The refrigeration oil market is projected to reach USD 1.4 billion by 2024, at a CAGR of 4.7% from USD 1.1 billion in 2019.

Emerging economies are witnessing rapid urbanization along with a rise in disposable income. The consequent increase in the standard of living and growing consumption of convenience/packaged food products, coupled with the mass adoption of vaccines and drugs will drive the demand for refrigerators, freezers, air conditioners, and automobile HVAC systems. This will fuel the demand for refrigeration oil, ultimately driving the refrigerator oil market.

The APAC region is estimated to lead the refrigeration oil market in 2018 in terms of value and volume. The increasing population in the region and the rising demand for refrigerators, freezers, air conditioners, and automobiles in the emerging markets of APAC, such as China and India, are some of the major factors projected to drive the demand for refrigeration oil in the region. Furthermore, the improving lifestyle, increasing employment rate, rising disposable income of the people, and mounting foreign investments in various sectors of the economy are some of the other factors that make APAC an attractive market for refrigeration oil manufacturers.

The synthetic oil segment accounted for the largest share of the refrigeration oil market in 2018, in terms of value. Synthetic refrigeration oil has several advantages over conventional mineral refrigeration oil, such as high viscosity index, superior chemical resistance, excellent shear stability, and stable performance in extreme conditions. Additionally, its compatibility with low GWP and modern refrigerants gives it an added advantage over mineral refrigeration oil

The key market players profiled in the report include JXTG Group (Japan), BASF (Germany), Idemitsu Kosan Co. (Japan), Royal Dutch Shell (Netherlands), ExxonMobil (US), BP (UK), PETRONAS (Malaysia), Chevron (US), Total (France), Sinopec Group (China), FUCHS (Germany), and Johnson Controls (Ireland).