China Refrigeration Lubricants Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 699.23 Million |
| Market Size (2029) | USD 862.65 Million |
| CAGR (2024 - 2029) | > 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
China Refrigeration Lubricants Market Analysis
The China Refrigeration Lubricants Market size is estimated at USD 699.23 million in 2024, and is expected to reach USD 862.65 million by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).
Due to COVID-19 and nationwide lockdowns, there was disruption in manufacturing processes and supply chains, and production halts were observed, which negatively impacted the refrigeration lubricants market. However, as the conditions start to recover in 2021, the growth of the market studied is expected to be restored in the upcoming phase.
- Major factors driving the refrigeration lubricants market are the increasing momentum in the Chinese HVACR industry and the emergence of new-generation lubricants that are used for energy efficiency.
- The phasing out of existing refrigerants due to constant regulation amendments is anticipated to hinder the growth of the market studied.
- The rise in the demand for cryogenic applications, increasing momentum in the Chinese HVACR industry, and the augmenting prominence of lubricant technology are thus expected to offer lucrative opportunities during the forecast period.
- The air conditioning segment is expected to grow at a considerable pace during the upcoming period.
China Refrigeration Lubricants Market Trends
Synthetic Lubricant Segment to Dominate the Market
- Synthetic oils, especially PAO and POE, exhibit high thermal stability, ensuring consistent performance in a wide range of temperatures encountered in refrigeration systems.
- Synthetic oils have lower pour points compared to mineral oils, ensuring fluidity at low temperatures, which is crucial in refrigeration applications where low temperatures are expected.
- Ventilation appliances circulate the air to regulate temperature. Air conditioning appliances are utilized to cool indoor air and provide comfort.
- Refrigeration appliances, such as refrigerators and freezers, maintain a low temperature below the ambient temperature.
- According to the data provided by the National Bureau of Statistics of China, the number of refrigerators per 100 rural and urban households reached 104.4 units for urban households and 103.9 units for rural households in China.
- Moreover, according to the data provided by the National Bureau of Statistics of China, the industrial production volume of household refrigerators in China in 2022 amounted to almost 87 million units.
- Therefore, these above trends are expected to increase the demand for the refrigeration market studied over the forecast period.
Air-conditioning Application to Dominate the Market
- Air conditioning (AC) units modify air temperature and humidity in an enclosed area. Compressors, evaporators, expansion valves, and condensers are the primary components of an air conditioner.
- In these components, the lubricants are used to reduce side effects, such as pipeline corrosion, providing better compatibility with common refrigeration gases.
- The energy demand for space cooling in commercial buildings, such as in China, is increasing due to the rising population with rapid urbanization, higher purchasing power, infrastructure development, and global warming.
- According to the data provided by the National Bureau of Statistics of China, the production volume of air conditioners in China amounted to 222 million units in 2022, around four million more than in the previous year.
- In addition, according to the data provided by the National Bureau of Statistics of China, the industrial production volume of household refrigerators in China in 2022 was almost 87 million units.
- According to the data provided by the General Administration of Customs, China's exports of air conditioners were at 31.67 million units in the first half of 2023, which was up by 13.2% in June alone from the same period last year.
- The above factors and government support are thus expected to contribute to the rising need for refrigeration lubricants during the forecast period.
China Refrigeration Lubricants Industry Overview
The Chinese refrigeration lubricants market is consolidated, where the top players capture most of the market demand. The major players (not in any particular order) include Idemitsu Kosan Co. Ltd, PETRONAS Lubricants International, ENEOS Corporation, CNPC, and China Petroleum & Chemical Corporation (SINOPEC GROUP).
China Refrigeration Lubricants Market Leaders
-
China Petroleum & Chemical Corporation (SINOPEC GROUP)
-
Idemitsu Kosan Co.,Ltd.
-
CNPC
-
ENEOS Corporation
-
PETRONAS Lubricants International
*Disclaimer: Major Players sorted in no particular order
China Refrigeration Lubricants Market News
- June 2022: Idemitsu Kosan Co. Ltd announced the acquisition of a majority stake in Seibu Oil Co. Ltd. Seibu Oil would become a subsidiary of Idemitsu Kosan following the acquisition by March 2024.
- March 2022: BASF announced that it would increase the production capacity of synthetic ester base stocks. This production capacity is intended to be increased at its production site in Jinshan, China. This investment comes in response to the rising demand for high-performance lubricants in the Asia-Pacific. Further, it strengthens BASF's position as a reliable supplier.
China Refrigeration Lubricants Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Emergence of New-generation Lubricants Optimized for Energy Efficiency
4.1.2 Increasing Momentum in the Chinese HVACR Industry
4.2 Restraints
4.2.1 Phasing Out of Existing Refrigerants due to Regulations Amendments
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Base Oil
5.1.1 Mineral Oil Lubricant
5.1.1.1 Paraffinic Oil
5.1.1.2 Naphthenic Oil
5.1.1.3 Aromatic Oil
5.1.2 Synthetic Lubricant
5.1.2.1 Synthetic Hydrocarbon
5.1.2.1.1 Polyalphaolefin (PAO)
5.1.2.1.2 Alkylated Aromatics
5.1.2.1.3 Polybutene
5.1.2.2 Ester
5.1.2.2.1 Diester
5.1.2.2.2 Polyol Ester
5.1.2.2.3 Phosphate Ester
5.1.2.2.4 Polymer Ester
5.1.2.3 Polyalkylene Glycols (PAG)
5.1.2.4 Other Synthetic Lubricants (Silicone-based Lubricants)
5.1.3 Other Base Oils (Semi-synthetic Oil)
5.2 Application
5.2.1 Air Conditioning
5.2.1.1 Transportation
5.2.1.2 Other Air Conditioning Applications (Industrial and Commercial)
5.2.2 Refrigeration
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 BP PLC
6.4.3 Chevron Corporation
6.4.4 China Petroleum & Chemical Corporation (SINOPEC GROUP)
6.4.5 CNPC
6.4.6 ENEOS Corporation
6.4.7 Exxon Mobil Corporation
6.4.8 FUCHS
6.4.9 Idemitsu Kosan Co. Ltd
6.4.10 Kluber Lubrication
6.4.11 PETRONAS Lubricants International
6.4.12 Shell
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Augmenting Prominence for Lubricant Technology
7.2 Rise in the Demand from Cryogenic Applications
China Refrigeration Lubricants Industry Segmentation
Refrigeration lubricants are specialized oils or greases designed for use in refrigeration systems. These lubricants offer efficient and smooth operation of various components within refrigeration systems, particularly in compressors. Their primary function includes reducing friction, preventing wear and corrosion, sealing gaps, and assisting in heat transfer.
The Chinese refrigeration lubricants market is segmented by base oil and application. On the basis of base oil, the market is segmented into mineral oil lubricant, synthetic lubricant, and other base oils (semi-synthetic oil). On the basis of application, the market is segmented into air conditioning and refrigeration. The report offers the market size in value terms in USD for all the abovementioned segments.
| Base Oil | |||||||||||||||
| |||||||||||||||
| |||||||||||||||
| Other Base Oils (Semi-synthetic Oil) |
| Application | ||||
| ||||
| Refrigeration |
China Refrigeration Lubricants Market Research FAQs
How big is the China Refrigeration Lubricants Market?
The China Refrigeration Lubricants Market size is expected to reach USD 699.23 million in 2024 and grow at a CAGR of greater than 4% to reach USD 862.65 million by 2029.
What is the current China Refrigeration Lubricants Market size?
In 2024, the China Refrigeration Lubricants Market size is expected to reach USD 699.23 million.
Who are the key players in China Refrigeration Lubricants Market?
China Petroleum & Chemical Corporation (SINOPEC GROUP), Idemitsu Kosan Co.,Ltd., CNPC, ENEOS Corporation and PETRONAS Lubricants International are the major companies operating in the China Refrigeration Lubricants Market.
What years does this China Refrigeration Lubricants Market cover, and what was the market size in 2023?
In 2023, the China Refrigeration Lubricants Market size was estimated at USD 671.26 million. The report covers the China Refrigeration Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the China Refrigeration Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
China Refrigeration Lubricants Industry Report
Statistics for the 2023 China Refrigeration Lubricants market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. China Refrigeration Lubricants analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
China Refrigeration Lubricants Market Report Snapshots
