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The global compressor oil market is expected to demonstrate significant growth during the forecast period (2021–2030), on account of growing end-use industries, such as manufacturing, construction, and power generation. These industries require compressor oils in high-volume, in order to prevent overheating, as well as to reduce wear and tear of machinery. This, in turn, increases the efficiency of the machinery, thereby providing smooth operations.
The compressor oil market is categorized into synthetic, mineral, semi-synthetic, and bio-based, on the basis of base oil. Among these, the synthetic category is projected to hold the largest market share in coming years. This can be attributed to the advantageous properties of the synthetic oil in extreme working conditions, along with its ability to offer high shear stability, high chemical resistance, and high viscosity index. Additionally, the oil is less costly and has a longer durability, making it a preferred choice during machine breakdown in industrial facilities.
The compressor oil market is bifurcated, on the basis of compressor type, into positive displacement and dynamic. Dynamic compressor witnesses a high-volume adoption in petroleum refining, mining, automobile, and food processing applications. This is attributed to its better performance, including its ability to work at a constant pressure, as compared to positive displacement compressor.
Geographically, the Asia-Pacific (APAC) region is expected to lead the market throughout the forecast period. With the rise in standard of living and increase in purchase power, there has been a surge in demand for automotive vehicles, which, in turn, is propelling the consumption of compressor oils. Additionally, increase in domestic and foreign investments in the manufacturing, construction, and mining sectors in the region is expected to further propel the regional market growth during the forecast period.
The rapid surge in demand for compressor oils from the growing end-use industries, such as power generation, automobile, oil & gas, manufacturing, and construction, across developing countries, such as China, India, Brazil, Thailand, and Vietnam, is one of the key factors propelling the consumption of such oils. Additionally, rapid industrialization in these countries is expected to further drive the demand in coming years, thereby, promoting the growth of the compressor oil market.
Although compressor oil provides several advantages that help in increasing manufacturing efficiency, the high price of the oil has led industrialists and manufacturing firms to shift toward oil-free compressors, which are comparatively less costly. Owing to this, the compressor oil market is likely to be impacted to a certain extent during the forecast period.
Some of the companies operating in the global compressor oil market are Fuchs Group, Royal Dutch Shell PLC, Total S.A., Clariant AG, Chevron Corporation, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Croda International Plc, and The PJSC Lukoil Oil Company.
The study provides the historical as well as the forecast size of the compressor oil market.
The compressor oil market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Base Oil
Based on Compressor Type
Based on End-Use Industry
Based on Application