Refrigeration Oil Market to Grow with a CAGR of 3.35% through 2030
Rising Adoption
of Air Conditioning Systems is expected to drive the Global Refrigeration Oil Market
growth in the forecast period, 2026-2030.
According to
TechSci Research report, “Refrigeration
Oil Market - Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2030F”,
the Global Refrigeration Oil Market stood at USD 1.25 Billion in 2024 and is
anticipated to grow with a CAGR of 3.35% through 2030. The rising adoption of air conditioning
systems is a significant market driver for the refrigeration oil industry,
underpinned by global megatrends such as urbanization, climate change, and
economic development. As average global temperatures increase, the need for
cooling solutions in residential, commercial, and industrial spaces is becoming
a necessity rather than a luxury. Emerging economies in Asia-Pacific, the
Middle East, and Africa are experiencing rapid growth in infrastructure,
leading to increased demand for HVAC installations across households, office
buildings, malls, hotels, and hospitals.
In
developed regions like North America and Europe, aging HVAC infrastructure is
being replaced or upgraded to more energy-efficient systems, creating steady
aftermarket demand for high-performance refrigeration oils. Furthermore, the
growth of data centers, which require constant temperature control, and the
rise in green buildings that prioritize energy efficiency, are contributing to
increased system complexity and higher lubricant performance standards.
Additionally, environmental regulations promoting the use of low-GWP
refrigerants are encouraging the use of synthetic refrigeration oils such as
POE and PAG, which are more compatible with new-generation refrigerants. These
trends, combined with frequent servicing requirements and the need for compressor
protection and system longevity, are driving sustained growth in the
refrigeration oil market through the HVAC segment. The global rise in air
conditioning adoption driven by economic, climatic, and regulatory factors is
creating robust, long-term demand for refrigeration oils that support
efficient, sustainable, and reliable cooling system operation.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on "Global
Refrigeration Oil Market”
Global Refrigeration
Oil Market is segmented into type, application, regional distribution, and
company.
Based on
application, Refrigerator & Freezer emerged
as the fastest growing segment in the global market for Refrigeration Oil
during the forecast period. This driven by the rapid expansion of
the global food and beverage industry and the increasing demand for cold chain
infrastructure. Rising consumption of frozen and perishable goods, along with
the growth of e-commerce grocery platforms, has significantly boosted the need
for reliable refrigeration systems across both commercial and industrial
sectors. Additionally, government investments in food preservation and
pharmaceutical storage, particularly in developing regions, are accelerating
the adoption of advanced refrigeration technologies. These trends are
increasing the use of high-performance refrigeration oils that ensure system
efficiency, compatibility with low-GWP refrigerants, and long-term operational
stability. As a result, the Refrigerator & Freezer segment is expected to
continue its upward trajectory, emerging as a key growth driver in the global
refrigeration oil market.
Based on Region,
Asia Pacific emerged as the fastest growing region in the global market for Refrigeration
Oil during the forecast period. This is due to a combination of rapid
industrialization, urbanization, and expanding cold chain infrastructure across
major economies such as China, India, Japan, and Southeast Asia. The region is
experiencing strong growth in residential and commercial air conditioning,
fueled by rising disposable incomes, increasing temperatures, and higher living
standards. In parallel, the automotive industry in Asia-Pacific continues to
expand, with high vehicle production volumes and rising demand for vehicles
equipped with air conditioning systems, particularly in India and China. This
drives significant consumption of refrigeration oils for both OEM and
aftermarket segments. Additionally, the food and beverage sector in
Asia-Pacific is undergoing major transformation, with increased investment in
cold storage and logistics to meet the needs of a growing urban population and
to reduce food loss. Governments in the region are actively supporting
infrastructure development, including cold chain expansion, especially for agriculture,
pharmaceuticals, and vaccines. Furthermore, the push toward energy-efficient
systems and low-GWP refrigerants, in line with environmental commitments such
as the Kigali Amendment, is increasing the demand for synthetic refrigeration
oils compatible with new-generation refrigerants. The convergence of rising
industrial demand, consumer growth, infrastructure development, and regulatory
support positions Asia-Pacific as the fastest-growing region in the global
refrigeration oil market.
Major companies
operating in Global Refrigeration
Oil Market are:
- Eneos
Holdings Inc.
- Idemitsu
Kosan Co. Ltd
- EXXONMOBIL
CORPORATION
- Royal
Dutch Shell Plc
- Total
Energies SE
- Chevron
Corporation
- Johnson
Controls International plc
- Cosmo
Oil Lubricants Co., Ltd.
- National
Refrigerants, Inc.
- BASF
SE
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“The growth of the refrigeration oil
market reflects a broader global shift toward sustainability, infrastructure
modernization, and climate resilience. As industries and governments accelerate
efforts to reduce carbon emissions, the transition to low-GWP refrigerants and
high-efficiency cooling systems is creating new opportunities for advanced
lubrication solutions. The market is not just expanding in volume, but evolving
in complexity driven by innovation in synthetic formulations, rising
maintenance standards, and emerging applications like electric vehicle thermal
management. Players that align product development with regulatory trends and
localized customer needs will be best positioned to capture long-term value in
this increasingly strategic sector”, said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based management consulting firm.
“Refrigeration
Oil Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By
Type (Mineral Oil, Synthetic Oil), By Application (Air Conditioner,
Refrigerator & Freezer, Automotive AC System, Others), By
Region and Competition, 2020-2030F”, has evaluated
the future growth potential of Global Refrigeration Oil Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Refrigeration Oil Market.
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