Who are the key players in Refrigeration Lubricants Market?

Exxon Mobil Corporation, Shell PLC, FUCHS, Idemitsu Kosan Co. Ltd. and Petronas International Limited are the major companies operating in the Refrigeration Lubricants Market. Read More

Which is the fastest growing region in Refrigeration Lubricants Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Refrigeration Lubricants Market?

In 2024, the Asia Pacific accounts for the largest market share in Refrigeration Lubricants Market. Read More

What years does this Refrigeration Lubricants Market cover, and what was the market size in 2023?

In 2023, the Refrigeration Lubricants Market size was estimated at USD 3.41 billion. The report covers the Refrigeration Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Refrigeration Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Refrigeration Lubricants Market Size

Market Size of Refrigeration Lubricants Industry

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
Market Concentration	Low
Major Players *Disclaimer: Major Players sorted in no particular order

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. 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. 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