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Refrigeration Oil Market Outlook 2030 Opportunity and Growth Analysis with Top Key Players

Author: Shubham Autade
by Shubham Autade
Posted: Mar 20, 2022

Market Highlights

Refrigeration Oil Market is projected to be valued at USD 1,562.2 Million by 2025, expanding at a CAGR of 4.64%.

The growth of the global refrigeration oil market is driven by the increasing use of refrigeration systems in the food & beverage, chemical, plastics processing, oil & gas, and medical industries. Additionally, the increasing consumption of frozen and packaged food products in developing countries has surged the demand for refrigeration systems to store goods at the required temperature, which is driving the demand for refrigeration oil.

The growing demand for refrigeration units in supermarkets and hypermarkets to store frozen food and beverage products is likely to be a major driver for the global Refrigeration Oil Marketover the forecast period. Packaged food and beverages have become the new norm in the food and beverage industry, leading to a growing demand for effective refrigeration units to keep these products safe. Refrigeration prevents microbial growth in packaged food and beverages, keeping the products fresh for longer. This has driven the demand for refrigeration oil at a robust growth rate. The increasing deployment of supermarkets and other comparable shopping avenues in developing countries is likely to be a major driver for the refrigeration oil market over the forecast period. The growing urbanization in developing countries has driven up the number of supermarkets or comparable shopping centers, which is likely to remain a key driver for the global refrigeration oil market over the forecast period.

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The growing pharmaceutical industry is also likely to be a major driver for the global refrigeration oil market, as the demand for refrigeration units to store biological samples and pharmaceutical ingredients is likely to increase over the coming years. Like with packaged food and beverages, refrigeration prevents microbial contamination in pharmaceutical samples, with the physical containment inside a refrigeration unit also preventing other environmental pollutants to have their way. Growing efforts at drug discovery are likely to be central to the global refrigeration oil market in the coming years, as the increasing efforts made to discover new types of drugs entailing significant expenditure on refrigeration equipment.

Competitive Analysis:

Cosmo Oil Lubricants Co.

Indian Oil Corporation Ltd.

Lubriplate Lubricants Company

PETRONAS Dagangan Berhad

Behr Hella Service GmbH

Calumet Specialty Products Partners LP

Total

Exxon Mobil Corporation

Royal Dutch Shell

China Petrochemical Corporation

Arkema

BASF SE

and JXTG Nippon Oil & Energy Corporation.

Leading players are likely to focus on increasing the production capacity with regards to synthetic refrigeration oils in the coming years, as the demand for synthetic oils is likely to increase in the coming years.

Segmentation:

The global refrigeration oil market is segmented on the basis of type, refrigerant type, application, and region.

By type, the global refrigeration oil market is segmented into synthetic and mineral oils. The synthetic oil segment holds the largest share in the global refrigeration oil market and is likely to remain dominant over the coming years due to the growing demand for synthetic oils in ammonia/CO2 refrigeration units. However, the higher cost of synthetic oils is a major restraint for the segment.

By refrigerant type, the global refrigeration oil market is segmented into ammonia/CO2, HFCs, and others. The ammonia/CO2 segment holds the largest share in the global refrigeration oil market due to its low environmental impact and is likely to exhibit growth at the highest growth rate over the forecast period.

Regional Analysis

The Global Refrigeration Oil Market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

According to MRFR analysis, Asia-Pacific dominated the global refrigeration oil market and is estimated to be the fastest-growing market during the forecast period. The growth of the regional market is attributed to the growing demand for refrigeration systems, air conditioners, and automobile AC systems in countries such as China, Japan, and India. Europe accounted for the second-largest market share of 25% in 2018, followed by North America. The Middle East & Africa and Latin America are expected to surface promising growth during the forecast period.

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Key Findings of the Study:

  • The Global Refrigeration Oil Market is projected to be valued at USD 1,562.2 Million by 2025 at a 64% CAGR during the review period of 2019 to 2025.
  • Asia-Pacific accounted for the dominant share of the global refrigeration oil market with China, Japan, and India being the leading markets in the region.
  • The ammonia/CO2 refrigerant segment accounted for the largest share of the global market in 2018 and is expected to witness robust growth during the forecast period.

About Market Research Future -

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles.

MRFR team has the supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with the technology and work process of the industry, MRFR often plans to conduct meet with the industry experts and industrial visits for its research analyst members.

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Market Research Future (Mrfr) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide.

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Author: Shubham Autade

Shubham Autade

Member since: Feb 10, 2022
Published articles: 16

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