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.
The growing demand for refrigeration units in supermarkets and hypermarkets to store frozen food and beverage products is likely to be a major driver for the global Refrigeration Oil Market over the forecast period. Packaged food and beverages have become the new norm in the food and beverage industry, leading to a growing demand for effective refrigeration units to keep these products safe. Refrigeration prevents microbial growth in packaged food and beverages, keeping the products fresh for longer. This has driven the demand for refrigeration oil at a robust growth rate. The increasing deployment of supermarkets and other comparable shopping avenues in developing countries is likely to be a major driver for the refrigeration oil market over the forecast period. The growing urbanization in developing countries has driven up the number of supermarkets or comparable shopping centers, which is likely to remain a key driver for the global refrigeration oil market over the forecast period.
The growing pharmaceutical industry is also likely to be a major driver for the global refrigeration oil market, as the demand for refrigeration units to store biological samples and pharmaceutical ingredients is likely to increase over the coming years. Like with packaged food and beverages, refrigeration prevents microbial contamination in pharmaceutical samples, with the physical containment inside a refrigeration unit also preventing other environmental pollutants to have their way. Growing efforts at drug discovery are likely to be central to the global refrigeration oil market in the coming years, as the increasing efforts made to discover new types of drugs entailing significant expenditure on refrigeration equipment.
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Cosmo Oil Lubricants Co.
Indian Oil Corporation Ltd.
Lubriplate Lubricants Company
PETRONAS Dagangan Berhad
Behr Hella Service GmbH
Calumet Specialty Products Partners LP
Exxon Mobil Corporation
Royal Dutch Shell
China Petrochemical Corporation
and JXTG Nippon Oil & Energy Corporation.
Leading players are likely to focus on increasing the production capacity with regards to synthetic refrigeration oils in the coming years, as the demand for synthetic oils is likely to increase in the coming years.
The global refrigeration oil market is segmented on the basis of type, refrigerant type, application, and region.
By type, the global refrigeration oil market is segmented into synthetic and mineral oils. The synthetic oil segment holds the largest share in the global refrigeration oil market and is likely to remain dominant over the coming years due to the growing demand for synthetic oils in ammonia/CO2 refrigeration units. However, the higher cost of synthetic oils is a major restraint for the segment.
By refrigerant type, the global refrigeration oil market is segmented into ammonia/CO2, HFCs, and others. The ammonia/CO2 segment holds the largest share in the global refrigeration oil market due to its low environmental impact and is likely to exhibit growth at the highest growth rate over the forecast period.
By application, the global refrigeration oil market is segmented into refrigerators and freezers, aftermarket, automotive AC systems, air conditioners, chillers, and others. The refrigerators and freezers segment held the dominant share in the global refrigeration oil market in 2018 and is likely to grow at a high 4.59% CAGR over the forecast period.
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.
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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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