Refrigeration Oil Market Size, Share, Growth Analysis, By Type(Mineral, Synthetic and Semi-Synthetic), By Application(Air Conditioner, Refrigerators, Automotive, and Others), By Region - Industry Forecast 2024-2031

Asia Pacific declared its dominance in the refrigeration oil market, imposing a revenue share surpassing 37% in 2023. This can be attributed to the thriving automotive industry within the region. Moreover, the growing importance of comfort and convenience has played an essential role in stimulating product demand. As living standards and disposable incomes rise, consumers in the Asia Pacific region are progressively looking for enhanced comfort in their daily lives. Accordingly, air conditioning systems have become a standard feature in vehicles, and the use of high-quality refrigeration oil is imperative to maintain their efficiency. According to the International Organization of Motor Vehicle Manufacturers, automotive production in India experienced a remarkable growth of 24% in 2022, totaling 5,458,857 vehicles compared to 4,399,112 in 2021.

Europe is composed for growth in the upcoming forecast period, driven by the region's stringent regulations and standards focusing on energy efficiency and environmental conservation. The demand for refrigeration oil in Europe has been further forced by measures implemented to approve the utilization of energy-efficient cooling systems. Moreover, there is a concerted effort to encourage the adoption of ecologically friendly refrigerants in compliance with these regulations, therefore boosting the demand for products compatible with such systems.