GVR Report cover Refrigeration Oil Market Size, Share & Trends Report

Refrigeration Oil Market Size, Share & Trends Analysis Report By Type (Mineral, Synthetic), By Application (Refrigerators, Air conditioner, Automotive), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-4-68040-159-9
  • Number of Pages: 80
  • Format: Electronic (PDF)

Refrigeration Oil Market Size & Trends

The global refrigeration oil market size was valued at USD 1.42 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2030. This growth is attributed to the rising demand for new and innovative electronics, such as refrigerators, air conditioners, and automotive AC systems. This growth in the electronics industry leads to technological advancements and product innovation, which in turn increases the demand for refrigeration oil. Moreover, the rising demand for frozen food, especially in countries like China and the U.S., is driving the need for efficient refrigeration systems and refrigeration oils. This presents an opportunity for manufacturers and suppliers in the product market.

U.S. Refrigeration Oil market size and growth rate, 2024 - 2030

According to Gentlemen Marketing Agency (GMA), the frozen food market in China is anticipated to reach USD 26,492.8 million in 2024 witnessing a growth of over 12%. Moreover, according to the American Frozen Food Institute, frozen food sales in the U.S. reached over USD 72 billion in 2022. Thus, the advancing demand for frozen food is anticipated to drive the product market growth over the forecast period.

However, increasing emphasis on energy efficiency and environmental sustainability has led to the development of regulations and standards that govern the use of refrigerants and refrigeration systems. These regulations often require the use of environmentally friendly refrigerants with lower global warming potentials (GWP). As a result, there is a shift towards alternative refrigerants, such as natural refrigerants or low-GWP synthetic refrigerants, which may impact the demand for traditional refrigeration oils.

The U.S. is a major consumer of the product in North America with a revenue share of over 71% in 2023. The growth of the product market during the forecast period can be attributed to the increasing industrialization in the country, particularly in the manufacturing and chemical sectors, which has led to a higher demand for refrigeration systems and equipment. As these industries expand, the need for refrigeration oil to ensure smooth operation and maintenance of the systems becomes crucial.

Moreover, the growing demand for frozen food, both domestically and for export, has contributed to the rise in product demand. The U.S. is a major player in the frozen food industry, and with the increasing consumption of frozen food products, the requirement for reliable and efficient refrigeration systems has surged, subsequently boosting the demand for refrigeration oil.

Type Insights

Synthetic type segment dominated the market with a revenue share of over 47% in 2023. This is attributed to their excellent thermal stability, low volatility, and enhanced lubrication properties, which make them more efficient compared to traditional mineral-based oils. These properties contribute to improved system reliability, reduced maintenance requirements, and extended equipment lifespan, driving the demand for synthetic refrigeration oil.

Furthermore, the advancements in refrigerant technology, particularly in the automotive and industrial sectors, have led to the development of new refrigeration systems that require specialized lubricants. Synthetic refrigeration oil is often the preferred choice for these advanced systems due to its ability to meet specific performance requirements and compatibility with modern refrigerants.

Semi-synthetic is another segment anticipated to witness growth over the forecast period. semi-synthetic oils offer a balance between the performance benefits of synthetic oils and the cost-effectiveness of mineral oils. They are blends of synthetic and mineral oils, combining the advantages of both types. This makes them a popular choice for applications where full synthetic oils may be too expensive or unnecessary, but where improved performance and efficiency are still desired.

Application Insights

Refrigerators in application segment dominated the market with a revenue share of over 30% in 2023. This is attributed to the fact that refrigeration oil is used in refrigerators for lubrication and heat transfer purposes. It plays a crucial role in ensuring the smooth operation of various moving parts in refrigerator systems, such as compressors, motors, and fans. By reducing friction and wear, the oil keeps these components running efficiently. Additionally, it aids in the heat transfer process by absorbing heat from the evaporator and releasing it in the condenser. It also helps in sealing the system, preventing refrigerant leaks, and maintaining the overall efficiency of the refrigeration cycle.

Global Refrigeration Oil  market share and size, 2023

Automotive is another segment anticipated to drive the product demand over the forecast period. Advancements in automotive technology have led to the development of more efficient and sophisticated air conditioning systems. These systems require specific types of refrigeration oil for compatibility and optimal performance. Furthermore, environmental regulations and the focus on reducing greenhouse gas emissions have prompted the automotive industry to adopt more environmentally friendly refrigerants in air conditioning systems. The use of these new refrigerants often necessitates the use of specific refrigeration oil types.

Regional Insights

Asia Pacific region dominated the refrigeration oil market with a revenue share of over 37% in 2023. This is attributable to the thriving automotive industry in the region. Moreover, the increasing focus on comfort and convenience has played a pivotal role in driving the demand for products. With rising living standards and disposable incomes, consumers in the Asia Pacific region are seeking enhanced comfort in their daily lives. Consequently, air conditioning systems have become a standard feature in vehicles, and the utilization of high-quality refrigeration oil is crucial to maintain their efficiency. According to the International Organization of Motor Vehicle Manufacturers (OICA), automotive production in India witnessed a growth of 24% in 2022 accounting for 5,458,857 vehicles as compared to 4,399,112 in 2021.

Refrigeration Oil Market Trends, by Region, 2024 - 2030

Europe is another region anticipated to witness growth over the forecast period. Europe's strict regulations and standards regarding energy efficiency and environmental protection have further propelled the demand for refrigeration oil. The region has implemented measures to promote the use of energy-efficient cooling systems and encourage the adoption of environmentally friendly refrigerants, which, in turn, drives the demand for product that is compatible with these systems.

Key Companies & Market Share Insights

The product market is highly competitive with the presence of numerous players vying for market share. Leading companies in the industry are constantly striving to innovate and develop superior products to gain a competitive edge. One of the critical factors driving competition in the product market is technological advancements. As new refrigerants and equipment are introduced, the demand for compatible and high-performing products has increased.

Companies that can provide oils with advanced properties such as improved lubrication, better thermal stability, and enhanced efficiency are better positioned to succeed in this competitive market. For instance, in June 2023, Johnson Controls announced the acquisition of M&M Carnot, a reputable company known for its natural refrigeration solutions. These solutions offer ultra-low global warming potential (GWP), making them highly beneficial for customers who are striving to achieve their sustainability objectives and comply with environmental regulations. This acquisition not only strengthens Johnson Controls' position in the market but also enables them to provide enhanced solutions that align with the growing demand for environmentally friendly refrigeration options.

Key Refrigeration Oil Companies:

  • Idemitsu Kosan Co., Ltd
  • Exxon Mobil Corporation
  • Shell Global
  • TotalEnergies
  • China Petroleum & Chemical Corporation
  • PETRONAS Lubricants International
  • Jhonson Controls

Refrigeration Oil Market Report Scope

Report Attribute


Market size value in 2024

USD 1.48 billion

Revenue forecast in 2030

USD 1.96 billion

Growth Rate

CAGR of 4.7% from 2024 to 2030

Base year for estimation


Historical data

2018 - 2022

Forecast period

2024 - 2030

Quantitative units

Volume in Kilotons, Revenue in USD Million, and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Argentina; Saudi Arabia; South Africa

Key companies profiled

INEOS; Idemitsu Kosan Co., Ltd; Exxon Mobil Corporation; Shell Global; TotalEnergies; China Petroleum & Chemical Corporation; FUCHS; PETRONAS Lubricants International; Jhonson Controls

Customization scope

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Global Refrigeration Oil Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global refrigeration oil market report based on type, application, and region:

Global Refrigeration Oil Market Report Segmentation

  • Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • Mineral

    • Synthetic

    • Semi-Synthetic

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • Air Conditioner

    • Refrigerators

    • Automotive

    • Coolers & Conditioners

    • Other Applications

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • Saudi Arabia

      • South Africa

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