The refrigeration oil market was estimated at USD 1.35 billion in 2023 and is likely to grow at a CAGR of 4.74% during 2024-2030 to reach USD 1.86 billion in 2030. 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.