Refrigeration Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Refrigeration Lubricants Market is segmented by Base Oil (Mineral Oil Lubricants and Synthetic Lubricants), Application (Air Conditioning and Refrigeration), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa). 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 on the basis of Revenue (USD million).

Market Snapshot

Refrigeration Lubricants Market Size
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >3 %

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Market Overview

The refrigeration lubricants market was valued at USD 3,285.76 million in 2021. It is expected to reach USD 3,935.51 million by 2027, registering a CAGR of 3.67% from 2022 to 2027.

Refrigeration lubricants saw a surge in demand in 2021 with the increase in demand for automotive vehicles and other refrigeration applications across the world.

  • 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 flipside, phasing out of existing refrigerants due to constant regulations amendments is expected to hinder the growth of the market.
  • Augmenting prominence for nano lubricant technology and gain in demand for cryogenic applications are expected to unveil new opportunities for the market studied.

Scope of the Report

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 market is segmented by Base Oil (Mineral Oil Lubricants and Synthetic Lubricants), Application (Air Conditioning and Refrigeration), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa). 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 on the basis of revenue (USD million).

Base Oil
Mineral Oil Lubricants
Paraffinic Oil
Naphthenic Oil
Aromatic Oil
Synthetic Lubricants
Synthetic Hydrocarbon
Polyalphaolefin (PAO)
Alkylated Aromatics
Polybutene
Ester
Diester
Polyol Ester
Phosphate Ester
Polymer Ester
Polyalkylene Glycols (PAG)
Other Synthetic Lubricants
Other Synthetic Lubricants
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)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Mexico
Canada
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Increasing Momentum in the Global HVACR Industry

  • HVACR (heating, ventilation, air conditioning, and refrigeration) is an important part of residential and commercial buildings. The market is filled with different kinds of HVACR appliances.
  • Refrigeration lubricants for high-purity ammonia, such as R600a (isobutane), R290 (propane), R1270 (propene/propylene), R1150 (ethene/ethylene), and R170 (ethane), are used in a wide range of applications in domestic refrigeration, industrial refrigeration, and transport refrigeration.
  • According to the International Energy Agency (IEA), since 1990, space cooling energy consumption has more than tripled, posing considerable challenges for electricity systems, particularly during peak demand periods and extreme heat events.
  • In April 2021, Thailand produced around 658.17 thousand units of household refrigerators, according to the Office of Industrial Economics (Thailand).
  • According to the Ministry of Economy, Trade, and Industry (METI) of Japan, the country produced around 1.32 million units of electric refrigerators in 2020.
  • Due to all the above-mentioned factors, the demand for refrigeration lubricants is expected to surge in the upcoming years.
Refrigeration Lubricants Market Share

Asia-Pacific to Dominate the Market

  • The Asia-Pacific region was the largest market for refrigeration lubricants. The rising demand for refrigeration lubricants can be attributed to the increasing usage of air conditioning systems for domestic and industrial applications.
  • In China, According to the China Association of Automobile Manufacturers, the production of new energy passenger and commercial vehicles reached 111,900 vehicles in November 2020.
  • The leading electric car manufacturers in China include Tesla, BYD Co., and Nio Inc. The growing demand for electric vehicles in the country is driving the market for refrigeration lubricants for automotive compressors.
  • India ranks fourth in the largest railway system in the world after the United States, Russia, and China, with 123,542 km of tracks, 67,415 km route, and more than 7,300 stations.
  • The second-largest populated country in the world runs 13,523 passenger trains and 9,146 freight trains regularly on its network. The railways carried 1.23 billion metric ton of freight in FY2020-FY2021.
  • Due to all the aforementioned factors, Asia-Pacific is expected to dominate the market in the upcoming years.
Refrigeration Lubricants Market Growth

Competitive Landscape

The refrigeration lubricants market has a higher degree of fragmentation, owing to multiple emission regulations in various countries. Key players (Not in any particular order) in the market include ExxonMobil Corporation, Shell PLC, FUCHS, IdemitsuKosan Co. Ltd, and PETRONAS International Limited.

Recent Developments

  • The recent developments pertaining to the major players in the market are being covered in the complete study.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Emergence of New Generation Refrigeration Lubricants Optimized for Energy Efficiency

      2. 4.1.2 Increasing Momentum in the Global HVACR Industry

      3. 4.1.3 Recovering Automotive Industry

    2. 4.2 Restraints

      1. 4.2.1 Phasing Out of Existing Refrigerants Due to Constant Regulations Amendments

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Base Oil

      1. 5.1.1 Mineral Oil Lubricants

        1. 5.1.1.1 Paraffinic Oil

        2. 5.1.1.2 Naphthenic Oil

        3. 5.1.1.3 Aromatic Oil

      2. 5.1.2 Synthetic Lubricants

        1. 5.1.2.1 Synthetic Hydrocarbon

          1. 5.1.2.1.1 Polyalphaolefin (PAO)

          2. 5.1.2.1.2 Alkylated Aromatics

          3. 5.1.2.1.3 Polybutene

        2. 5.1.2.2 Ester

          1. 5.1.2.2.1 Diester

          2. 5.1.2.2.2 Polyol Ester

          3. 5.1.2.2.3 Phosphate Ester

          4. 5.1.2.2.4 Polymer Ester

        3. 5.1.2.3 Polyalkylene Glycols (PAG)

        4. 5.1.2.4 Other Synthetic Lubricants

      3. 5.1.3 Other Synthetic Lubricants

    2. 5.2 Application

      1. 5.2.1 Air Conditioning

        1. 5.2.1.1 Transportation

          1. 5.2.1.1.1 Automotive

          2. 5.2.1.1.2 Other Modes of Transportation (Rail Road, Airways, and Marine)

        2. 5.2.1.2 Other Air Conditioning Applications (Stationary Applications)

      2. 5.2.2 Refrigeration (Household, Industrial, and Cryogenics)

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Mexico

        3. 5.3.2.3 Canada

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BASF SE

      2. 6.4.2 BP PLC

      3. 6.4.3 BVA Oil

      4. 6.4.4 Chevron Corporation

      5. 6.4.5 China National Petroleum Corporation

      6. 6.4.6 China Petroleum & Chemical Corporation (Sinopec Group)

      7. 6.4.7 CPI Fluid Engineeing

      8. 6.4.8 ENEOS Corporation

      9. 6.4.9 ExxonMobil Corporation

      10. 6.4.10 FUCHS

      11. 6.4.11 HP Lubricants

      12. 6.4.12 Idemitsu Kosan Co. Ltd

      13. 6.4.13 Isel

      14. 6.4.14 Kluber Lubrication

      15. 6.4.15 Kuwait Petroleum

      16. 6.4.16 Matrix Specialty Lubricants BV

      17. 6.4.17 Parker Hannfin Corp

      18. 6.4.18 PETRONAS Lubricants International

      19. 6.4.19 Shell PLC

      20. 6.4.20 Tazzetti SPA

      21. 6.4.21 TotalEnergies

      22. 6.4.22 Xaerus Performance Fluids International

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Augmenting Prominence for Nano Lubricant Technology

    2. 7.2 Gain in Demand for Cryogenic Applications

**Subject to Availability

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Frequently Asked Questions

The Refrigeration Lubricants Market market is studied from 2017 - 2027.

The Refrigeration Lubricants Market is growing at a CAGR of >3% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

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

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