Forecasting Market Growth in the Refrigeration Oil Sector

The refrigeration oil market was estimated at USD 1.14 billion in 2021 and is likely to grow at a healthy CAGR of 4.16% during 2022-2028 to reach USD 1.52 billion in 2028.

Refrigeration oil lubricates the compressor of a freezer or an air conditioning system, for its smooth operation and to achieve longer service life. Refrigeration oils are also required to withstand extreme temperature differences and be compatible with the refrigerants used in refrigeration and air conditioning systems.