Global Refrigeration Oil Market Trends and Forecast 2024-2030
The global refrigeration oil market is expected to reach USD 1.96 billion by 2030, and it is projected to grow at a CAGR of 4.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Refrigeration oil is an essential component in the refrigerant industry, serving a variety of applications. One of its primary roles is to lubricate and cool the moving parts of compressors, which are responsible for compressing the refrigerant gas. By reducing friction and preventing wear and tear, it helps to maintain the optimal performance of compressors. Moreover, it finds applications across various industries, including food processing, cold storage, pharmaceuticals, chemical manufacturing, and HVAC systems. Its presence is crucial for maintaining the performance and reliability of refrigerant equipment in these sectors. Manufacturers develop specific formulations of refrigeration oil to meet the diverse requirements of different systems, considering fact...