Market Size of Refrigeration Lubricants Industry
| 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
*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.
