Refrigeration Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Refrigeration Lubricants Market Analysis:

1. The forecast for the Global Refrigeration Lubricants Market predicts a growth in size from USD 3.41 billion in 2023 to USD 4.08 billion by 2028, with a CAGR of 3.67% during the forecast period. However, the market has been negatively impacted by the COVID-19 outbreak, resulting in nationwide lockdowns, manufacturing disruptions, and production halts. Despite this setback, the market is expected to recover in 2021 and continue its growth trajectory during the forecast period.

2. The growth of the refrigeration lubricants market is expected to be driven by the emergence of new-generation lubricants that are optimized for energy efficiency, as well as the increasing momentum in the global HVACR industry and the recovering automotive industry. However, the phasing out of existing refrigerants due to constant regulatory amendments is expected to hinder the market’s growth.

3. The refrigeration lubricants market presents new opportunities with the increasing prominence of nano lubricant technology and the gain in demand for cryogenic applications. Asia-Pacific dominates the global market, with India and China being the countries with the most significant consumption.

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