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China Refrigeration Lubricants Market Size (2024 - 2029)

The China Refrigeration Lubricants Market is projected to experience growth over the forecast period, driven by the recovery of the HVACR industry and the development of new-generation lubricants aimed at enhancing energy efficiency. Despite challenges posed by regulatory changes leading to the phasing out of existing refrigerants, the market is expected to benefit from increased demand in cryogenic applications and advancements in lubricant technology. The air conditioning segment, in particular, is anticipated to expand significantly, contributing to the overall market size growth.

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Market Size of China Refrigeration Lubricants Industry

China Refrigeration Lubricants Market Summary
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

China Refrigeration Lubricants Market 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 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
Mineral Oil Lubricant
Paraffinic Oil
Naphthenic Oil
Aromatic Oil
Synthetic Lubricant
Synthetic Hydrocarbon
Polyalphaolefin (PAO)
Alkylated Aromatics
Polybutene
Ester
Diester
Polyol Ester
Phosphate Ester
Polymer Ester
Polyalkylene Glycols (PAG)
Other Synthetic Lubricants (Silicone-based Lubricants)
Other Base Oils (Semi-synthetic Oil)
Application
Air Conditioning
Transportation
Other Air Conditioning Applications (Industrial and Commercial)
Refrigeration
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China Refrigeration Lubricants Market Size Summary

The China refrigeration lubricants market is poised for significant growth over the forecast period, driven by the expanding HVACR industry and advancements in lubricant technology aimed at enhancing energy efficiency. The market experienced disruptions due to the COVID-19 pandemic, but recovery began in 2021, setting the stage for future expansion. The demand for cryogenic applications and the increasing production of air conditioning and refrigeration units are expected to further propel market growth. However, regulatory changes phasing out existing refrigerants may pose challenges to market expansion. Synthetic oils, particularly PAO and POE, are gaining traction due to their superior thermal stability and low-temperature fluidity, making them ideal for refrigeration applications.

The market landscape is characterized by a consolidated structure, with major players like Idemitsu Kosan Co. Ltd, PETRONAS Lubricants International, ENEOS Corporation, CNPC, and SINOPEC GROUP dominating the scene. These companies are actively investing in capacity expansions and strategic acquisitions to strengthen their market positions. For instance, Idemitsu Kosan's acquisition of Seibu Oil Co. Ltd and BASF's investment in increasing synthetic ester base stock production in China highlight the industry's focus on meeting the rising demand for high-performance lubricants. The growing energy demand for space cooling in commercial buildings, coupled with government support, is expected to sustain the upward trajectory of the refrigeration lubricants market in China.

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China Refrigeration Lubricants Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Emergence of New-generation Lubricants Optimized for Energy Efficiency

      2. 1.1.2 Increasing Momentum in the Chinese HVACR Industry

    2. 1.2 Restraints

      1. 1.2.1 Phasing Out of Existing Refrigerants due to Regulations Amendments

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Base Oil

      1. 2.1.1 Mineral Oil Lubricant

        1. 2.1.1.1 Paraffinic Oil

        2. 2.1.1.2 Naphthenic Oil

        3. 2.1.1.3 Aromatic Oil

      2. 2.1.2 Synthetic Lubricant

        1. 2.1.2.1 Synthetic Hydrocarbon

          1. 2.1.2.1.1 Polyalphaolefin (PAO)

          2. 2.1.2.1.2 Alkylated Aromatics

          3. 2.1.2.1.3 Polybutene

        2. 2.1.2.2 Ester

          1. 2.1.2.2.1 Diester

          2. 2.1.2.2.2 Polyol Ester

          3. 2.1.2.2.3 Phosphate Ester

          4. 2.1.2.2.4 Polymer Ester

        3. 2.1.2.3 Polyalkylene Glycols (PAG)

        4. 2.1.2.4 Other Synthetic Lubricants (Silicone-based Lubricants)

      3. 2.1.3 Other Base Oils (Semi-synthetic Oil)

    2. 2.2 Application

      1. 2.2.1 Air Conditioning

        1. 2.2.1.1 Transportation

        2. 2.2.1.2 Other Air Conditioning Applications (Industrial and Commercial)

      2. 2.2.2 Refrigeration

China Refrigeration Lubricants Market Size FAQs

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.

In 2024, the China Refrigeration Lubricants Market size is expected to reach USD 699.23 million.

China Refrigeration Lubricants Market Report Snapshots

China Refrigeration Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)