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The refrigeration oil market is projected to reach USD 1,243.6 Million by 2022, growing at a CAGR of 4.3% from USD 1,005.2 Million in 2017. Emerging economies are witnessing rapid urbanization along with a rise in disposable income. The consequent rise in the standard of living and growing consumption of convenience/packaged food products, coupled with the mass adoption of vaccines and drugs will drive the demand for refrigerators, freezers, air conditioners, and automobile HVAC systems. This will fuel the demand for refrigeration oil, ultimately driving the refrigerator oil market.