Vietnam refrigeration oil market report Size, Share, Growth Drivers, Trends, Opportunities & Forecast 2025–2030
Description
Vietnam Refrigeration Oil Market Overview
The Vietnam Refrigeration Oil Market is valued at USD 140 million, based on a five-year analysis of regional lu
icant consumption and import data. Growth is primarily driven by the rising demand for refrigeration and air conditioning systems across residential, commercial, and industrial sectors. Key factors include rapid urbanization, a surge in construction activities, and the expansion of the food and beverage industry, all of which are fueling the need for efficient refrigeration solutions .
Key cities such as Ho Chi Minh City, Hanoi, and Da Nang continue to dominate the market due to their accelerated industrialization and urban development. These urban centers are experiencing significant growth in population and construction, which directly increases the demand for refrigeration and air conditioning systems. The high concentration of commercial enterprises and consumers in these cities further supports robust market expansion .
In 2023, the Vietnamese government enacted the National Technical Regulation on Energy Efficiency for Air Conditioners (QCVN 09:2023/BKHCN) issued by the Ministry of Science and Technology. This regulation sets mandatory energy performance standards for air conditioning and refrigeration systems, including requirements for refrigerants and lu
icants used in cooling equipment. The regulation aims to reduce greenhouse gas emissions and promote the adoption of environmentally friendly products in the refrigeration sector .
Vietnam Refrigeration Oil Market Segmentation
By Oil Type:
The market is segmented into Mineral Oil, Synthetic Oil, Bio-based Oil, and Others. Mineral Oil remains the most widely used due to its cost-effectiveness and local availability. Synthetic Oil is gaining market share, favored for its superior thermal stability and performance in high-efficiency and modern refrigeration systems. Bio-based Oil is emerging as a sustainable alternative, driven by growing environmental awareness and regulatory encouragement for eco-friendly lu
icants .
By Application:
Refrigeration oil applications include Air Conditioning (Residential, Commercial, Industrial), Refrigeration Systems (Food & Beverage, Cold Chain, Pharmaceuticals, Supermarkets, Warehouses), Automotive Air Conditioning, Heat Pumps, and Others. The Air Conditioning segment is the largest, reflecting robust demand for cooling solutions in both residential and commercial buildings. Refrigeration Systems are also significant, especially in the food and beverage sector, where temperature control is critical for product safety and quality .
Vietnam Refrigeration Oil Market Competitive Landscape
The Vietnam Refrigeration Oil Market is characterized by a dynamic mix of regional and international players. Leading participants such as TotalEnergies Vietnam, Castrol BP Petco Vietnam, ExxonMobil Vietnam, Fuchs Lu
icants Vietnam, Idemitsu Kosan Co., Ltd. Vietnam, PetroVietnam Oil Corporation, Repsol Lu
icants Vietnam, Shell Vietnam, Chevron Lu
icants Vietnam, Klüber Lu
ication Vietnam, Lu
izol Corporation, Gulf Oil Vietnam, Sinopec Lu
icants Vietnam, ENEOS Vietnam, Mobil Vietnam contribute to innovation, geographic expansion, and service delivery in this space.
TotalEnergies Vietnam
1924
Courbevoie, France
Castrol BP Petco Vietnam
1909
London, United Kingdom
ExxonMobil Vietnam
1994
Irving, United States
Fuchs Lu
icants Vietnam
1931
Mannheim, Germany
Idemitsu Kosan Co., Ltd. Vietnam
1911
Tokyo, Japan
Company
Establishment Year
Headquarters
Market Share (%)
Revenue (USD Million)
Revenue Growth Rate (%)
Market Penetration Rate (%)
Customer Retention Rate (%)
Product Portfolio
eadth (Number of SKUs/Variants)
Vietnam Refrigeration Oil Market Industry Analysis
Growth Drivers
Increasing Demand for Energy-Efficient Refrigeration Systems:
The Vietnamese refrigeration oil market is experiencing a surge in demand due to the increasing focus on energy efficiency. In future, the energy consumption in the HVAC sector is projected to reach 13,000 GWh, driven by rising urbanization and industrialization. This shift towards energy-efficient systems is expected to boost the demand for high-performance refrigeration oils, which are essential for optimizing system efficiency and reducing operational costs.
Growth in the HVAC Industry:
The HVAC industry in Vietnam is anticipated to grow significantly, with a projected market value of $4.0 billion in future. This growth is fueled by the expanding construction sector, which is expected to see an increase in new residential and commercial buildings. As HVAC systems become more prevalent, the demand for refrigeration oils will rise correspondingly, as these oils are critical for the effective operation of air conditioning and refrigeration systems.
Rising Awareness of Environmental Regulations:
The Vietnamese government is increasingly implementing stringent environmental regulations aimed at reducing greenhouse gas emissions. In future, compliance with these regulations is expected to drive the adoption of eco-friendly refrigeration oils. The market for environmentally friendly products is projected to grow by 25%, as manufacturers seek to align with government policies and consumer preferences for sustainable solutions, thereby enhancing the demand for bio-based and synthetic oils.
Market Challenges
Fluctuating Raw Material Prices:
The refrigeration oil market faces significant challenges due to the volatility of raw material prices. In future, the price of crude oil is expected to fluctuate between $75 and $95 per barrel, impacting the cost of mineral oils. This unpredictability can lead to increased production costs for manufacturers, which may ultimately be passed on to consumers, affecting market stability and profitability.
Limited Availability of High-Quality Products:
The market is also challenged by the limited availability of high-quality refrigeration oils. In future, it is estimated that only 35% of the products in the market will meet international quality standards. This scarcity can hinder the performance of refrigeration systems, leading to inefficiencies and increased maintenance costs, which may deter potential customers from investing in refrigeration oil solutions.
Vietnam Refrigeration Oil Market Future Outlook
The future of the Vietnam refrigeration oil market appears promising, driven by technological advancements and a growing emphasis on sustainability. As manufacturers innovate and develop new formulations, the market is likely to see an increase in the adoption of synthetic and bio-based oils. Additionally, the expansion of the food and beverage sector will further fuel demand, as efficient refrigeration is critical for maintaining product quality and safety in this industry. Overall, the market is poised for growth, with opportunities for companies that prioritize eco-friendly solutions.
Market Opportunities
Development of Bio-Based Refrigeration Oils:
There is a significant opportunity for manufacturers to invest in the development of bio-based refrigeration oils. With the increasing consumer preference for sustainable products, the market for bio-based oils is expected to grow, potentially reaching $180 million in future. This shift can enhance
and reputation and attract environmentally conscious consumers.
Technological Advancements in Oil Formulations:
The ongoing technological advancements in oil formulations present a lucrative opportunity for market players. Innovations that improve oil performance and efficiency can lead to increased market share. Companies that invest in R&D to create superior products are likely to capture a larger segment of the market, estimated to be worth $220 million in future.
Please Note: It will take 5-7 business days to complete the report upon order confirmation.
The Vietnam Refrigeration Oil Market is valued at USD 140 million, based on a five-year analysis of regional lu
icant consumption and import data. Growth is primarily driven by the rising demand for refrigeration and air conditioning systems across residential, commercial, and industrial sectors. Key factors include rapid urbanization, a surge in construction activities, and the expansion of the food and beverage industry, all of which are fueling the need for efficient refrigeration solutions .
Key cities such as Ho Chi Minh City, Hanoi, and Da Nang continue to dominate the market due to their accelerated industrialization and urban development. These urban centers are experiencing significant growth in population and construction, which directly increases the demand for refrigeration and air conditioning systems. The high concentration of commercial enterprises and consumers in these cities further supports robust market expansion .
In 2023, the Vietnamese government enacted the National Technical Regulation on Energy Efficiency for Air Conditioners (QCVN 09:2023/BKHCN) issued by the Ministry of Science and Technology. This regulation sets mandatory energy performance standards for air conditioning and refrigeration systems, including requirements for refrigerants and lu
icants used in cooling equipment. The regulation aims to reduce greenhouse gas emissions and promote the adoption of environmentally friendly products in the refrigeration sector .
Vietnam Refrigeration Oil Market Segmentation
By Oil Type:
The market is segmented into Mineral Oil, Synthetic Oil, Bio-based Oil, and Others. Mineral Oil remains the most widely used due to its cost-effectiveness and local availability. Synthetic Oil is gaining market share, favored for its superior thermal stability and performance in high-efficiency and modern refrigeration systems. Bio-based Oil is emerging as a sustainable alternative, driven by growing environmental awareness and regulatory encouragement for eco-friendly lu
icants .
By Application:
Refrigeration oil applications include Air Conditioning (Residential, Commercial, Industrial), Refrigeration Systems (Food & Beverage, Cold Chain, Pharmaceuticals, Supermarkets, Warehouses), Automotive Air Conditioning, Heat Pumps, and Others. The Air Conditioning segment is the largest, reflecting robust demand for cooling solutions in both residential and commercial buildings. Refrigeration Systems are also significant, especially in the food and beverage sector, where temperature control is critical for product safety and quality .
Vietnam Refrigeration Oil Market Competitive Landscape
The Vietnam Refrigeration Oil Market is characterized by a dynamic mix of regional and international players. Leading participants such as TotalEnergies Vietnam, Castrol BP Petco Vietnam, ExxonMobil Vietnam, Fuchs Lu
icants Vietnam, Idemitsu Kosan Co., Ltd. Vietnam, PetroVietnam Oil Corporation, Repsol Lu
icants Vietnam, Shell Vietnam, Chevron Lu
icants Vietnam, Klüber Lu
ication Vietnam, Lu
izol Corporation, Gulf Oil Vietnam, Sinopec Lu
icants Vietnam, ENEOS Vietnam, Mobil Vietnam contribute to innovation, geographic expansion, and service delivery in this space.
TotalEnergies Vietnam
1924
Courbevoie, France
Castrol BP Petco Vietnam
1909
London, United Kingdom
ExxonMobil Vietnam
1994
Irving, United States
Fuchs Lu
icants Vietnam
1931
Mannheim, Germany
Idemitsu Kosan Co., Ltd. Vietnam
1911
Tokyo, Japan
Company
Establishment Year
Headquarters
Market Share (%)
Revenue (USD Million)
Revenue Growth Rate (%)
Market Penetration Rate (%)
Customer Retention Rate (%)
Product Portfolio
eadth (Number of SKUs/Variants)
Vietnam Refrigeration Oil Market Industry Analysis
Growth Drivers
Increasing Demand for Energy-Efficient Refrigeration Systems:
The Vietnamese refrigeration oil market is experiencing a surge in demand due to the increasing focus on energy efficiency. In future, the energy consumption in the HVAC sector is projected to reach 13,000 GWh, driven by rising urbanization and industrialization. This shift towards energy-efficient systems is expected to boost the demand for high-performance refrigeration oils, which are essential for optimizing system efficiency and reducing operational costs.
Growth in the HVAC Industry:
The HVAC industry in Vietnam is anticipated to grow significantly, with a projected market value of $4.0 billion in future. This growth is fueled by the expanding construction sector, which is expected to see an increase in new residential and commercial buildings. As HVAC systems become more prevalent, the demand for refrigeration oils will rise correspondingly, as these oils are critical for the effective operation of air conditioning and refrigeration systems.
Rising Awareness of Environmental Regulations:
The Vietnamese government is increasingly implementing stringent environmental regulations aimed at reducing greenhouse gas emissions. In future, compliance with these regulations is expected to drive the adoption of eco-friendly refrigeration oils. The market for environmentally friendly products is projected to grow by 25%, as manufacturers seek to align with government policies and consumer preferences for sustainable solutions, thereby enhancing the demand for bio-based and synthetic oils.
Market Challenges
Fluctuating Raw Material Prices:
The refrigeration oil market faces significant challenges due to the volatility of raw material prices. In future, the price of crude oil is expected to fluctuate between $75 and $95 per barrel, impacting the cost of mineral oils. This unpredictability can lead to increased production costs for manufacturers, which may ultimately be passed on to consumers, affecting market stability and profitability.
Limited Availability of High-Quality Products:
The market is also challenged by the limited availability of high-quality refrigeration oils. In future, it is estimated that only 35% of the products in the market will meet international quality standards. This scarcity can hinder the performance of refrigeration systems, leading to inefficiencies and increased maintenance costs, which may deter potential customers from investing in refrigeration oil solutions.
Vietnam Refrigeration Oil Market Future Outlook
The future of the Vietnam refrigeration oil market appears promising, driven by technological advancements and a growing emphasis on sustainability. As manufacturers innovate and develop new formulations, the market is likely to see an increase in the adoption of synthetic and bio-based oils. Additionally, the expansion of the food and beverage sector will further fuel demand, as efficient refrigeration is critical for maintaining product quality and safety in this industry. Overall, the market is poised for growth, with opportunities for companies that prioritize eco-friendly solutions.
Market Opportunities
Development of Bio-Based Refrigeration Oils:
There is a significant opportunity for manufacturers to invest in the development of bio-based refrigeration oils. With the increasing consumer preference for sustainable products, the market for bio-based oils is expected to grow, potentially reaching $180 million in future. This shift can enhance
and reputation and attract environmentally conscious consumers.
Technological Advancements in Oil Formulations:
The ongoing technological advancements in oil formulations present a lucrative opportunity for market players. Innovations that improve oil performance and efficiency can lead to increased market share. Companies that invest in R&D to create superior products are likely to capture a larger segment of the market, estimated to be worth $220 million in future.
Please Note: It will take 5-7 business days to complete the report upon order confirmation.
Table of Contents
88 Pages
- 1. Vietnam refrigeration oil Size, Share, Growth Drivers, Trends, Opportunities & – Market Overview
- 1.1. Definition and Scope
- 1.2. Market Taxonomy
- 1.3. Market Growth Rate
- 1.4. Market Segmentation Overview
- 2. Vietnam refrigeration oil Size, Share, Growth Drivers, Trends, Opportunities & – Market Size (in USD Bn), 2019–2024
- 2.1. Historical Market Size
- 2.2. Year-on-Year Growth Analysis
- 2.3. Key Market Developments and Milestones
- 3. Vietnam refrigeration oil Size, Share, Growth Drivers, Trends, Opportunities & – Market Analysis
- 3.1. Growth Drivers
- 3.1.1. Increasing demand for energy-efficient refrigeration systems
- 3.1.2. Growth in the HVAC industry
- 3.1.3. Rising awareness of environmental regulations
- 3.1.4. Expansion of the food and beverage sector
- 3.2. Restraints
- 3.2.1. Fluctuating raw material prices
- 3.2.2. Limited availability of high-quality products
- 3.2.3. Stringent regulatory compliance requirements
- 3.2.4. Competition from alternative cooling solutions
- 3.3. Opportunities
- 3.3.1. Development of bio-based refrigeration oils
- 3.3.2. Technological advancements in oil formulations
- 3.3.3. Expansion into emerging markets
- 3.3.4. Strategic partnerships with HVAC manufacturers
- 3.4. Trends
- 3.4.1. Shift towards sustainable and eco-friendly products
- 3.4.2. Increasing adoption of synthetic refrigeration oils
- 3.4.3. Growth in online sales channels
- 3.4.4. Rising focus on product innovation and R&D
- 3.5. Government Regulation
- 3.5.1. Implementation of environmental protection laws
- 3.5.2. Regulations on refrigerant phase-out
- 3.5.3. Standards for oil quality and performance
- 3.5.4. Incentives for using eco-friendly products
- 3.6. SWOT Analysis
- 3.7. Stakeholder Ecosystem
- 3.8. Competition Ecosystem
- 4. Vietnam refrigeration oil Size, Share, Growth Drivers, Trends, Opportunities & – Market Segmentation, 2024
- 4.1. By Oil Type (in Value %)
- 4.1.1. Mineral Oil
- 4.1.2. Synthetic Oil
- 4.1.3. Bio-based Oil
- 4.1.4. Others
- 4.2. By Application (in Value %)
- 4.2.1. Air Conditioning
- 4.2.2. Refrigeration Systems
- 4.2.3. Automotive Air Conditioning
- 4.2.4. Heat Pumps
- 4.2.5. Others
- 4.3. By End-User Industry (in Value %)
- 4.3.1. Residential
- 4.3.2. Commercial
- 4.3.3. Industrial
- 4.3.4. Food & Beverage
- 4.3.5. Pharmaceuticals
- 4.3.6. Government & Utilities
- 4.4. By Distribution Channel (in Value %)
- 4.4.1. Direct Sales
- 4.4.2. Distributors
- 4.4.3. Online Retail
- 4.4.4. Others
- 4.5. By Packaging Type (in Value %)
- 4.5.1. Bulk Packaging
- 4.5.2. Small Containers
- 4.5.3. Drums
- 4.5.4. Others
- 4.6. By Region (in Value %)
- 4.6.1. Northern Vietnam
- 4.6.2. Southern Vietnam
- 4.6.3. Central Vietnam
- 4.6.4. Eastern Vietnam
- 4.6.5. Western Vietnam
- 4.6.6. Highlands
- 5. Vietnam refrigeration oil Size, Share, Growth Drivers, Trends, Opportunities & – Market Cross Comparison
- 5.1. Detailed Profiles of Major Companies
- 5.1.1. TotalEnergies Vietnam
- 5.1.2. Castrol BP Petco Vietnam
- 5.1.3. ExxonMobil Vietnam
- 5.1.4. Fuchs Lubricants Vietnam
- 5.1.5. Idemitsu Kosan Co., Ltd. Vietnam
- 5.2. Cross Comparison Parameters
- 5.2.1. Market Share (%)
- 5.2.2. Revenue (USD Million)
- 5.2.3. Revenue Growth Rate (%)
- 5.2.4. Customer Retention Rate (%)
- 5.2.5. Product Portfolio Breadth (Number of SKUs/Variants)
- 6. Vietnam refrigeration oil Size, Share, Growth Drivers, Trends, Opportunities & – Market Regulatory Framework
- 6.1. Industry Standards
- 6.2. Compliance Requirements and Audits
- 6.3. Certification Processes
- 7. Vietnam refrigeration oil Size, Share, Growth Drivers, Trends, Opportunities & – Market Future Size (in USD Bn), 2025–2030
- 7.1. Future Market Size Projections
- 7.2. Key Factors Driving Future Market Growth
- 8. Vietnam refrigeration oil Size, Share, Growth Drivers, Trends, Opportunities & – Market Future Segmentation, 2030
- 8.1. By Oil Type (in Value %)
- 8.2. By Application (in Value %)
- 8.3. By End-User Industry (in Value %)
- 8.4. By Distribution Channel (in Value %)
- 8.5. By Packaging Type (in Value %)
- 8.6. By Region (in Value %)
- Disclaimer
- Contact Us
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
