Global Refrigeration Oil Market , 2024-2030

The refrigeration oil is used in refrigeration system for the purpose of to keep the compressor running smoothly during production of cold air in the unit. This oil lubricates the compressor over the running period which reduces friction on metal parts, reducing wear on the compressor and prolongs the life of the system. Refrigerant oil is a special high-temperature formulation designed for use in cooling systems, so it is important to use the recommended lubricant for the equipment. Additionally, refrigeration oil helps in environmental issues such as the disposal of waste oil and ozone depletion that contributes to global warming. Oil that is too heavy will not flow smoothly to all working parts. Oil that is too light will not adhere properly, causing inadequate lubrication.

Refrigerant oil plays an important role in the area of lubricants and lubrication technology. Refiguration required specific type of oil to keep the functions well. This oil categories into synthetic and mineral oil. The type of oil needed to lubricate a specific type of refrigeration equipment depends largely on compressor capacity, which is a measure of the system's ability to cool. This oil has several benefits including high dielectric strength, low pour point, low contamination, excellent thermal and chemical stability, and low viscosity. The synthetic oil has high performance in extreme conditions, superior viscosity index, high shear stability, and enhanced chemical resistance in comparison to mineral oil. Apart from, this is longer lasting, and is compatible with low GWP and modern refrigerants such as NH3, HFO, and CO2. The mineral oil costs half as much and is typically used in industrial applications, such as air conditioning units for commercial buildings and grocery-store freezers.

The global refrigeration oil market research report sheds light on the market circumstances by carrying out primary and secondary research for more than 320 hours. As per the report, the global refrigeration oil market is growing at a fast pace and increasing its geographical footprint rapidly. The global refrigeration oil market is valued at US $ xxx million dollars in 2019 which is forecast to grow at CAGR of xx% and reach a massive US $ xxx million dollars by the end of 2024 in value.

The growth is comparatively higher in Asia Pacific and North America region due expansion the food and pharmaceutical industries, which grow the demand of refrigeration to increases the self-life of food & pharma products. The major growth driver for refrigeration oil market globally is increase demand for low GWP refrigerants. Also, growth in refrigerator & freezer, air conditioner, automotive AC systems, and aftermarket rising sales of refrigerators & freezers all over the globe.

Refrigeration oil enjoy wide usage across all major regions in the world including Europe, APAC, North America, Middle East, Africa, and Latin America. These regions serve large number of manufacturers and supplier and are hence responsible for the growth of refrigeration oil market globally. The companies that lead global refrigeration oil market are 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.JXTG Group, Idemitsu Kosan Co.Ltd., BP p.l.c., and Johnson Controls.

Research Methodology

The research process includes the market segmentation of the global refrigeration oil market, identifying the growth determinants of every market segment and market forecasts. All the market forecasts are done in accordance with the inputs taken from the global refrigeration oil market industry experts from across the global industry. Market Krystal conducts more than 40 interview hours dedicated for this study, the same are mentioned below:

By company type:

Manufacturers (35%), Suppliers (25%), Consumers (20%), Researchers (10%), Independent industry consultant (10%)

By geography:

North America (25%), Asia (40%), Europe (20%), Rest of the World (15%)

By designation:

Top level (40%), Operation level (20%), Mid-level (40%)

Contents of the report:

• Insights on the global refrigeration oil industry dynamics.
• Estimation of the present global refrigeration oil market size in terms of value and volume.
• Global refrigeration oil market breakup based on type and application.
• Verified global refrigeration oil market forecast for the next five years.
• In depth analysis of the leading companies working across different nodes of global refrigeration oil industry value chain.