Refrigeration Lubricants Market Size
| 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.
Refrigeration Lubricants Market Trends
This section covers the major market trends shaping the Refrigeration Lubricants Market according to our research experts:
Increasing Momentum in the Global HVACR Industry
- Air conditioning (AC) units are designed to modify humidity and air temperature in an enclosed area. The primary components of an air conditioner are compressor, evaporator, expansion valve, and condenser. Lubricants reduce side effects, such as pipeline corrosion, and provide better compatibility with common refrigeration gases.
- Refrigeration lubricants have multiple purposes, such as removing heat, lubricating moving parts, acting as a sealant, and cooling the critical components of compressors.
- According to the International Energy Agency, space cooling demand experienced the highest annual growth among all buildings end uses in 2021 and accounted for nearly 16% of the buildings sector's final electricity consumption (about 2 000 TWh). This is expected to benefit the air conditioning lubricant market over the forecast period.
- The Government of India, in November 2021, selected 26 applications under the production-linked incentive (PLI) scheme for white goods. These are for air-conditioning (AC) manufacturing with a committed investment of INR 3,898 crore. This initiative is likely to boost production in the country and have a positive impact on the refrigeration lubricants market.
- The rising trends for electric vehicles are further likely to support the refrigeration lubricant market. China was the leading producer of electric vehicles in 2021. According to the China Passenger Car Association (CPCA), the country sold over 3.3 million units in 2021, which also accounted for an increase of 169% compared to 2020.
- The electric vehicles market in India is majorly driven by the two-wheeler segment that accounted for over 48% in 2021. According to the Ministry of Road Transport & Highways (MoRTH), 3,29,190 electric vehicles were sold in the country, representing an increase of 168% compared to the sales in 2020.
- The factors mentioned above are likely to impact the refrigeration lubricants market positively.
Asia-Pacific is Expected 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.
- China is the largest automotive hub in the world. According to OICA, the overall automotive production in the country in 2021 stood at 2,60,82,220, a 3% increase from 2020.
- China's leading electric car manufacturers 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.
- As per the report by OICA, Europe produced 11,886,776 units from quarter 1 to quarter 3 of 2021, whereas China produced 18,242,588 vehicles in the same period. Therefore the demand for AC in automobiles continues to increase.
- South Korean sales of electric vehicles surged by 96% to 71,006 units in the first nine months of 2021, according to data collected by the Korea Automotive Technology Institute (KAII). The sales figure is further expected to increase with growing demand from the importing economies in Europe, Asia Pacific, and the Americas.
- In 2021, India produced 32,89,683 electric vehicles for the first three quarters of 2021, a massive increase of 53% from 2020. The growing automotive sector is expected to augment the market in the forecast period.
- India ranks fourth in the most extensive railway system in the world after the United States, Russia, and China, with 123,542 km of tracks, 67,415 km of 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 tons of freight in FY2020-FY2021.
- Due to all the factors above, Asia-Pacific is expected to dominate the market in the upcoming years.
Refrigeration Lubricants Industry Overview
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 Lubricants International.
Refrigeration Lubricants Market Leaders
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Exxon Mobil Corporation
-
Shell PLC
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FUCHS
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Idemitsu Kosan Co. Ltd.
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Petronas International Limited
*Disclaimer: Major Players sorted in no particular order
Refrigeration Lubricants Market News
- April 2022: Fuchs Petrolub SE, a joint venture in Vietnam, purchased land to build a finished lubricant factory in the country. The company bought a 20,000-square-meter plot and planned to invest EUR 8 million (USD 8.6 million) to build the plant. The facility will make lubes for the automotive aftermarket, mining, and industrial segments. Under the industrial lubricant section, the company offers refrigeration lubricants.
- October 2021: Chevron Corporation acquired the base oil business of Neste OJ to strengthen the company's market foothold across the world.
Refrigeration Lubricants Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Emergence of New Generation Refrigeration Lubricants Optimized for Energy Efficiency
- 4.1.2 Increasing Momentum in the Global HVACR Industry
- 4.1.3 Recovering Automotive Industry
-
4.2 Restraints
- 4.2.1 Phasing out of Existing Refrigerants due to Constant Regulations Amendments
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Revenue)
-
5.1 By Base Oil
- 5.1.1 Mineral Oil Lubricant
- 5.1.1.1 Paraffinic Oil
- 5.1.1.2 Naphthenic Oil
- 5.1.1.3 Aromatic Oil
- 5.1.2 By Synthetic Lubricant
- 5.1.2.1 Synthetic Hydrocarbon
- 5.1.2.1.1 Polyalphaolefin (PAO)
- 5.1.2.1.2 Alkylated Aromatics
- 5.1.2.1.3 Polybutene
- 5.1.2.2 By Ester
- 5.1.2.2.1 Diester
- 5.1.2.2.2 Polyol Ester
- 5.1.2.2.3 Phosphate Ester
- 5.1.2.2.4 Polymer Ester
- 5.1.2.3 Polyalkylene Glycols (PAG)
- 5.1.2.4 Other Synthetic Lubricants
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5.2 By Application
- 5.2.1 Air Conditioning
- 5.2.1.1 Transportation
- 5.2.1.1.1 Automotive
- 5.2.1.1.2 Other Modes of Transportation (Rail Road, Airways, and Marine)
- 5.2.1.2 Other Air Conditioning Applications (Stationary Applications)
- 5.2.2 Refrigeration (Household, Industrial, and Cryogenics)
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5.3 By Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 BASF SE
- 6.4.2 BP PLC
- 6.4.3 BVA Oil
- 6.4.4 Chevron Corporation
- 6.4.5 China National Petroleum Corporation
- 6.4.6 China Petroleum & Chemical Corporation (SINOPEC Group)
- 6.4.7 CPI Fluid Engineering
- 6.4.8 ENEOS Corporation
- 6.4.9 ExxonMobil Corporation
- 6.4.10 Fuchs
- 6.4.11 HP Lubricants
- 6.4.12 Idemitsu Kosan Co. Ltd
- 6.4.13 Isel
- 6.4.14 Kluber Lubrication
- 6.4.15 Kuwait Petroleum
- 6.4.16 Matrix Specialty Lubricants B.V.
- 6.4.17 Parker Hannfin Corp
- 6.4.18 PETRONAS Lubricants International
- 6.4.19 Shell plc
- 6.4.20 Tazzetti S.p.A
- 6.4.21 TotalEnergies
- 6.4.22 Xaerus Performance Fluids International
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Augmenting Prominence for Nano Lubricant Technology
- 7.2 Gain in Demand for Cryogenic Applications
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 Base Oil | By Synthetic Lubricant | Synthetic Hydrocarbon | Polyalphaolefin (PAO) |
| Alkylated Aromatics | |||
| Polybutene | |||
| By Base Oil | By Synthetic Lubricant | By Ester | Diester |
| Polyol Ester | |||
| Phosphate Ester | |||
| Polymer Ester | |||
| By Base Oil | By Synthetic Lubricant | Polyalkylene Glycols (PAG) | |
| Other Synthetic Lubricants | |||
| By Application | Air Conditioning | Transportation | Automotive |
| Other Modes of Transportation (Rail Road, Airways, and Marine) | |||
| By Application | Air Conditioning | Other Air Conditioning Applications (Stationary Applications) | |
| By Application | Refrigeration (Household, Industrial, and Cryogenics) | ||
| By Geography | Asia-Pacific | China | |
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| By Geography | North America | United States | |
| Canada | |||
| Mexico | |||
| By Geography | Europe | Germany | |
| United Kingdom | |||
| Italy | |||
| France | |||
| Rest of Europe | |||
| By Geography | South America | Brazil | |
| Argentina | |||
| Rest of South America | |||
| By Geography | Middle East and Africa | Saudi Arabia | |
| South Africa | |||
| Rest of Middle East and Africa |
Refrigeration Lubricants Market Research FAQs
How big is the Refrigeration Lubricants Market?
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.
What is the current Refrigeration Lubricants Market size?
In 2024, the Refrigeration Lubricants Market size is expected to reach USD 3.54 billion.
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.
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).
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.
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.
Refrigeration Lubricants Industry Report
Statistics for the 2024 Refrigeration Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Refrigeration Lubricants analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
