Refrigeration Oil Market Share

  • Report ID: 3107
  • Published Date: Sep 12, 2024
  • Report Format: PDF, PPT

Refrigeration Oil Market Share

Regionally, the global refrigeration oil market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America industry is expected to dominate majority revenue share by 2036, owing to presence of major key players manufacturing electronic devices, including refrigerators, freezers, and air conditioners. Moreover, the growing sale and manufacturing of automobiles, with inbuilt AC systems is estimated to boost the demand for refrigerant oil in the region. More than 3.5 million cars were sold in the U.S. in 2020, including passenger and commercial cars. The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period, owing to the growing manufacturing sector, in countries, such as, Japan, South Korea, China, and India. Moreover, the escalating demand for Air Conditioners in these countries, with over 90% households in Japan using air conditioners, is estimated to boost the market growth.

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Global-Refrigeration-Oil-Market-Share
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Author Credits:  Rajrani Baghel


  • Report ID: 3107
  • Published Date: Sep 12, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing demand for vehicles and refrigerators, for various applications are the major factors driving the market growth.

The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2030.

Government regulations on using fluorocarbon-based refrigeration systems is a major factor estimated to hamper the market growth.

The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of increasing manufacturing and sale of vehicles.

The major players in the market are BASF SE, Shell International B.V., China Petrochemical Corporation (SINOPEC), Exxon Mobil Corporation, Lubrizol Corporation, Petroliam Nasional Berhad (PETRONAS), and others.
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