Refrigeration Oil Market size was valued at USD 1.49 billion in 2023 and is anticipated to reach USD 2.74 billion by the end of 2036, expanding at around 4.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of refrigeration oil is assessed at USD 1.55 billion.
The growth of the market can be attributed to the increasing demand for electronic appliances, including air conditioners, and refrigerators. The growth in the food & beverages industry, along with the increasing demand for perishable food items, such as, sea food, fruits, and vegetables, has raised the demand for refrigerators and deep freezers. The growing food & beverages industry is estimated to drive the market growth. Moreover, increasing demand for deep freezers for the storage of drugs and vaccines, is further estimated to boost the market growth. On the other hand, growing automotive industry, with the constantly increasing demand for vehicles, is estimated to boost the demand for refrigeration oil. In 2020, more than 61 million cars were sold globally, and the sale of passenger cars is further estimated to cross 70 million in 2021.
Author Credits: Rajrani Baghel
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