Refrigeration Oil Market Size To Reach $1,958.8 Million By 2033

Refrigeration Oil Market Growth & Trends

The global refrigeration oil market size is expected to reach USD 1,958.8 million by 2033, registering a CAGR of 7.0% from 2025 to 2033, according to a new report by Grand View Research, Inc. Refrigeration oil is an essential component in the refrigerant industry, serving a variety of applications. One of its primary roles is to lubricate and cool the moving parts of compressors, which are responsible for compressing the refrigerant gas. By reducing friction and preventing wear and tear, it helps to maintain the optimal performance of compressors.

Moreover, it finds applications across various industries, including food processing, cold storage, pharmaceuticals, chemical manufacturing, and HVAC systems. Its presence is crucial for maintaining the performance and reliability of refrigerant equipment in these sectors. Manufacturers develop specific formulations of refrigeration oil to meet the diverse requirements of different systems, considering factors such as temperature range, refrigerant compatibility, and environmental considerations.

However, the shift towards alternative cooling technologies and refrigerants, such as natural refrigerants and electric cooling systems, can impact the demand for traditional refrigeration oil. The growing focus on energy efficiency and the adoption of greener alternatives may reduce the reliance on conventional systems that require refrigeration oil.

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Refrigeration Oil Market Report Highlights

• The synthetic segment led the market with the largest revenue share of 62.1% in 2024. The mineral segment is expected to grow at the fastest CAGR of 7.1% from 2025 to 2033.

• The air conditioners segment led the market with the largest revenue share of 38.0% in 2024. The coolers & conditioners segment is expected to grow at the fastest CAGR of 8.0% from 2025 to 2033.

• Asia Pacific dominated the refrigeration oil market with the largest revenue share of 34.6% in 2024. The refrigeration oil market in China accounted for the largest market revenue share in Asia Pacific in 2024.

• The refrigeration oil market in North America is anticipated to grow at the fastest CAGR during the forecast period.

Refrigeration Oil Market Segmentation

Grand View Research has segmented global refrigeration oil market report based on product type, application, and region:

Refrigeration Oil Product Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2021 - 2033)

• Mineral

• Synthetic

• Semi-Synthetic

Refrigeration Oil Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2021 - 2033)

• Air Conditioner

• Refrigerators

• Automotive

• Coolers & Conditioners

• Other Applications

Refrigeration Oil Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players of Refrigeration Oil Market

• INEOS

• Idemitsu Kosan Co., Ltd.

• Exxon Mobil Corporation

• Shell Global

• TotalEnergies

• China Petroleum & Chemical Corporation

• FUCHS

• PETRONAS Lubricants International

• Johnson Controls