Refrigeration Oil Market Size, Share, Trends, Industry Analysis Report By Oil Type (Synthetic, Mineral), By Application (Air Conditioner, Refrigerators, Automotive, Coolers & Conditioners), By Region

Description

List of Tables

The refrigeration oil market size is expected to reach USD 2.34 billion by 2034, according to a new study by Polaris Market Research. The report "Refrigeration Oil Market Size, Share, Trends, Industry Analysis Report: By Oil Type (Synthetic, Mineral), By Application (Air Conditioner, Refrigerators, Automotive, Coolers & Conditioners), By Region- Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

New environmental rules and global climate goals are encouraging the use of low-GWP refrigerants that are safer for the environment. These next-generation refrigerants need specially formulated oils that work without causing system instability or damage. Traditional oils may not mix well or offer proper protection, so manufacturers are creating new blends to meet updated system requirements. Governments are banning harmful refrigerants in favor of eco-friendly ones, which increases the need for advanced and compatible refrigeration oils. The switch to cleaner technologies has created new demand for oils that support sustainability and system performance, thereby driving the growth.

Rising electricity costs and stricter environmental standards are encouraging businesses and homeowners to upgrade to energy-efficient refrigeration systems. These systems depend on high-quality refrigeration oils that minimize friction, prevent wear, and help reduce energy loss. Using the right oil improves overall system performance and lowers maintenance expenses over time. Companies seeking to cut operational costs and reduce emissions are choosing advanced systems that need specialized oils. Energy-efficient upgrades across industries are boosting the demand for oils that support reliable, long-term system operation without compromising sustainability goals, thereby driving the segment growth.

Refrigeration Oil Market Report Highlights

In 2024, the synthetic oil segment held the largest market share, driven by its superior performance, extended service life, and strong compatibility with eco-friendly refrigerants.

The refrigerators segment is anticipated to register notable growth during the forecast period, fueled by the rapid expansion of the cold chain industry and increasing global demand for frozen foods, pharmaceuticals, and other temperature-sensitive products.

Asia Pacific led the market in 2024, supported by fast-paced industrial development, growing urbanization, and rising demand for air conditioning and cold storage solutions.

The North American market is expected to grow significantly during the forecast period, propelled by widespread adoption of energy-efficient HVAC accessories and a mature cold chain network.

A few global key market players are China Petroleum & Chemical Corporation; Exxon Mobil Corporation; FUCHS; Idemitsu Kosan Co., Ltd.; INEOS; Johnson Controls; PETRONAS Lubricants International; Shell Global; and TotalEnergies.

Polaris Market Research has segmented the refrigeration oil market report on the basis of oil type, application, and region:

By Oil Type (Revenue - USD Billion, 2020-2034)

Mineral

Synthetic

Semi-Synthetic

By Application (Revenue - USD Billion, 2020-2034)

Air Conditioner

Refrigerators

Automotive

Coolers & Conditioners

Other Applications

By Regional Outlook (Revenue - USD Billion, 2020-2034)

North America

U.S.

Canada

Mexico

Europe

Germany

France

Italy

Spain

Russia

Netherlands

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Australia

Rest of Asia Pacific

Latin America

Argentina

Brazil

Rest of Latin America

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa

Rest of Middle East & Africa

Product Code: PM2402

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Refrigeration Oil Market Insights

4.1. Refrigeration Oil Market - Market Snapshot
4.2. Refrigeration Oil Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Industrial Growth and Urbanization
  - 4.2.1.2. Expansion of the Cold Chain Industry
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. High Initial Investment
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Refrigeration Oil Market Application Trends
4.6. Value Chain Analysis

5. Global Refrigeration Oil Market, by Oil Type

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
5.3. Mineral
- 5.3.1. Global Refrigeration Oil Market, by Mineral, by Region, 2020-2034 (USD Billion)
5.4. Synthetic
- 5.4.1. Global Refrigeration Oil Market, by Synthetic, by Region, 2020-2034 (USD Billion)
5.5. Semi Synthetic
- 5.5.1. Global Refrigeration Oil Market, by Semi Synthetic Free, by Region, 2020-2034 (USD Billion)

6. Global Refrigeration Oil Market, by Application

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
6.3. Air Conditioner
- 6.3.1. Global Refrigeration Oil Market, by Air Conditioner, by Region, 2020-2034 (USD Billion)
6.4. Refrigerators
- 6.4.1. Global Refrigeration Oil Market, by Refrigerators, by Region, 2020-2034 (USD Billion)
6.5. Automotive
- 6.5.1. Global Refrigeration Oil Market, by Automotive, by Region, 2020-2034 (USD Billion)
6.6. Coolers & Conditioners
- 6.6.1. Global Refrigeration Oil Market, by Coolers & Conditioners, by Region, 2020-2034 (USD Billion)
6.7. Other Applications
- 6.7.1. Global Refrigeration Oil Market, by Other Applications, by Region, 2020-2034 (USD Billion)

7. Global Refrigeration Oil Market, by Geography

7.1. Key Findings
7.2. Introduction
- 7.2.1. Refrigeration Oil Market Assessment, By Geography, 2020-2034 (USD Billion)
7.3. Refrigeration Oil Market - North America
- 7.3.1. North America: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
- 7.3.2. North America: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.3.3. Refrigeration Oil Market - U.S.
  - 7.3.3.1. U.S.: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.3.3.2. U.S.: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.3.4. Refrigeration Oil Market - Canada
  - 7.3.4.1. Canada: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.3.4.2. Canada: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.3.5. Refrigeration Oil Market - Mexico
  - 7.3.5.1. Mexico: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.3.5.2. Mexico: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
7.4. Refrigeration Oil Market - Europe
- 7.4.1. Europe: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
- 7.4.2. Europe: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.4.3. Refrigeration Oil Market - UK
  - 7.4.3.1. UK: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.4.3.2. UK: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.4.4. Refrigeration Oil Market - France
  - 7.4.4.1. France: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.4.4.2. France: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.4.5. Refrigeration Oil Market - Germany
  - 7.4.5.1. Germany: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.4.5.2. Germany: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.4.6. Refrigeration Oil Market - Italy
  - 7.4.6.1. Italy: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.4.6.2. Italy: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.4.7. Refrigeration Oil Market - Spain
  - 7.4.7.1. Spain: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.4.7.2. Spain: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.4.8. Refrigeration Oil Market - Netherlands
  - 7.4.8.1. Netherlands: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.4.8.2. Netherlands: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.4.9. Refrigeration Oil Market - Russia
  - 7.4.9.1. Russia: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.4.9.2. Russia: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.4.10. Refrigeration Oil Market - Rest of Europe
  - 7.4.10.1. Rest of Europe: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.4.10.2. Rest of Europe: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
7.5. Refrigeration Oil Market - Asia Pacific
- 7.5.1. Asia Pacific: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
- 7.5.2. Asia Pacific: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.5.3. Refrigeration Oil Market - China
  - 7.5.3.1. China: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.5.3.2. China: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.5.4. Refrigeration Oil Market - India
  - 7.5.4.1. India: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.5.4.2. India: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.5.5. Refrigeration Oil Market - Malaysia
  - 7.5.5.1. Malaysia: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.5.5.2. Malaysia: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.5.6. Refrigeration Oil Market - Japan
  - 7.5.6.1. Japan: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.5.6.2. Japan: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.5.7. Refrigeration Oil Market - Indonesia
  - 7.5.7.1. Indonesia: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.5.7.2. Indonesia: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.5.8. Refrigeration Oil Market - South Korea
  - 7.5.8.1. South Korea: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.5.8.2. South Korea: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.5.9. Refrigeration Oil Market - Australia
  - 7.5.9.1. Australia: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.5.9.2. Australia: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.5.10. Refrigeration Oil Market - Rest of Asia Pacific
  - 7.5.10.1. Rest of Asia Pacific: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.5.10.2. Rest of Asia Pacific: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
7.6. Refrigeration Oil Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
- 7.6.2. Middle East & Africa: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.6.3. Refrigeration Oil Market - Saudi Arabia
  - 7.6.3.1. Saudi Arabia: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.6.3.2. Saudi Arabia: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.6.4. Refrigeration Oil Market - UAE
  - 7.6.4.1. UAE: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.6.4.2. UAE: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.6.5. Refrigeration Oil Market - Israel
  - 7.6.5.1. Israel: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.6.5.2. Israel: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.6.6. Refrigeration Oil Market - South Africa
  - 7.6.6.1. South Africa: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.6.6.2. South Africa: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.6.7. Refrigeration Oil Market - Rest of Middle East & Africa
  - 7.6.7.1. Rest of Middle East & Africa: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.6.7.2. Rest of Middle East & Africa: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
7.7. Refrigeration Oil Market - Latin America
- 7.7.1. Latin America: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
- 7.7.2. Latin America: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.7.3. Refrigeration Oil Market - Brazil
  - 7.7.3.1. Brazil: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.7.3.2. Brazil: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.7.4. Refrigeration Oil Market - Argentina
  - 7.7.4.1. Argentina: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.7.4.2. Argentina: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)
- 7.7.5. Refrigeration Oil Market - Rest of Latin America
  - 7.7.5.1. Rest of Latin America: Refrigeration Oil Market, by Oil Type, 2020-2034 (USD Billion)
  - 7.7.5.2. Rest of Latin America: Refrigeration Oil Market, by Application, 2020-2034 (USD Billion)

8. Competitive Landscape

8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
8.2. Partnerships/Collaborations/Agreements/Exhibitions

9. Company Profiles

9.1. China Petroleum & Chemical Corporation
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
9.2. Exxon Mobil Corporation
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
9.3. FUCHS
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
9.4. Idemitsu Kosan Co., Ltd.
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
9.5. INEOS
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
9.6. Johnson Controls
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
9.7. PETRONAS Lubricants International
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
9.8. Shell Global
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
9.9. TotalEnergies
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development