Refrigeration Oils

Global Refrigeration Oils Market to Reach US$1.8 Billion by 2030

The global market for Refrigeration Oils estimated at US$1.3 Billion in the year 2024, is expected to reach US$1.8 Billion by 2030, growing at a CAGR of 4.7% over the analysis period 2024-2030. Synthetic Refrigeration Oils, one of the segments analyzed in the report, is expected to record a 5.4% CAGR and reach US$1.2 Billion by the end of the analysis period. Growth in the Mineral Refrigeration Oils segment is estimated at 3.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$292.5 Million While China is Forecast to Grow at 6.5% CAGR

The Refrigeration Oils market in the U.S. is estimated at US$292.5 Million in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$279.5 Million by the year 2030 trailing a CAGR of 6.5% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.9% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.

Global Refrigeration Oils Market - Key Trends and Drivers Summarized

Refrigeration Oils: Lubricating the Heart of Cooling Systems

Refrigeration oils are essential for the efficient operation and longevity of cooling systems, including air conditioners, refrigerators, and industrial refrigeration units. These oils serve as lubricants for the compressors in refrigeration systems, reducing friction between moving parts and preventing wear and tear. By ensuring smooth operation, refrigeration oils help maintain the efficiency of the system, reduce energy consumption, and prevent mechanical failures that could lead to costly downtime. Additionally, refrigeration oils play a critical role in heat transfer within the system, facilitating the removal of heat from the refrigerant and contributing to the overall cooling process. The selection of the right refrigeration oil is crucial, as it must be compatible with the refrigerant used and capable of performing effectively under the system`s operating conditions.

What Technological Developments Are Enhancing Refrigeration Oils?

Technological advancements are significantly enhancing the performance and environmental impact of refrigeration oils. One key development is the formulation of synthetic refrigeration oils, which offer superior lubrication properties, better thermal stability, and longer service life compared to traditional mineral oils. These synthetic oils are particularly well-suited for use in systems with high operating pressures and temperatures, such as those using modern refrigerants like hydrofluorocarbons (HFCs) and hydrofluoroolefins (HFOs). Additionally, advancements in additive technology have improved the performance of refrigeration oils by enhancing their anti-wear, anti-corrosion, and viscosity control properties. These additives help maintain the oil`s effectiveness over a wide range of temperatures and operating conditions, ensuring consistent performance and protection for the compressor. Moreover, the development of environmentally friendly refrigeration oils that are compatible with low-GWP refrigerants is helping the industry meet stringent environmental regulations and reduce its carbon footprint.

What Are the Key Applications and Benefits of Refrigeration Oils?

Refrigeration oils are used in a wide range of cooling systems across various industries, offering significant benefits that are critical to system performance and reliability. In residential and commercial air conditioning systems, refrigeration oils ensure the smooth operation of compressors, preventing breakdowns and extending the lifespan of the equipment. In the food and beverage industry, where large-scale refrigeration systems are used for storage and processing, refrigeration oils play a vital role in maintaining the efficiency and reliability of the cooling process, ensuring that perishable goods are stored at the correct temperatures. Industrial refrigeration systems, which are used in manufacturing, chemical processing, and cold storage facilities, also rely on high-performance refrigeration oils to operate effectively under demanding conditions. The primary benefits of refrigeration oils include improved system efficiency, reduced energy consumption, extended equipment lifespan, and protection against mechanical wear and corrosion. These advantages make refrigeration oils an essential component in the maintenance and operation of cooling systems.

What Factors Are Driving the Growth in the Refrigeration Oils Market?

The growth in the Refrigeration Oils market is driven by several factors. The increasing demand for cooling systems in residential, commercial, and industrial applications is a significant driver, as these systems require high-quality oils to operate efficiently and reliably. Technological advancements, such as the development of synthetic oils and advanced additives, are also propelling market growth by enhancing the performance and durability of refrigeration oils. The growing focus on environmental sustainability is further boosting demand for environmentally friendly oils that are compatible with low-GWP refrigerants. Additionally, the expansion of industries such as food and beverage, pharmaceuticals, and cold chain logistics is contributing to market growth, as these sectors rely heavily on refrigeration systems to maintain product quality and safety. These factors, combined with the continuous innovation in oil formulation and technology, are driving the sustained growth of the Refrigeration Oils market.

SCOPE OF STUDY:

The report analyzes the Refrigeration Oils market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Type (Synthetic Refrigeration Oils, Mineral Refrigeration Oils); Application (Refrigerators Application, Air Conditioners Application, Automotive Application, Other Applications)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 74 Featured) -

• BASF SE
• Behr Hella Service GmbH
• BP PLC
• Bva, Inc.
• Calumet Specialty Products Partners LP
• Camco Lubricants
• Chevron Corporation
• China Petrochemical Corporation (Sinopec Group)
• CITGO Petroleum Corporation
• Cosmo Oil Lubricants Co., Ltd.
• ExxonMobil Corporation
• Fuchs Petrolub SE
• Indian Oil Corporation Ltd.
• Isel Germany AG
• Lubriplate Lubricants Company
• LUKOIL Lubricants Company
• National Refrigerants, Inc.
• Petro-Canada Lubricants, Inc.
• Petroliam Nasional Berhad (PETRONAS)
• Phillips 66 Lubricants
• Royal Dutch Shell PLC
• Sun Company
• The Lubrizol Corporation
• Total SA

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

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APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

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INDIA
176 OTHER COUNTRIES.

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