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Refrigeration Lubricants Market Size (2024 - 2029)

The refrigeration lubricants market is projected to experience growth over the forecast period, driven by the development of energy-efficient lubricants and the recovery of the HVACR and automotive industries. Despite challenges posed by regulatory changes leading to the phasing out of certain refrigerants, the market is expected to benefit from advancements in nano lubricant technology and increased demand for cryogenic applications. The Asia-Pacific region, particularly countries like India and China, currently holds a significant share of the market.

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Market Size of Refrigeration Lubricants Industry

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Refrigeration Lubricants Market - Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 3.54 Billion
Market Size (2029) USD 4.23 Billion
CAGR (2024 - 2029) 3.67 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Refrigeration Lubricants Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Refrigeration Lubricants Market Analysis

The Refrigeration Lubricants Market size is estimated at USD 3.54 billion in 2024, and is expected to reach USD 4.23 billion by 2029, growing at a CAGR of 3.67% during the forecast period (2024-2029).

Due to the COVID-19 outbreak, nationwide lockdowns around the globe, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market studied. However, the conditions started recovering in 2021, which is expected to restore the market's growth trajectory during the forecast period.

  • The emergence of new-generation refrigeration lubricants optimized for energy efficiency, increasing momentum in the global HVACR industry, and recovering automotive industry are expected to drive the growth of the refrigeration lubricants market.
  • On the flip side, phasing out of existing refrigerants due to constant regulations amendments is expected to hinder the market's growth.
  • Augmenting prominence for nano lubricant technology and a gain in demand for cryogenic applications are expected to unveil new opportunities for the market studied.
  • Asia-Pacific dominated the global market, with the most significant consumption from the countries such as India and China.

Refrigeration Lubricants Industry Segmentation

The refrigeration oil is critical to the compressor's proper operation. Refrigeration compressor lubricants minimize friction, prevent wear, and act as a seal between the high- and low-pressure sides of the compressor. The refrigeration lubricants market is segmented by base oil, application, and geography. By base oil, the market is segmented into mineral oil lubricant and synthetic lubricant. By application, the market is segmented into air conditioning and refrigeration. The report also covers the market size and forecasts for the refrigeration lubricants market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).

By Base Oil
Mineral Oil Lubricant
Paraffinic Oil
Naphthenic Oil
Aromatic Oil
By Synthetic Lubricant
Synthetic Hydrocarbon
Polyalphaolefin (PAO)
Alkylated Aromatics
Polybutene
By Ester
Diester
Polyol Ester
Phosphate Ester
Polymer Ester
Polyalkylene Glycols (PAG)
Other Synthetic Lubricants
By Application
Air Conditioning
Transportation
Automotive
Other Modes of Transportation (Rail Road, Airways, and Marine)
Other Air Conditioning Applications (Stationary Applications)
Refrigeration (Household, Industrial, and Cryogenics)
By Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Refrigeration Lubricants Market Size Summary

The refrigeration lubricants market is poised for growth, driven by the recovery of the global HVACR industry and advancements in energy-efficient lubricant technologies. The market, which faced setbacks due to the COVID-19 pandemic, is expected to regain its growth trajectory as manufacturing and supply chains stabilize. The increasing demand for air conditioning systems and the automotive sector's recovery, particularly with the rise of electric vehicles, are significant factors contributing to market expansion. However, regulatory changes phasing out existing refrigerants pose challenges to market growth. The Asia-Pacific region, led by countries like China and India, dominates the market due to its substantial consumption and burgeoning industrial activities.

The market's landscape is characterized by a high degree of fragmentation, influenced by varying emission regulations across different regions. Key players such as ExxonMobil, Shell, and Fuchs are actively involved in the market, with strategic moves like acquisitions and investments in new facilities to enhance their market presence. The introduction of nano lubricant technology and the growing demand for cryogenic applications present new opportunities for market players. The refrigeration lubricants market is expected to benefit from initiatives like India's production-linked incentive scheme for air-conditioning manufacturing, further bolstering its growth prospects in the coming years.

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Refrigeration Lubricants Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Emergence of New Generation Refrigeration Lubricants Optimized for Energy Efficiency

      2. 1.1.2 Increasing Momentum in the Global HVACR Industry

      3. 1.1.3 Recovering Automotive Industry

    2. 1.2 Restraints

      1. 1.2.1 Phasing out of Existing Refrigerants due to Constant 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 Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

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

    1. 2.1 By 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 By 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 By 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

    2. 2.2 By Application

      1. 2.2.1 Air Conditioning

        1. 2.2.1.1 Transportation

          1. 2.2.1.1.1 Automotive

          2. 2.2.1.1.2 Other Modes of Transportation (Rail Road, Airways, and Marine)

        2. 2.2.1.2 Other Air Conditioning Applications (Stationary Applications)

      2. 2.2.2 Refrigeration (Household, Industrial, and Cryogenics)

    3. 2.3 By Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle East and Africa

Refrigeration Lubricants Market Size FAQs

The Refrigeration Lubricants Market size is expected to reach USD 3.54 billion in 2024 and grow at a CAGR of 3.67% to reach USD 4.23 billion by 2029.

In 2024, the Refrigeration Lubricants Market size is expected to reach USD 3.54 billion.

Refrigeration Lubricants Market Report Snapshots

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