The latest report by IMARC Group, titled “Compressor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global compressor oil market size reached US$ 6.4 Billion in 2022. Compressor oil refers to a specialized lubricant that comprises a mixture of refined paraffinic base oils and high-performance additives. It is typically manufactured in a semi-solid, liquid, or viscous state and is widely used in mechanical devices to cool, seal or grease internal components. It helps ensure the continuous operational flow of machinery, enhances efficiency, prevents friction, reduces energy consumption, improves performance, and minimizes wear and tear. It also has excellent oxidation stability, rust and corrosion resistance, superior cost- and energy-saving properties and leaves a low carbon residue that decreases the operation and maintenance costs. As a result, compressor oil is extensively utilized in heating, ventilation, and air conditioning (HVAC) systems and cold chain logistics facilities.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Compressor Oil Market Trends:
Compressor oil assists in heat dissipation, maintains the temperature of the compressor, and facilitates smooth operations, thereby eliminating the additional maintenance and high repair costs. Consequently, the increasing usage of compressor oil in the chemicals and petrochemicals industry to ensure the proper functioning of the machine parts and extend their lifespan represents the primary factor driving the market growth. Besides this, the rising need for cost optimization is another major growth-inducing factor. Additionally, the surging number of gas pipeline projects and the increasing establishment of gas compressor stations along the transportation pipelines for compressing the gas at a regulated pressure have augmented the product demand. Furthermore, several key players are focusing on product innovations, such as the launch of environment-friendly compressor oils produced from natural ingredients like sunflower and rapeseed oil. Along with this, the growing popularity of bio-based compressor oil over petroleum-based product variants due to the rising environmental concerns has accelerated the product adoption rate. Other factors, including the escalating product demand from the manufacturing sector, modernization of industrial machinery, rapid industrialization, and ongoing research and development (R&D) activities, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 8.3 Billion by 2028, expanding at a CAGR of 4.05% during 2023-2028.
- Based on the compressor type, the market has been bifurcated into positive displacement and dynamic compressors.
- The market has been divided based on the base oil into synthetic, mineral, semi-synthetic, and bio-based oils.
- On the basis of the application, the market has been classified as gas and air compressors.
- Based on the end use industry, the market has been segregated into general manufacturing, construction, oil and gas, mining, chemical and petrochemical, power generation, and others.
- Region-wise, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being Royal Dutch Shell PLC, ExxonMobil Corporation, BP International Limited, Chevron Corporation, Total S.A., Sinopec Group, The PJSC Lukoil Oil Company, Indian Oil Corporation Ltd., The Fuchs Group, Idemitsu Kosan Co. Ltd., Petroliam Nasional Berhad (Petronas), DuPont de Nemours, Inc. (DuPont), Croda International PLC., Sasol Limited, The Phillips 66 Company, Bel-Ray Company LLC., Morris Lubricants Limited and Penrite Oil Company.
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