(MENAFN- GlobeNewsWire - Nasdaq) The Global Refrigeration Oil Market was valued USD 1.12 Billion in 2023 and projected to reach USD 1.6 Billion by 2030, growing at a CAGR of 4.35% during the forecast period of 2023-2030
Richmond, Feb. 13, 2024 (GLOBE NEWSWIRE) -- According to a research report " Refrigeration Oil Market” , by Product Type (Alkylbenzene, Polyolester Polyalkylene Glycol, Polyvinyl Ether, Mineral oil, others), Application (Refrigerators & Freezers, Air Conditioner, Automotive AC Systems, Others), End Use (domestic, commercial, and industrial refrigerators & freezers, others) and Region - Global Forecast to 2030.
Global Refrigeration Oil Market Report Scope:
| Market size value in 2023
| USD 1.12 Billion
| Market size value in 2030
| USD 1.6 Billion
| CAGR (2023-2030)
| Forecast Period
| Historic Data
| Forecast Units
| Value (USD Million/USD Billion)
| Segments Covered
| Product Type , Application , End User and Region
| Geographies Covered
| North America, Europe, Asia Pacific, and RoW
Cosmo Oil Lubricants Co., Ltd.
| Sample of Companies Covered
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TOC Covers in Depth & Breath on Refrigeration Oil Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits .
The refrigeration market functions within a closed system, where the refrigerant undergoes a cycle of circulation, evaporation, and condensation. While the refrigerant is pivotal for the cooling process, the importance of refrigeration oil, particularly in the operation of compressors such as AC compressors, cannot be emphasized enough. Refrigeration oil is crucial for ensuring the proper lubrication of the compressor, thereby playing a crucial role in efficiently generating cold air in refrigeration systems. The demand for refrigeration systems is set to experience growth driven by various factors. Primarily, the increasing need for preserving vaccines and drugs has emerged as a significant catalyst, resulting in a heightened demand for refrigerators, freezers, air conditioners, and automotive HVAC systems. This upsurge in demand is additionally fueled by the expanding usage of refrigerators and freezers, the escalating requirements of the frozen food and pharmaceutical industries, and a growing necessity for refrigerator oil across consumer appliances, pharmaceuticals, and the food sector. Within these dynamic trends, the refrigeration market offers promising opportunities. Technological advancements are creating pathways for improved performance in refrigeration oil, catering to the evolving demands of the market. The emergence of natural refrigeration oil is gaining momentum, aligning with the increasing focus on environmentally friendly solutions. Furthermore, there is a noticeable demand for mineral refrigeration oil, contributing to the diverse array of opportunities within the refrigeration market.
Major Vendors in the Global Refrigeration Oil Market:
Chevron Corporation Cosmo Oil Lubricants Co., Ltd. Exxon Mobil Corporation FUCHS Idemitsu Kosan Co., Ltd Johnson Controls Lubriplate Lubricants Company Lukoil Eneos Holdings Inc. National Refrigerants, Inc. Royal Dutch Shell Plc TotalEnergies
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Rise in use of Refrigerators & Freezers, Air Conditioner
A major driver for the refrigeration oil market stems from the escalating worldwide demand for refrigeration and air conditioning systems. The growing necessity for cooling solutions across diverse sectors such as food and beverage, pharmaceuticals, chemicals, and electronics has led to the widespread deployment of refrigeration systems. As industries and economies progress, there is an escalating need for cooling technologies that are both efficient and reliable. This is essential for preserving and transporting perishable goods, ensuring the quality of pharmaceutical products, and supporting various manufacturing processes. Refrigeration oils play a pivotal role in the effective operation of refrigeration and air conditioning systems by lubricating moving parts, facilitating efficient heat transfer, and improving overall system performance. The expansion of the middle class in emerging economies, coupled with urbanization trends, has generated a substantial increase in the demand for consumer appliances like refrigerators and air conditioners. Furthermore, the impacts of climate change and the rise in temperatures in numerous regions have amplified the necessity for efficient cooling solutions, thereby intensifying the demand for refrigeration oils. To sum up, the growing global demand for refrigeration and air conditioning systems, propelled by economic development, urbanization, and climate-related factors, stands as a pivotal driver for the refrigeration oil market's expansion.
Rise in use of Refrigerators & Freezers, Air Conditioner Increase in the use of frozen food and pharmaceutical industries Rising demand for refrigerator oil for the consumer appliances, pharmaceutical, and food industries Rising preservation of the vaccines and drugs
Technological Advancements Growing demand for refrigeration oil with enhanced performance Development of natural refrigeration oil The demand for mineral refrigeration oil Research and development of refrigeration oil
Development of natural refrigeration oil
Various refrigerating machines require specific refrigerants, and the choice of refrigerant needs a compatible type of refrigeration oil. Recent years have witnessed a shift towards environmentally friendly refrigerants. Room air conditioners, for instance, had utilized the hydrochlorofluorocarbon-based R22 as a refrigerant. Due to R22's ozone-depleting characteristics, it has progressively been substituted with the hydrofluorocarbon-based R410A for this application. However, R410A still possesses a substantial Global Warming Potential of 1975, suggesting that it absorbs 1975 times more heat in the atmosphere than an equivalent mass of CO2. Consequently, there is an ongoing transition towards the more eco-friendly R32. We have successfully developed and introduced refrigeration oils compatible with R32. Furthermore, we are actively engaged in researching and developing refrigeration oils that offer enhanced lubrication to the sliding components in compressors, ultimately minimizing wear and enhancing reliability. A notable advancement involves the establishment of an effective method for evaluating oils using an operational compressor. This method guides our development efforts towards refrigeration oils that not only exhibit increased lubricity but also reduce wear. By crafting and promoting refrigeration oils tailored for use with environmentally friendly refrigerants, we play a vital role in contributing to environmental preservation.
Asia Pacific dominates the market for Refrigeration Oil Market
The refrigeration oil market in 2023 saw the Asia Pacific region emerge as the dominant player, capturing. This can be attributed to the robust automotive industry in the area, coupled with a growing emphasis on comfort and convenience. As living standards and disposable incomes rise, consumers in the Asia Pacific are increasingly seeking enhanced comfort in their daily lives. This trend has led to air conditioning systems becoming a standard feature in vehicles, making the use of high-quality refrigeration oil essential for maintaining their efficiency. Additionally, Europe is poised for growth in the forecast period. The stringent regulations and standards in Europe about energy efficiency and environmental protection have significantly boosted the demand for refrigeration oil. The region has implemented measures to promote energy-efficient cooling systems and encourage the adoption of environmentally friendly refrigerants. This, in turn, is driving the demand for products that align with these systems.
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The Air Conditioner Segment is anticipated to hold the Largest Market Share during the Forecast Period
In the global Refrigeration Oil Market, the Application segment encompasses diverse categories such as Refrigerators & Freezers, Air Conditioners, Automotive AC Systems, and Others. The rising demand for Air Conditioners is notably influenced by escalating environmental concerns and regulatory measures. Manufacturers are directing their efforts toward creating products with enhanced energy efficiency ratings in response to this demand. There is a heightened need for air conditioners in both domestic and industrial settings, leading to a surge in market demand. The market offers a variety of air conditioners tailored to meet individual preferences. The increasing global population and urbanization play pivotal roles in driving the sales of the refrigeration oil market. Indirectly, refrigeration oil is utilized in air conditioning systems to cool the air. Through circulation, it facilitates the heating and cooling processes of the environmental air, addressing the requirements of various applications in the market.
Segmentations Analysis of Refrigeration Oil Market: -
By Product Type
Alkylbenzene Polyolester Polyalkylene Glycol Polyvinyl Ether Mineral oil Others By Packaging By Distribution Channel
Refrigerators & Freezers Air Conditioner Automotive AC Systems Others) End Use
Domestic Commercial Industrial refrigerators & freezers Others By Region
North America Latin America Europe Asia Pacific Middle East & Africa
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