The global refrigeration oil market is predicted to exhibit a CAGR of 4.9% during the forecast period from 2022 and 2032. The market is currently valued at US$ 1,369.0 Mn and is anticipated to reach US$ 2,332.9 Mn by 2032.
According to the Future Market Insights analysis, the rising consumption of refrigeration oil in different applications such as in coolers, chillers, conditioning systems, refrigerating systems, freezers, and others is predicted to push sales in the market.
As per Future Market Insights (FMI), the historical analysis shows that total sales of refrigeration oil increased at a 6.4% CAGR between 2016 and 2021. The surging applications in industrial and residential sectors have led to the growth in the market along with the rising use of refrigeration oil in coolers, condensers, and residential sectors are expected to fuel sales in the market.
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Key Takeaways
With the widespread consumption of packaged food products and sales of frozen meat surges across the world, signification adoption of refrigeration systems is predicted that will aid sales in the food & beverage industry. Low temperatures are required for these frozen food products as they are perishable items. In order to maintain the product’s quality, end users are rising the adoption of refrigeration oil, hence, fueling the sales.
As per the analysis by Future Market Insights, the air conditioning segment is predicted to lead the global refrigeration oil market, followed by refrigerating systems and coolers & chillers. Furthermore, the expansion of the food & beverage industry coupled with the surging application of warehouse and logistics are expected to drive the demand in the market.
Some of the major key factors that are expected to bode well for the refrigeration oil market include a rise in good & beverage production along with a surging expansion of cold chain packaging in order to reduce food loss at the production and distribution levels.
There is a surging demand for meat products which is primarily attributed to changing food preferences and demand for pre-cooked meals all over the world. This is responsible for the expansion of cold storage capacities and expansion of refrigerated distribution in order to minimize loss at the distribution level.
The demand for refrigeration oils is expected to spur sales in the future due to the importance of refrigeration oil as lubrication in refrigeration systems for better performance.
Technological advancements in treatment, rising prevalence of chronic diseases, along with favorable government initiatives to improve healthcare infrastructure are some of the factors accelerating sales in the refrigeration oil market.
Dominant healthcare organizations and companies are progressively developing clean rooms which are operated under controlled conditions paired with an extremely low level of pollutants. In order to maintain a such clean environment, clean rooms are efficiently connected to HVAC& R (heating, ventilation, air conditioning, and refrigeration) systems.
Competitive Landscape
Leading manufacturers and key players in the industry have shifted their focus to emerging economies to efficiently meet the rising demand for refrigeration oil. Major key players are focusing on enhancing their manufacturing capabilities, R&D investments, collaborative partnerships, and expansion of production capacities.
Moreover, these dominant market players are strengthening their sales channels to meet the growing demand for refrigeration oil around the world and get an edge over the market.
Key Players
- ExxonMobil Corporation
- Shell Plc
- Idemitsu Kosan Co., Ltd.
- MEIWA CORPORATION
- CPI Fluid Engineering (Part of The Lubrizol Corporation)
- FUCHS Lubricants (Part of FUCHS Petrolub SE)
- Chevron Phillips Chemical Company LLC
- Performance Chemicals (Division of BASF SE)
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Refrigeration Oil Market by Category
By Product Type:
- Mineral Oil
- Synthetic Oil
By Refrigerant Type:
- Chlorofluorocarbon (CFC)
- Hydro-chlorofluorocarbon (HCFC)
- Hydro-fluorocarbon(HFC)
By End User:
- Industrial
- Commercial
- Residential
By Application:
- Air Conditioners
- Coolers
- Chillers
- Refrigerators/Freezers
More Insights into the Refrigeration Oil Market
The U.S. is expected to dominate the global refrigeration oil market in the North American region by accounting for about 19.3% of the total market revenue in 2022. Owing to the ongoing investments and developments in the country there is a rising demand for refrigeration oils in the future.
The rising investments in research in numerous countries like automotive, oil and gas, infrastructure, chemical, and electronics, among others. Continuous advancements and increased research and development (R&D) in the pharmaceutical industry are driving the demand for laboratory refrigeration systems.
Germany is yet another country to lead the European market by garnering around 6.6% of the demand in the global market. Germany is expected to have robust growth in the refrigeration oil market due to its advanced healthcare system, the pharmaceutical industry is continuously expanding with extensive research & development.