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 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.
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