The need for refrigeration systems is expected to rise as a result of the expanding healthcare sector, improvements in medical care, and rising rates of chronic disease. It is also projected that the market for refrigeration oil would increase more quickly due to rising demand for refrigeration systems to store medications and vaccines as well as rising drug innovation. One of the main drivers of refrigeration oil market growth is the expansion of the food and beverage sector. Rising global food commerce along with increased demand for perishable food products is a further factor in the market expansion of refrigeration oil. Another important aspect that is anticipated to boost the market expansion for refrigeration oil is the rising usage of frozen and packaged food goods. Over the projected period, it is anticipated that strict laws and regulations regarding the usage of fluorocarbon refrigerants will restrain market growth. The expansion of the market for refrigeration oil is anticipated to be significantly hampered by a number of environmental issues (such as ozone layer depletion) related to the use of a refrigeration system.
According to Coherent Market Insights, Global Refrigeration Oil Market was valued at US$ 1.3 Billion in 2021 in terms of revenue, exhibiting a CAGR of 5.5% during the forecast period (2022 to 2030).
Prominent Companies in the Refrigeration Oil Industry:
1. ExxonMobil Corporation
ExxonMobil is an international oil and gas company, providing energy that helps underpin growing economies and improve living standards around the world. It uses innovation and technology to deliver energy to a growing world. The company explores for, produces, and sells crude oil, natural gas and petroleum products. The company was founded in 1870, headquartered in Texas, U.S. In June 2022, ExxonMobil, an oil and Gas Company, and QatarEnergy, Petroleum Company, announced that they signed an agreement to further develop Qatar’s North Field East project, which will expand Qatar’s annual LNG (Liquefied Natural Gas) capacity from currently 77 million tons to 110 million tons by 2026.
2. Royal Dutch Shell Plc
Shell plc operates as an energy and petrochemical company Europe, Asia, Oceania, Africa, the United States, and Rest of the Americas. The company operates through Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions segments. Shell plc was founded in 1907 and is headquartered in London, the United Kingdom. In September 2022, Shell plc, an oil and gas company, agreed to sell its 100% interest in Shell Onshore Ventures LLC which holds a 51.8% membership interest in Aera Energy LLC, a natural gas, oil exploration and production company, to IKAV for a total consideration of approximately US$ 2 billion in cash with additional contingent payments based on future oil prices, subject to regulatory approval.
3. Idemitsu Kosan Co., Ltd.
Idemitsu Kosan Co.,Ltd. operates in petroleum, basic chemicals, functional materials, power and renewable energy, and resources businesses in Japan and internationally. Idemitsu Kosan Co.,Ltd. was founded in 1911 and is headquartered in Tokyo, Japan.
4. Meiwa Corporation
Meiwa Corporation engages in the chemicals, lubricants, battery materials, automotive-related and mineral resource, and environmental-related businesses in Japan and internationally. Meiwa Corporation was incorporated in 1947 and is headquartered in Tokyo, Japan.
5. CPI Fluid Engineering
CPI Fluid Engineering provides synthetic compressor lubricants, heat transfer oils and industrial fluids. The company was founded in 1971, headquartered in Michigan.
6. FUCHS Lubricants
FUCHS is a global Group with German roots that develops, produces and distributes lubricants and related specialties. Founded in 1931. Headquartered in Illinois, U.S. FUCHS is the world's largest provider among the independent lubricant manufacturers. Ordinary and preference shares in FUCHS PETROLUB SE are officially traded on both the Frankfurt and Stuttgart stock exchanges.
*Definition- Mineral or synthetic oil can be used to make refrigeration oil. It is applied to the refrigeration system's moving parts to lubricate them and lessen metal-on-metal friction.
