Refrigeration Oil Market is expected to generate a revenue of USD 1.46 Billion by 2028, Globally, at 3.90% CAGR: Verified Market Research®

The increasing demand for chilled, refrigerated, and frozen food to maintain food quality has increased market sales of refrigeration oil. Furthermore, refrigeration systems are widely used in the pharmaceutical industry to extend the shelf life of temperature-sensitive drugs, increasing demand for such oil.

Jersey City, New Jersey, Nov. 18, 2022 (GLOBE NEWSWIRE) — Verified Market Research recently published a report, “Refrigeration Oil Market” By Product Type (Mineral Oil and Synthetic Oil), By Applications (Air Conditioner, Refrigerator and Freezer, Automotive AC System and Aftermarket), By Geographic Scope And Forecast.

As per the deep research carried out by Verified Market Research, the global Refrigeration Oil Market size was valued at USD 1.17 Billion in 2020 and is projected to reach USD 1.46 Billion by 2028, growing at a CAGR of 3.90% from 2021 to 2028.

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Global Refrigeration Oil Market Overview

Refrigeration oil is intended for use in cooling systems. It is used in compressor lubrication to ensure the smooth operation of the refrigeration unit. Refrigeration oil has chemical and thermal stability, as well as being non-reactive with the refrigerant. The oil reduces friction in the compressors and protects them from further wear. Mineral oil and synthetic oil are both types of refrigeration oils. Air conditioners, refrigerators, freezers, and automotive ac systems all use these oils. However, the same properties make it a good oil solution and a good solution for the unwanted things left behind during the manufacturing process.

The increasing demand for chilled, refrigerated, and frozen food to maintain food quality has increased market sales of refrigeration oil. Furthermore, refrigeration systems are widely used in the pharmaceutical industry to extend the shelf life of temperature-sensitive drugs, increasing demand for such oil. Moreover, the market is expected to grow at a rapid pace due to the rising demand for consumer appliances. Developing technologically advanced infrastructure and ongoing research projects in collaboration with international universities and prominent vendors to develop effective Refrigeration Oil will provide the Global Refrigeration Oil Market with lucrative growth opportunities.

Key Players

The major players in the market are ExxonMobil Corporation, Chevron Corporation, Total S.A., JXTG Holdings, China Petrochemical Corporation, FUCHS PETROLUB SE, Idemitsu Kosan, Indian Oil, PETRONAS and The Lubrizol Corporation.

Verified Market Research has segmented the Global Refrigeration Oil Market On the basis of Product Type, Applications, and Geography.

  • Refrigeration Oil Market, By Product Type
    • Mineral Oil
    • Synthetic Oil
  • Refrigeration Oil Market, By Applications
    • Air Conditioner
    • Refrigerator and Freezer
    • Automotive AC System
    • Aftermarket
  • Refrigeration Oil Market, By Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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