments
Table 248. BASF SE: Product Portfolio
Table 249. BASF SE: Net Sales
Table 250. BASF SE: Key Strategies
Table 251. Lukoil: Company Snapshot
Table 252. Lukoil: Operating Segments
Table 253. Lukoil: Product Portfolio
Table 254. Lukoil: Net Sales
Table 255. Lukoil: Key Strategies
Table 256. Chevron Corporation: Company Snapshot
Table 257. Chevron Corporation: Operating Segments
Table 258. Chevron Corporation: Product Portfolio
Table 259. Chevron Corporation: Net Sales
Table 260. Chevron Corporation: Key Strategies
Table 261. Petrochemical Corporation of Singapore (Private) Limited.: Company Snapshot
Table 262. Petrochemical Corporation of Singapore (Private) Limited.: Operating Segments
Table 263. Petrochemical Corporation of Singapore (Private) Limited.: Product Portfolio
Table 264. Petrochemical Corporation of Singapore (Private) Limited.: Net Sales
Table 265. Petrochemical Corporation of Singapore (Private) Limited.: Key Strategies

List of Figures
Figure 1. Refrigeration Oil Market Segmentation
Figure 2. Refrigeration Oil Market, 2021-2031
Figure 3. Refrigeration Oil Market, 2021-2031
Figure 4. Top Investment Pockets, by Region
Figure 5. Porter Five-1
Figure 6. Porter Five-2
Figure 7. Porter Five-3
Figure 8. Porter Five-4
Figure 9. Porter Five-5
Figure 10. Top Player Positioning
Figure 11. Refrigeration Oil Mark.:Drivers, Restraints and Opportunities
Figure 12. Pricing Analysis
Figure 13. Value Chain Analysis
Figure 14. Key Regulation Analysis
Figure 15. Patent Analysis by Company
Figure 16. Patent Analysis by Country
Figure 17. Refrigeration Oil Market, By Oil Type, 2021(%)
Figure 18. Comparative Share Analysis of Synthetic Refrigeration Oil Market, 2021-2031(%)
Figure 19. Comparative Share Analysis of Mineral Refrigeration Oil Market, 2021-2031(%)
Figure 20. Refrigeration Oil Market, By Application, 2021(%)
Figure 21. Comparative Share Analysis of Refrigerators and Freezers Refrigeration Oil Market, 2021-2031(%)
Figure 22. Comparative Share Analysis of Air Conditioner Refrigeration Oil Market, 2021-2031(%)
Figure 23. Comparative Share Analysis of Automotive Air Conditioning System Refrigeration Oil Market, 2021-2031(%)
Figure 24. Comparative Share Analysis of Others Refrigeration Oil Market, 2021-2031(%)
Figure 25. Refrigeration Oil Market by Region, 2021
Figure 26. U.S. Refrigeration Oil Market, 2021-2031($Million)
Figure 27. Canada Refrigeration Oil Market, 2021-2031($Million)
Figure 28. Mexico Refrigeration Oil Market, 2021-2031($Million)
Figure 29. Germany Refrigeration Oil Market, 2021-2031($Million)
Figure 30. Uk Refrigeration Oil Market, 2021-2031($Million)
Figure 31. France Refrigeration Oil Market, 2021-2031($Million)
Figure 32. Spain Refrigeration Oil Market, 2021-2031($Million)
Figure 33. Italy Refrigeration Oil Market, 2021-2031($Million)
Figure 34. Rest of Europe Refrigeration Oil Market, 2021-2031($Million)
Figure 35. China Refrigeration Oil Market, 2021-2031($Million)
Figure 36. India Refrigeration Oil Market, 2021-2031($Million)
Figure 37. Japan Refrigeration Oil Market, 2021-2031($Million)
Figure 38. South Korea Refrigeration Oil Market, 2021-2031($Million)
Figure 39. Australia Refrigeration Oil Market, 2021-2031($Million)
Figure 40. Rest of Asia-Pacific Refrigeration Oil Market, 2021-2031($Million)
Figure 41. Brazil Refrigeration Oil Market, 2021-2031($Million)
Figure 42. Saudi Arabia Refrigeration Oil Market, 2021-2031($Million)
Figure 43. South Africa Refrigeration Oil Market, 2021-2031($Million)
Figure 44. Rest of LAMEA Refrigeration Oil Market, 2021-2031($Million)
Figure 45. Top Winning Strategies, by Year
Figure 46. Top Winning Strategies, by Development
Figure 47. Top Winning Strategies, by Company
Figure 48. Product Mapping of Top 10 Players
Figure 49. Competitive Dashboard
Figure 50. Competitive Heatmap of Top 10 Key Players
Figure 51. Eneos Holdings Inc.: Net Sales, ($Million)
Figure 52. Idemitsu Kosan Co. Lt.: Net Sales, ($Million)
Figure 53. Exxonmobil Corporatio.: Net Sales, ($Million)
Figure 54. Royal Dutch Shell pl.: Net Sales, ($Million)
Figure 55. Total Energies S.: Net Sales, ($Million)
Figure 56. Fuchs Petrolub .: Net Sales, ($Million)
Figure 57. Johnson Controls International pl.: Net Sales, ($Million)
Figure 58. Cosmo Oil Lubricants Co. Ltd.: Net Sales, ($Million)
Figure 59. National Refrigerants, Inc.: Net Sales, ($Million)
Figure 60. Klube.: Net Sales, ($Million)
Figure 61. Lubriplate Lubricants Compan.: Net Sales, ($Million)
Figure 62. Basf S.: Net Sales, ($Million)
Figure 63. Lukoi.: Net Sales, ($Million)
Figure 64. Chevron Corporatio.: Net Sales, ($Million)
Figure 65. Petrochemical Corporation of Singapore (Private) Limited.: Net Sales, ($Million)

Executive Summary

According to the report, “Refrigeration Oil Market," the refrigeration oil market was valued at $1.4 billion in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.

The refrigeration oils are type of industrial oils that are used as hydraulic control, functional fluid, and lubricating oil in refrigeration compressors under the influence of the refrigerant.

Paraffin-based mineral refrigeration oils are minimally miscible with ammonia refrigerant that further ensures and limits oil thinning and reduces oil carry-over in the compressors. Mineral-based refrigeration oils have low volatility, which further reduces oil consumption (fewer oil top-ups) and minimizes oil thinning from fractionation.

In addition, minimal Brookfield viscosity further contributes towards improved oil flow at cryogenic temperature and oil return from evaporator, which contributes towards the growth of the global market. In addition, paraffin-based refrigeration oils help surface protection of compressors, which in turn ensures longevity of the equipment and cuts down maintenance cost. Viscosity index is crucial for safe and proper lubrication of compressors. Refrigeration oil tend to have high viscosity index, making them the best choice for lubrication of compressors. In addition, mineral refrigeration oil compatibility contributes to oil separator efficiency, which ensures low miscibility of refrigeration oil with ammonia refrigerant. All these factors have escalated the demand for mineral oil and is anticipated to offer new growth opportunities during the forecast period.

Several environmental risks associated with use of refrigeration oils hamper the market growth. For instance, during disposal of used refrigeration oil, the risk of contamination associated with water bodies negatively impacts aquatic animals.

In addition, emission risk associated with use of refrigeration oil also hampers the market growth. Refrigeration oil tend to cause ozone depletion and contribute to global warming. Refrigeration oils are mainly used in air conditioning and refrigeration systems.

However, the air conditioning and refrigeration systems tend to impact negatively on stratospheric ozone owing to use of ozone-depleting refrigerants. This further contributes towards global warming owing release of refrigerants and from emission of greenhouse gases (GHGs) for associated energy use. All these factors tend to negatively impact the demand and use for refrigeration oil in air conditioning and refrigeration systems. This further tends to hamper the growth of the global market.

Refrigeration oils offer high thermal and oxidation stability that in turn improves shelf life of other industrial oil used in compressors. Moreover, compressors and other heat pumps require regular draining of oils and other refrigerants used. However, oxidation capability of refrigeration oils minimizes drain intervals and routine maintenance cost. In addition, high viscosity index of refrigeration oil further minimizes fluid temperature that in turn helps to reduce the deposition of wax content on compressors and its associated parts, ensuring smooth working of the equipment and its parts. Minimal traction co-efficient factor is vital for ensuring improved system efficiency and reduced power consumption.

Refrigeration oil has low traction co-efficient factor, making it widely used in compressors, which drives the growth of the global market. Some refrigeration oil poses environmental issues owing to need for periodic drain and replace the oil. Thus, key-players in the refrigeration oil market are testing environment-friendly oils, intended to be used across industrial compressor.

For instance, highly-refined mineral oil are type of refrigeration oils that are gaining importance over fossil-fuel-based refrigeration oils. All these factors drive the growth of the global market. The refrigeration oil market is segmented on the basis of oil type, application, and region.

By oil type, the market is segregated into synthetic and mineral. The synthetic segment dominated the global market in terms of revenue in 2021, with over 53% of the total share. Synthetic refrigeration oil are widely used in refrigeration compressors and heat pumps. Industrial compressors and other HVAC systems majorly pose risk of shaft leakage.

However, several industrial sealants are used to minimize the risk of shaft leakage. Despite using sealants and other industrial oil, the shaft leakage in heat pumps is still a concern to be considered. Refrigerants tend to form film over these industrial pumps and other compressors. However, formation of thin layer leads to shaft leakage in these equipment. Solubility of synthetic industrial oils with refrigerants is low, which in turn results in formation of thick refrigerant film and reduces shaft leakage significantly. Conventional mineral oil used in compressors increases the risk of light end stripping that further increases maintenance cost of the equipment. High stability and low volatility of refrigeration oil significantly reduces the light end stripping, which drives the demand for synthetic refrigeration oil.

By application, the global refrigeration oil market is segmented into refrigerators & freezers, air conditioner, automotive air conditioning system, and others. The refrigerators and freezers application dominated the global market in terms of revenue in 2021, with over 49% of the total share. Polyol ester (POE) refrigeration oil is widely used in refrigerators systems. In addition, POE refrigeration oil is compatible with HFC refrigerants.

Refrigeration oil is crucial and widely used in refrigerators to ensure proper lubrication of compressor that produces cold air. Oil thickness is crucial and determines efficiency of the compressors used in refrigerators and freezer. In addition, high oil thickness on compressor metal parts increases wear and tear, thereby increasing maintenance cost. Refrigerant oil, also known as refrigeration oil is a high temperature formulation that is specifically designed and widely used to reduce formation of high oil thickness. This factor has escalated the demand for refrigeration oil in freezers and refrigerator compressors.

Region-wise, the refrigeration oil market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific refrigeration oil market is projected to grow at the highest CAGR during the forecast period. Refrigeration oil is crucial and widely used in refrigerators to ensure proper lubrication of compressor that produces cold air. Other applications of refrigeration oil include, low temperature evaporators, marine refrigeration systems, and industrial heat pumps. Industrial refrigeration compressors use ammonia as refrigerating fluid.

Use of refrigeration oil along with ammonia ensures high performance of these industrial refrigeration compressors. Polyalphaolefin (PAO) and synthetic alkylbenzene refrigeration oils offer resistance to thermal/oxidative degradation, making them viable to be used with low temperature evaporators and marine refrigeration systems. Marine refrigeration systems face sludge and deposit formation that further escalates the risk of valve or filter plugging. Refrigeration oil tend to minimize sludge and wax deposit formation, thereby minimizing valve or filter plugging in the marine refrigeration systems. Mineral naphthenic oils are substitute products used in industrial heat pumps.

Key players operating in the global refrigeration oil market include Exxon Mobil Corporation, HP Lubricants, Castrol Limited, Shell plc, ENEOS Corporation, ADDINOL, FUCHS, Phillips 66 Company, BP Lubricants Pvt. Ltd., Lubriplate Lubricants Company, Freudenberg Group, and Whitmore Manufacturing LLC.

COVID-19 analysis

The refrigeration oil market is expected to recover rapidly post COVID-19 situation due to its increased dependency over automotive, aerospace, marine, and other sectors. For instance, according to an article published by Financial Express, the Indian automotive industry registered a growth of 15% in 2021, and is expected to grow at an average annual growth rate of 18.6% by 2025. This is expected to enhance the performance of the refrigeration oil market post- COVID-19 scenario.

Key Findings of the Study

  • By oil type, the synthetic oil segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.9% from 2022 to 2031.
  • By application, the air conditioner segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.0% from 2022 to 2031.
  • Asia-Pacific garnered the highest share of 41% in 2021, in terms of revenue, growing at a CAGR of 5.1%

Companies Mentioned

  • Eneos Holdings Inc.
  • Idemitsu Kosan Co. Ltd
  • EXXONMOBIL CORPORATION
  • Royal Dutch Shell Plc
  • Total Energies SE
  • FUCHS Petrolub S
  • Johnson Controls International plc
  • Cosmo Oil Lubricants Co., Ltd.
  • National Refrigerants, Inc.
  • kluber
  • Lubriplate Lubricants Company
  • BASF SE
  • Lukoil
  • Chevron Corporation
  • Petrochemical Corporation of Singapore (Private) Limited.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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