Compressor Oil for Refrigeration Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Compressor Oil for Refrigeration Market
The compressor oil for refrigeration market size was valued at USD 1.54 billion in 2023, and the market is now projected to grow from USD 1.60 billion in 2024 to USD 2.01 billion by 2032, exhibiting a CAGR of 3.3% during the forecast period of 2024-2032.
The global compressor oil market for refrigeration was impacted by the outbreak of COVID-19 as supply chains were interrupted and production ministries were reduced. There were lockdown across the world and slow economic growth reduced demand especially in commercial refrigeration and air conditioning. That said, as the economies emerged from the closedown, demand for more efficient refrigeration systems increased especially in the food chain and the pharmaceutical subsector. This change put pressure on manufacturers to come up with different and more specialized compressor oils that are compliant with the market and environmental standards. In summary, the pandemic has precipitated threats and opportunities for this sector at a higher rate than might be expected.
Compressor oil market for refrigeration is following several trends: Now, due to enhanced environmental consciousness, customers are particularly looking for non-toxic and bio-degradable oils as well as oils with low values of GWP. On the same note, synthetic oils’ development in recent days is making it possible to have the product that works efficiently and lasts for a longer period before the next service. This is also affecting the formulation of oils to ensure compatibility with natural refrigerants as their uptake in Systems increases. Furthermore, manufactures are also putting their efforts for using advances in technology to develop superior performing oils that have passed higher regulatory benchmarks but which do not compromise energy efficiency of the refrigerants in use.
The following factors explain the compressor oil market for refrigeration. This sector is catalyzed by the increasing need to adopt energy efficient refrigeration systems in commercial and industrial sectors driven by high operational costs. A growing number of environmental standards entail the rise in the consumption of low-GWP and biodegradable oils also affect the market. Further, improvements in the food industry and health care products storage lead to increased demand for quality refrigeration systems. Another factor that contributes to the growth of this market and increases investment is the improvement of compositions of synthetic oils that bring additional benefits and have a longer duration of their service. The above-mentioned factors are driving the compressor oil for refrigeration market growth.
Comprehensive Analysis Compressor Oil for Refrigeration Market
The compressor oil market for refrigeration is segmented based on the type of oil used, the type of gas used, and applications of the compressor oil. Regarding the kind of oil, there are the mineral oils, synthetic oils and the semi-synthetic oils all with the different performances and compatibility. Refrigerants are many and include categories such as, HCFC, HFC, HFO, isobutane, ammonia, carbon dioxide (CO2) and other gases and shows that the world is moving to the use of friendly gases. Uses of compressor oils include refrigerated transportation, cold storage, commercial ice makers, and industrial process refrigeration to illustrate the vitality of lubrication in a variety of refrigeration applications.
North America becomes the largest consumer in the compressor oil for refrigeration market because of its rapidly developing industrialization and legal requirements on environmental protection. Also, there is a gradual shift of the company to use environment friendly refrigerants and oils that are compatible with the regional requirement. Deeper penetration in the food industry, the pharmaceutical segment, and cold chain logistics also increases the need for the best quality compressor oils. Therefore North America remains the market leader and the one to watch regarding Heraldry innovations and settings of new regulations within the industry.
Key players in the market include Apar Industries (India), Bharat Petroleum (India), Chevron Corporation (U.S.), ENEOS Corporation (Japan), Exxon Mobil Corporation (U.S.), FUCHS (Germany), Indian Oil Corporation Ltd (India), Repsol (Spain), Royal Dutch Shell plc (U.K.), TotalEnergies (France)
In 2024, a specific differentiated trend in the global compressor oil for refrigeration market will be the developments of new synthetic oils for efficient HFO-based systems. These new formulations have better thermal stability and lower viscosity than former grades, and thus increase energy efficiency and decrease friction in compressor machines. It improves efficiency in this case and can also be adapted to meet environmental standards of the oil since it has a less carbon intensity. Moreover, these oils can be formulated to work with other refrigerants, which can be suitable for different applications since the market changes from time to time.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2017-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2017-2021
CAGR (2023-2030) CAGR of 3.3% from 2023-2030
Unit Volume (Mn USG) and Value (USD Billion)
Segmentation By Oil Type
Mineral
Synthetic
Semi-synthetic
By Gas Type
Hydrochlorofluorocarbon (HCFC)
Hydrofluorocarbon (HFC)
Hydrofluoro-olefins (HFO)
Isobutane
Ammonia
Carbon Dioxide (CO2)
Others
By Application
Refrigerated Transport
Cold Storage Warehouses
Commercial Ice Machines
Industrial Process Refrigeration
Others
By Country
North America (By Oil Type, Gas Type, Application, and Country)
U.S. (By Application)
Canada (By Application)
Europe (By Oil Type, Gas Type, Application, and Country)
Germany (By Application)
U.K. (By Application)
France (By Application)
Italy (By Application)
Rest of Europe (By Application)
Asia Pacific (By Oil Type, Gas Type, Application, and Country)
China (By Application)
India (By Application)
Japan (By Application)
Rest of Asia Pacific (By Application)
Latin America (By Oil Type, Gas Type, Application, and Country)
Brazil (By Application)
Mexico (By Application)
Rest of Latin America (By Application)
Middle East & Africa (By Oil Type, Gas Type, Application, and Country)
GCC (By Application)
South Africa (By Application)
Rest of the Middle East & Africa (By Application)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Regions
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
- 4.3. Latest Technological Advancement
- 4.4. Insights on Regulatory Scenario
- 4.5. Porters Five Forces Analysis
- 5. Qualitative Insights on Impact of COVID-19 on Global Compressor Oil for Refrigeration Market
- 5.1. Supply Chain Analysis & Challenges due to Covid-19
- 5.2. Steps taken by Government / Companies to Overcome this Impact
- 5.3. Potential Challenges and Opportunities due to COVID-19 Outbreak
- 6. Global Compressor Oil for Refrigeration Market Analysis, Insights and Forecast, 2017-2030
- 6.1. Key Findings / Summary
- 6.2. By Oil Type (Value & Volume)
- 6.2.1. Mineral
- 6.2.2. Synthetic
- 6.2.3. Semi-synthetic
- 6.3. By Gas Type (Value & Volume)
- 6.3.1. Hydrochlorofluorocarbon (HCFC)
- 6.3.2. Hydrofluorocarbon (HFC)
- 6.3.3. Hydrofluoro-olefins (HFO)
- 6.3.4. Isobutane
- 6.3.5. Ammonia
- 6.3.6. Carbon Dioxide (CO2)
- 6.3.7. Others
- 6.4. By Application (Value & Volume)
- 6.4.1. Refrigerated Transport
- 6.4.2. Cold Storage Warehouses
- 6.4.3. Commercial Ice Machines
- 6.4.4. Industrial Process Refrigeration
- 6.4.5. Others
- 6.5. By Region (Value & Volume)
- 6.5.1. North America
- 6.5.2. Europe
- 6.5.3. Asia Pacific
- 6.5.4. Latin America
- 6.5.5. Middle East & Africa
- 7. North America Compressor Oil for Refrigeration Market Analysis, Insights and Forecast, 2017-2030
- 7.1. Key Findings / Summary
- 7.2. By Oil Type (Value & Volume)
- 7.2.1. Mineral
- 7.2.2. Synthetic
- 7.2.3. Semi-synthetic
- 7.3. By Gas Type (Value & Volume)
- 7.3.1. Hydrochlorofluorocarbon (HCFC)
- 7.3.2. Hydrofluorocarbon (HFC)
- 7.3.3. Hydrofluoro-olefins (HFO)
- 7.3.4. Isobutane
- 7.3.5. Ammonia
- 7.3.6. Carbon Dioxide (CO2)
- 7.3.7. Others
- 7.4. By Application (Value & Volume)
- 7.4.1. Refrigerated Transport
- 7.4.2. Cold Storage Warehouses
- 7.4.3. Commercial Ice Machines
- 7.4.4. Industrial Process Refrigeration
- 7.4.5. Others
- 7.5. By Country (Value & Volume)
- 7.5.1. U.S
- 7.5.1.1. By Application (Value & Volume)
- 7.5.1.1.1. Refrigerated Transport
- 7.5.1.1.2. Cold Storage Warehouses
- 7.5.1.1.3. Commercial Ice Machines
- 7.5.1.1.4. Industrial Process Refrigeration
- 7.5.1.1.5. Others
- 7.5.2. Canada
- 7.5.2.1. By Application (Value & Volume)
- 7.5.2.1.1. Refrigerated Transport
- 7.5.2.1.2. Cold Storage Warehouses
- 7.5.2.1.3. Commercial Ice Machines
- 7.5.2.1.4. Industrial Process Refrigeration
- 7.5.2.1.5. Others
- 8. Europe Compressor Oil for Refrigeration Market Analysis, Insights and Forecast, 2017-2030
- 8.1. Key Findings / Summary
- 8.2. By Oil Type (Value & Volume)
- 8.2.1. Mineral
- 8.2.2. Synthetic
- 8.2.3. Semi-synthetic
- 8.3. By Gas Type (Value & Volume)
- 8.3.1. Hydrochlorofluorocarbon (HCFC)
- 8.3.2. Hydrofluorocarbon (HFC)
- 8.3.3. Hydrofluoro-olefins (HFO)
- 8.3.4. Isobutane
- 8.3.5. Ammonia
- 8.3.6. Carbon Dioxide (CO2)
- 8.3.7. Others
- 8.4. By Application (Value & Volume)
- 8.4.1. Refrigerated Transport
- 8.4.2. Cold Storage Warehouses
- 8.4.3. Commercial Ice Machines
- 8.4.4. Industrial Process Refrigeration
- 8.4.5. Others
- 8.5. By Country (Value & Volume)
- 8.5.1. Germany
- 8.5.1.1. By Application (Value & Volume)
- 8.5.1.1.1. Refrigerated Transport
- 8.5.1.1.2. Cold Storage Warehouses
- 8.5.1.1.3. Commercial Ice Machines
- 8.5.1.1.4. Industrial Process Refrigeration
- 8.5.1.1.5. Others
- 8.5.2. France
- 8.5.2.1. By Application (Value & Volume)
- 8.5.2.1.1. Refrigerated Transport
- 8.5.2.1.2. Cold Storage Warehouses
- 8.5.2.1.3. Commercial Ice Machines
- 8.5.2.1.4. Industrial Process Refrigeration
- 8.5.2.1.5. Others
- 8.5.3. U.K.
- 8.5.3.1. By Application (Value & Volume)
- 8.5.3.1.1. Refrigerated Transport
- 8.5.3.1.2. Cold Storage Warehouses
- 8.5.3.1.3. Commercial Ice Machines
- 8.5.3.1.4. Industrial Process Refrigeration
- 8.5.3.1.5. Others
- 8.5.4. Italy
- 8.5.4.1. By Application (Value & Volume)
- 8.5.4.1.1. Refrigerated Transport
- 8.5.4.1.2. Cold Storage Warehouses
- 8.5.4.1.3. Commercial Ice Machines
- 8.5.4.1.4. Industrial Process Refrigeration
- 8.5.4.1.5. Others
- 8.5.5. Spain
- 8.5.5.1. By Application (Value & Volume)
- 8.5.5.1.1. Refrigerated Transport
- 8.5.5.1.2. Cold Storage Warehouses
- 8.5.5.1.3. Commercial Ice Machines
- 8.5.5.1.4. Industrial Process Refrigeration
- 8.5.5.1.5. Others
- 8.5.6. Rest of Europe
- 8.5.6.1. By Application (Value & Volume)
- 8.5.6.1.1. Refrigerated Transport
- 8.5.6.1.2. Cold Storage Warehouses
- 8.5.6.1.3. Commercial Ice Machines
- 8.5.6.1.4. Industrial Process Refrigeration
- 8.5.6.1.5. Others
- 9. Asia-Pacific Compressor Oil for Refrigeration Market Analysis, Insights and Forecast, 2017-2030
- 9.1. Key Findings / Summary
- 9.2. By Oil Type (Value & Volume)
- 9.2.1. Mineral
- 9.2.2. Synthetic
- 9.2.3. Semi-synthetic
- 9.3. By Gas Type (Value & Volume)
- 9.3.1. Hydrochlorofluorocarbon (HCFC)
- 9.3.2. Hydrofluorocarbon (HFC)
- 9.3.3. Hydrofluoro-olefins (HFO)
- 9.3.4. Isobutane
- 9.3.5. Ammonia
- 9.3.6. Carbon Dioxide (CO2)
- 9.3.7. Others
- 9.4. By Application (Value & Volume)
- 9.4.1. Refrigerated Transport
- 9.4.2. Cold Storage Warehouses
- 9.4.3. Commercial Ice Machines
- 9.4.4. Industrial Process Refrigeration
- 9.4.5. Others
- 9.5. By Country (Value & Volume)
- 9.5.1. China
- 9.5.1.1. By Application (Value & Volume)
- 9.5.1.1.1. Refrigerated Transport
- 9.5.1.1.2. Cold Storage Warehouses
- 9.5.1.1.3. Commercial Ice Machines
- 9.5.1.1.4. Industrial Process Refrigeration
- 9.5.1.1.5. Others
- 9.5.2. Japan
- 9.5.2.1. By Application (Value & Volume)
- 9.5.2.1.1. Refrigerated Transport
- 9.5.2.1.2. Cold Storage Warehouses
- 9.5.2.1.3. Commercial Ice Machines
- 9.5.2.1.4. Industrial Process Refrigeration
- 9.5.2.1.5. Others
- 9.5.3. South Korea
- 9.5.3.1. By Application (Value & Volume)
- 9.5.3.1.1. Refrigerated Transport
- 9.5.3.1.2. Cold Storage Warehouses
- 9.5.3.1.3. Commercial Ice Machines
- 9.5.3.1.4. Industrial Process Refrigeration
- 9.5.3.1.5. Others
- 9.5.4. Rest of Asia Pacific
- 9.5.4.1. By Application (Value & Volume)
- 9.5.4.1.1. Refrigerated Transport
- 9.5.4.1.2. Cold Storage Warehouses
- 9.5.4.1.3. Commercial Ice Machines
- 9.5.4.1.4. Industrial Process Refrigeration
- 9.5.4.1.5. Others
- 10. Latin America Compressor Oil for Refrigeration Market Analysis, Insights and Forecast, 2017-2030
- 10.1. Key Findings / Summary
- 10.2. By Oil Type (Value & Volume)
- 10.2.1. Mineral
- 10.2.2. Synthetic
- 10.2.3. Semi-synthetic
- 10.3. By Gas Type (Value & Volume)
- 10.3.1. Hydrochlorofluorocarbon (HCFC)
- 10.3.2. Hydrofluorocarbon (HFC)
- 10.3.3. Hydrofluoro-olefins (HFO)
- 10.3.4. Isobutane
- 10.3.5. Ammonia
- 10.3.6. Carbon Dioxide (CO2)
- 10.3.7. Others
- 10.4. By Application (Value & Volume)
- 10.4.1. Refrigerated Transport
- 10.4.2. Cold Storage Warehouses
- 10.4.3. Commercial Ice Machines
- 10.4.4. Industrial Process Refrigeration
- 10.4.5. Others
- 10.5. By Country (Value & Volume)
- 10.5.1. Brazil
- 10.5.1.1. By Application (Value & Volume)
- 10.5.1.1.1. Refrigerated Transport
- 10.5.1.1.2. Cold Storage Warehouses
- 10.5.1.1.3. Commercial Ice Machines
- 10.5.1.1.4. Industrial Process Refrigeration
- 10.5.1.1.5. Others
- 10.5.2. Mexico
- 10.5.2.1. By Application (Value & Volume)
- 10.5.2.1.1. Refrigerated Transport
- 10.5.2.1.2. Cold Storage Warehouses
- 10.5.2.1.3. Commercial Ice Machines
- 10.5.2.1.4. Industrial Process Refrigeration
- 10.5.2.1.5. Others
- 10.5.3. Rest of Latin America
- 10.5.3.1. By Application (Value & Volume)
- 10.5.3.1.1. Refrigerated Transport
- 10.5.3.1.2. Cold Storage Warehouses
- 10.5.3.1.3. Commercial Ice Machines
- 10.5.3.1.4. Industrial Process Refrigeration
- 10.5.3.1.5. Others
- 11. Middle East & Africa Compressor Oil for Refrigeration Market Analysis, Insights and Forecast, 2017-2030
- 11.1. Key Findings / Summary
- 11.2. By Oil Type (Value & Volume)
- 11.2.1. Mineral
- 11.2.2. Synthetic
- 11.2.3. Semi-synthetic
- 11.3. By Gas Type (Value & Volume)
- 11.3.1. Hydrochlorofluorocarbon (HCFC)
- 11.3.2. Hydrofluorocarbon (HFC)
- 11.3.3. Hydrofluoro-olefins (HFO)
- 11.3.4. Isobutane
- 11.3.5. Ammonia
- 11.3.6. Carbon Dioxide (CO2)
- 11.3.7. Others
- 11.4. By Application (Value & Volume)
- 11.4.1. Refrigerated Transport
- 11.4.2. Cold Storage Warehouses
- 11.4.3. Commercial Ice Machines
- 11.4.4. Industrial Process Refrigeration
- 11.4.5. Others
- 11.5. By Country (Value)
- 11.5.1. GCC
- 11.5.1.1. By Application (Value & Volume)
- 11.5.1.1.1. Refrigerated Transport
- 11.5.1.1.2. Cold Storage Warehouses
- 11.5.1.1.3. Commercial Ice Machines
- 11.5.1.1.4. Industrial Process Refrigeration
- 11.5.1.1.5. Others
- 11.5.2. South Africa
- 11.5.2.1. By Application (Value & Volume)
- 11.5.2.1.1. Refrigerated Transport
- 11.5.2.1.2. Cold Storage Warehouses
- 11.5.2.1.3. Commercial Ice Machines
- 11.5.2.1.4. Industrial Process Refrigeration
- 11.5.2.1.5. Others
- 11.5.3. Rest of Middle East and Africa
- 11.5.3.1. By Application (Value & Volume)
- 11.5.3.1.1. Refrigerated Transport
- 11.5.3.1.2. Cold Storage Warehouses
- 11.5.3.1.3. Commercial Ice Machines
- 11.5.3.1.4. Industrial Process Refrigeration
- 11.5.3.1.5. Others
- 12. Company Profiles
- 12.1. Apar Industries
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Product Portfolio
- 12.1.4. Recent Developments
- 12.1.5. Financials (As per Availability)
- 12.2. Bharat Petroleum
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Product Portfolio
- 12.2.4. Recent Developments
- 12.2.5. Financials (As per Availability)
- 12.3. Chevron Corporation
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Product Portfolio
- 12.3.4. Recent Developments
- 12.3.5. Financials (As per Availability)
- 12.4. ENEOS Corporation
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Product Portfolio
- 12.4.4. Recent Developments
- 12.4.5. Financials (As per Availability)
- 12.5. Exxon Mobil Corporation
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Product Portfolio
- 12.5.4. Recent Developments
- 12.5.5. Financials (As per Availability)
- 12.6. FUCHS
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Product Portfolio
- 12.6.4. Recent Developments
- 12.6.5. Financials (As per Availability)
- 12.7. Indian Oil Corporation Ltd
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Product Portfolio
- 12.7.4. Recent Developments
- 12.7.5. Financials (As per Availability)
- 12.8. Repsol
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Product Portfolio
- 12.8.4. Recent Developments
- 12.8.5. Financials (As per Availability)
- 12.9. Royal Dutch Shell plc
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Product Portfolio
- 12.9.4. Recent Developments
- 12.9.5. Financials (As per Availability)
- 12.10. TotalEnergies
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Product Portfolio
- 12.10.4. Recent Developments
- 12.10.5. Financials (As per Availability)
- 13. Strategic Recommendations
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