The global compressor oil market was worth US$ 9.6 Billion in 2018. Compressor oil is a lubricant used for reducing heat and cooling down the compressors in air conditioning and refrigeration systems. It ensures the proper functioning of the metal components and improves machinery performance with its anti-rust properties. Compressor oil also has exceptional oxidation stability and leaves a low carbon residue that reduces the operation and maintenance costs for the user. It is manufactured using a combination of base oil and various other additives. The type of base oil used, such as synthetic, mineral, semi-synthetic and bio-based, determines the quality and longevity of the compressor oil. With cost- and energy-saving properties, it finds extensive applications in various industries ranging from construction, general manufacturing, mining, power generation, chemical and petrochemical, etc.
The need for cost optimization is one of the key factors driving the market growth. Compressor oil assists in heat dissipation and maintaining the temperature of the compressor. This subsequently leads to reduced wear and tear of the compressor and aids in its smooth operation, thereby helping manufacturers to avoid high repair costs. Furthermore, significant growth in the heating, ventilation, and air conditioning (HVAC) industry along with the establishment of cold chain facilities, particularly in the developing regions, is also augmenting the demand for compressor oil. Other factors such as increasing investments in research and development (R&D) activities to develop improved product variants, such as environment-friendly compressor oil, are also favoring the growth of the market. Looking forward, IMARC Group expects the market to reach a value of US$ 12.9 Billion by 2024, registering a CAGR of 5.1% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being Royal Dutch Shell PLC, Exxonmobil Corporation, British Petroleum (BP) PLC, Chevron Corporation, Total SA, Sinopec Limited, Lukoil, Indian Oil Corporation Ltd., Fuchs Group, Idemitsu Kosan Co. Ltd., Petroliam Nasional Berhad (Petronas), DuPont, Croda International PLC., Sasol Limited, Phillips 66, Bel-Ray Company LLC., Morris Lubricants, Penrite Oil, etc.
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