Austin, June 14, 2025 (GLOBE NEWSWIRE) — The Refrigeration Oil Market Size was valued at USD 1.38 billion in 2024 and is expected to reach USD 2.01 billion by 2032, growing at a CAGR of 4.86% over the forecast period of 2025-2032.
Global Shift Toward Eco-Friendly Cooling Fuels Refrigeration Oil Demand Across Residential, Commercial, and Industrial Applications
Increasing use of sophisticated cooling systems and rising environmental regulations are the factors driving the Refrigeration Oil Market. Demand for high-efficiency synthetic options is being driven by the U.S. EPA 2023 requirement to phase down high-GWP oils. A growing industrial sector in Asia Pacific and a 15% increase in synthetic oil production in China in 2023 are driving growth. Yet domestic consumption in the U.S. DOE report showed a 12% overall increase in oil used for HVAC, and Carrier’s 2024 forecast projects increased shipments of biodegradable oil.
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The U.S. Refrigeration Oil Market had the highest CAGR of 6.25% in the forecast period of 2025-2032, with a market size of USD 244 million.
In the U.S., rising energy-efficient HVAC retrofits supported by the Department of Energy’s (DoE) 2023 Green Building Initiative is driving the use of Refrigeration Oil. In late 2023, major carriers such as Honeywell and Emerson introduced low-GWP synthetic oils to meet the increasingly stringent EPA regulations and growing healthcare sector refrigeration demand.
Key Players:
- Shell plc
- ExxonMobil Corporation
- Phillips 66 Company
- Chevron Phillips Chemical Company LLC
- Rompetrol Rafinare S.A.
- Sumitomo Chemical Co., Ltd.
- Honeywell International Inc.
- Junyuan Petroleum Group
- Merck KGaA
- Indian Oil Corporation Limited.
Refrigeration Oil Market Report Scope:
| Report Attributes | Details |
| Market Size in 2024 | USD 1.38 Billion |
| Market Size by 2032 | USD 2.01 Billion |
| CAGR | CAGR of 4.86% From 2025 to 2032 |
| Base Year | 2024 |
| Forecast Period | 2025-2032 |
| Historical Data | 2021-2023 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Drivers | • Growth In Cold Chain Logistics and Food Storage Drives the Market Growth. |
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By Type, Synthetic Type Refrigeration Oil Dominated the Refrigeration Oil Market in 2024 with a 48% Market Share.
The dominance is owing to their thermal stability, environmental compatibility and EPA conformability. Chevron Phillips Chemical developed enhanced PAO blends that increased compressor efficiency and decreased loss. The U.S. Energy Information Administration found a 22% increase in the use of synthetic oil in hospitals and data centers, pointing to increasing demand for precise cooling. Mineral oils are being gradually replaced by biodegradable synthetic oils, due to the R&D dedicated to low-GWP refrigerant compatibility and long-term performance.
By Application, the Refrigerators dominated the Refrigeration Oil Market in 2024 with a 32% Market Share.
The dominance is attributed to the market is determined by the adoption of energy efficient models in North America and Asia Pacific. U.S. sales of refrigerators increased by 8%, and makers of brands like Whirlpool and LG began to install inverter compressors, which need high-performance lubricants. With consumers looking to conserve energy, reduce cost, and extend the life of their appliances, there is a heightened demand for specifically formulated refrigeration oils that combat wear and sludge throughout the category.
Asia Pacific dominated the Refrigeration Oil Market in 2024, Holding a 39% Market Share.
The dominance of the region is on account of fast industrialization and growing cold-chain industry in China and India. China turned out 18 percent more synthetic oil and India exported 12% more to Southeast Asia. Government incentives also contributed, including tax breaks in Thailand for energy-efficient storage that helped generate investments in chillers. Regional OEM activity also increased with Daikin opening the first dedicated synthetic oil plant in Malaysia in 2024, continuing the dominance of the region in refrigeration oil demand and production.
North America is the fastest-growing region in the Refrigeration Oil Market in 2024, holding the Highest CAGR.
Growth is the result of EPA regulations requiring the reduced use of high-GWP oils and a retro fit wave in commercial refrigeration. Emerson introduced chlorine-free PAOs in response, as U.S. commercial HVAC oil use rose 18% compared to last year. Consumption of synthetic oil in the data center market in Canada also increased by 10%, indicating a broader regional trend towards more sustainable, higher performing refrigeration oil solutions across critical infrastructure sectors.
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