Refrigeration Oil Market

Segmentation by Type {Mineral Oil (Naphthenic, and Others), and Synthetic Oil (Glycols, Esters, Alkylbenzenes, and Others)}; by Refrigerant Type {Chlorofluorocarbons (CFC), Hydro fluorocarbons (HFC) and Others}; by Application (Refrigerators, Deep Freezers, Air Conditioners, Automotive AC, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Report ID: 3107 | Published On: Feb 10, 2023
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Global Refrigeration Oil Market Regional Synopsis

Regionally, the global refrigeration oil market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period owing to the presence of major key players manufacturing electronic devices, including refrigerators, freezers, and air conditioners. Moreover, the growing sale and manufacturing of automobiles, with inbuilt AC systems is estimated to boost the demand for refrigerant oil in the region. More than 3.5 million cars were sold in the U.S. in 2020, including passenger and commercial cars. The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period, owing to the growing manufacturing sector, in countries, such as, Japan, South Korea, China, and India. Moreover, the escalating demand for Air Conditioners in these countries, with over 90% households in Japan using air conditioners, is estimated to boost the market growth.


The global refrigeration oil market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

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Major Macro-Economic Indicators Impacting the Market Growth


The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand amongst end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Market Segmentation

Our in-depth analysis of the global refrigeration oil market includes the following segments:

By Type

  • Mineral Oil
    • Naphthenic
    • Others
  • Synthetic Oil
    • Glycols
    • Ester
    • Alkylbenzenes
    • Others

By Refrigerant Type

  • Chlorofluorocarbon (CFC)
  • Hydrofluorocarbon (HFC)
  • Others

By Application

  • Refrigerators
  • Deep Freezers
  • Air Conditioners
  • Automotive AC
  • Others

Growth Drivers

  • Rising Demand for Consumer Appliances
  • Growing Food & Beverages Industry
  • Growing Automotive Industry


  • Stringent Regulations on the Use of Fluorocarbon Refrigerant System

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Top Featured Companies Dominating the Market

    • ENEOS Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • BASF SE
    • Idemitsu Kosan Co., Ltd.
    • Chevron Corporation
    • Shell International B.V.
    • China Petrochemical Corporation (SINOPEC)
    • Exxon Mobil Corporation
    • Lubrizol Corporation
    • Petroliam Nasional Berhad (PETRONAS)


In The News

  • September 25, 2020: ENEOS Corporation announced agreement with PetroChina International (Japan) Co., Ltd. to continue the collaboration in OIREC.
  • October 11, 2017: BASF SE to withdraw the dichlorobenzene production plant from Ludwigshafen, due to quality concerns.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the refrigeration oil market?

Ans: Growing demand for vehicles and refrigerators, for various applications are the major factors driving the market growth.

2) What would be the CAGR of refrigeration oil market over the forecast period?

Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2030.

3) What are the challenges affecting the refrigeration oil market growth?

Ans: Government regulations on using fluorocarbon-based refrigeration systems is a major factor estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of refrigeration oil market in future?

Ans: The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of increasing manufacturing and sale of vehicles.

5) Who are the major players dominating the refrigeration oil market?

Ans: The major players in the market are BASF SE, Shell International B.V., China Petrochemical Corporation (SINOPEC), Exxon Mobil Corporation, Lubrizol Corporation, Petroliam Nasional Berhad (PETRONAS), and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products launched into the market by the company.

7) What are the segments in the global refrigeration oil market?

Ans: The market is segmented by type, refrigerant type, application, and by region.

8) Which segment captures the largest market size in the refrigerant type segment in the refrigeration oil market?

Ans: The HFC segment is anticipated to hold the largest market size over the forecast period on the back of its eco-friendly properties, and low ozone depletion potential.

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