Published by maria gbaf
Posted on January 26, 2022
4 min readLast updated: January 28, 2026
The refrigeration oil market is projected to grow at a 5.3% CAGR from 2016 to 2026, driven by demand for low GWP refrigerants and energy-efficient solutions.
Future Market Insights delivers key perceptions on the global refrigeration oil market in its latest report titled ‘Refrigeration oil Market: Global Industry Analysis and Opportunity Assessment, 2016–2026’.
Global sales of refrigeration oil were estimated to be valued at US$ 1,026.8 Mn in 2015, and is anticipated to increase with a CAGR of 5.3% over the forecast period. Asia Pacific Excluding Japan is estimated to account for the regional share of 31.2% in the global refrigeration oil market by the end of 2016 and is expected to retain its dominance throughout the forecast period.
Refrigeration oil is a lubricant, derived from either mineral oil or synthetic oil which is a blend of a special high-temperature formulation of oils and additives in order to provide lubrication to compressors. The refrigeration oil flows under pressure where it changes its state from liquid to vapours for generation of the cooling effect. Some of the major reasons for the rise in demand for refrigeration oil in compressors as a lubricant is the cold chain transportation for frozen food, beverages and meat products, HVAC&R systems in healthcare sectors and increasing preferences towards low GWP refrigerants.
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Consumption of electricity power more than 70% by the refrigeration equipment and the depletion of ozone layer due to increasing emission of Green House Gases (GHG) from refrigeration systems has led to the production and adoption of low GWP refrigerants which will boost demand for more energy efficient refrigeration oil. Various government organisations are trying to enforce amendments over the industries to reduce the use of HCFCs and CFCs in refrigeration system until 2030 by A5 countries in order to identify such refrigerants as obsolete. Thus, adoption of new refrigerants is expected to be the major reason behind the development of refrigeration oil compatible with these refrigerants in refrigeration.
Segmentation highlights
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Regional market projections
The global refrigeration oil market is segmented on the basis of region into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa. APEJ is anticipated to register the highest CAGR in terms of value over the forecast period. North America and Europe are highly focussed on using low GWP refrigerants in refrigeration oil. The markets of Latin America, Middle East & Africa and Japan are expected to remain stagnant over the forecast period.
Vendor insights
The major shareholders of the global refrigeration oil market are MEIWA CORPORATION, Royal Dutch Shell plc, ExxonMobil Corporation, Idemitsu Kosan Co. Ltd, FUCHS Lubricants, Chevron Phillips Chemical Company, BASF SE and The Lubrizol Corporation. These players have adopted a strategy of capacity expansion of their existing production units and strengthening the sales distribution networks worldwide to meet the increasing demand for refrigeration oil across the globe and are therefore expected to offer productive market opportunity over the forecast period.
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The main topic is the growth and analysis of the global refrigeration oil market from 2016 to 2026.
Demand is driven by the need for low GWP refrigerants and energy-efficient refrigeration solutions.
Asia Pacific Excluding Japan is expected to lead the market share.
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