Refrigeration Oil Market is projected to be valued at USD 1,562.2 Million by 2025, expanding at a CAGR of 4.64%.
The growth of the global refrigeration oil market is driven by the increasing use of refrigeration systems in the food & beverage, chemical, plastics processing, oil & gas, and medical industries. Additionally, the increasing consumption of frozen and packaged food products in developing countries has surged the demand for refrigeration systems to store goods at the required temperature, which is driving the demand for refrigeration oil.
Additionally, the surge in the demand for refrigerants with less and zero global warming potential (GWP) and ozone depletion potential (ODP) for automobile air conditioning systems to reduce environmental emissions is likely to drive the demand for refrigerant oils that are compatible with the new refrigerants, particularly in the developed countries and thus drive the global market growth. The development of new refrigeration oil for CO2 and ammonia refrigeration systems as a result of the increasing adoption of natural refrigerants in the refrigeration applications is the prominent trend prevailing in the global refrigeration oil market. Moreover, the increasing demand for high-quality refrigeration oil for CO2 and ammonia refrigeration systems is projected to create lucrative opportunities for the players operating in the global refrigeration oil market in the coming years.
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Segment Analysis
The Global Refrigeration Oil Market has been segmented on the basis of type, refrigerant type, application, and region.
On the basis of type, the global market has been divided into synthetic oil, and mineral oil. The synthetic oil segment is further bifurcated into polyalphaolefin, polyol ester, alkylbenzene, polyalkylene glycol, and polyvinyl ether. The synthetic oil segment accounted for 64.8% market value share in 2018. The high demand is attributed to the increasing use of natural refrigerants in the industrial and automotive refrigeration & AC systems. Among various synthetic oils, polyalphaolefin, polyalkylene glycol, and polyol ester are the key refrigeration oils used with natural refrigerants as well as HFCs. The polyol ester refrigeration oil segment was valued at USD 178.8 million in 2018 and is expected to register a CAGR of 4.44% during the forecast period.
Based on refrigerant type, the global market has been categorized into ammonia/CO2, hydrofluorocarbon (HFCs), and others. The ammonia/CO2 segment led the global refrigeration oil market in 2018 and is estimated to witness significant growth during the forecast period. This growth is attributed to the increasing demand for eco-friendly and low global warming potential (GWP) refrigerants across the globe. The ammonia/CO2 segment was valued at USD 612.6 million in 2018 and is projected to witness a CAGR of 6.38% during the forecast period. The hydrofluorocarbon (HFCs) segment accounted for the second-largest share of the global market in 2018, however, owing to high global warming potential has led to phasing out of the use of HFCs. Developed countries such as the US and EU countries have targeted to reduce HFC production and use by 85% by 2036. The HFCs the segment is expected to register a CAGR of 0.71% during the forecast period.
Based on application, the global market has been segregated into refrigerator and freezer, automotive AC systems, air conditioners, chillers, aftermarket, and others. The refrigerator and freezer segment accounted for the largest market share in 2018 and is expected to register healthy growth during the forecast period. The high growth is attributed to the increasing demand for refrigeration systems in the food and beverage industry and domestic applications. Furthermore, the increasing sale of air conditioning systems particularly in the developing nations on the account of rapid urbanization, increasing disposable income, and changing demographics is also expected to support the growth of the segment during the forecast period. The automotive AC systems segment is expected to exhibit the highest CAGR during the forecast period owing to increasing automobile production and sale across the globe.
Regional Analysis
The Global Refrigeration Oil Market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
According to MRFR analysis, Asia-Pacific dominated the global refrigeration oil market and is estimated to be the fastest-growing market during the forecast period. The growth of the regional market is attributed to the growing demand for refrigeration systems, air conditioners, and automobile AC systems in countries such as China, Japan, and India. Europe accounted for the second-largest market share of 25% in 2018, followed by North America. The Middle East & Africa and Latin America are expected to surface promising growth during the forecast period.
Market Players
Market Research Future (MRFR) recognizes BASF SE (Germany), China Petrochemical Corporation (China), JXTG Nippon Oil & Energy Corporation (Japan), Exxon Mobil Corporation (US), Arkema (France), Royal Dutch Shell (The Netherlands), Total (France), Behr Hella Service GmbH (Germany), Calumet Specialty Products Partners, L.P. (US), COSMO OIL LUBRICANTS Co., Ltd (Japan), Indian Oil Corporation Ltd (India), PETRONAS Dagangan Berhad (Malaysia), and Lubriplate Lubricants Company (US) as some of the Prominent Players operating in the Global Market.
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Key Findings of the Study:
- The Global Refrigeration Oil Market is projected to be valued at USD 1,562.2 Million by 2025 at a 64% CAGR during the review period of 2019 to 2025.
- Asia-Pacific accounted for the dominant share of the global refrigeration oil market with China, Japan, and India being the leading markets in the region.
- The ammonia/CO2 refrigerant segment accounted for the largest share of the global market in 2018 and is expected to witness robust growth during the forecast period.
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