The refrigeration oil market size is projected to be valued at US$ 1,425.9 million in 2023 and is expected to rise to US$ 2,209.9 million by 2033. The sales of refrigeration oil are expected to grow at a significant CAGR of 4.9% during the forecast period.
The refrigeration oil market plays a crucial role in supporting the efficient and reliable operation of refrigeration systems across various industries. Refrigeration oil is a specialized lubricant specifically formulated for use in refrigeration compressors and other components of refrigeration systems.
The increasing demand for refrigeration and cooling solutions in industries such as food and beverage, pharmaceuticals, chemicals, and HVAC (heating, ventilation, and air conditioning) has propelled the growth of the market. Refrigeration systems are essential for preserving and transporting temperature-sensitive products, and the proper lubrication of compressors is crucial for their optimal performance.
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The growing focus on energy efficiency and environmental sustainability has influenced the refrigeration oil market. Manufacturers are developing refrigeration oils that offer excellent lubrication properties, thermal stability, and compatibility with modern refrigerants.
Additionally, the increasing demand for frozen and packaged food products has driven the growth of the refrigeration oil market. The global food trade has expanded, and perishable food products need to be transported and stored under controlled temperature conditions.
HFCs (hydro-fluorocarbons) hold a significant share of 36.3% in the refrigeration oil market, reflecting their widespread use as refrigerants in various cooling and refrigeration systems. Refrigeration oils specifically formulated for HFC-based systems offer excellent lubrication properties, thermal stability, and compatibility with HFC refrigerants. The demand for refrigeration oil is closely linked to the adoption of HFCs, driven by increasing environmental regulations and the focus on sustainable refrigeration solutions.
Refrigerators and freezers hold a substantial share of 31.5% in the application of refrigeration oil market, reflecting their extensive usage in both residential and commercial sectors. Proper lubrication with refrigeration oil is essential for the efficient and reliable operation of refrigeration systems in these appliances.
The USA is expected to hold a prominent value share of 15.3% in the refrigeration oil market in 2022. Ongoing investments and development in industries such as automotive, oil and gas, pharmaceuticals, and infrastructure contribute to the demand for refrigeration systems and refrigeration oil in the country.
Germany is projected to hold around 6.1% of the demand share in the Europe refrigeration oil market. The country’s extensive spending on drug development and the expansion of the healthcare system and pharmaceutical industry contribute to the demand for refrigeration systems and refrigeration oil.
Recent Developments
ExxonMobil, an oil and gas company, and Qatar Energy, a petroleum company, announced in June 2022 that they had signed an agreement to further develop Qatar’s North Field East project, which will increase the country’s annual LNG capacity from 77 million tonnes to 110 million tonnes by 2026.
Shell plc, an oil and gas company, agreed to sell IKAV its 100% stake in Shell Onshore Ventures LLC, which owns a 51.8% stake in Aera Energy LLC, a natural gas and oil exploration and production company, for approximately US$ 2 billion in cash and additional contingent payments based on future oil prices, in September 2022.
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Key Companies Profiled in the Refrigeration Oil Market
- 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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