According to the latest report by IMARC Group, titled “Compressor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global compressor oil market size reached US$ 9.6 Billion in 2018. A compressor oil refers to a form of lubricant that is required to cool, seal or grease internal components of air conditioning and refrigeration systems. It is a mixture of refined paraffinic base oils and high-performance additives that are used to ensure the continuous operational flow of distinctive machinery. It is generally produced in a semi-solid, liquid or viscous state and helps in increasing efficiency, preventing friction and heat dissipation, regulating energy consumption, and reducing wear and tear. In recent years, it has gained traction across the globe with its growing usage in heating, ventilation, and air conditioning (HVAC) systems, and cold chain logistics facilities.
Global Compressor Oil Market Trends:
Compressor oil offers excellent wear and tear protection, rust and corrosion resistance, and water separation and foam control. Besides this, it also reduces carbon residue by providing oxidation stability, thereby curbing the additional maintenance costs for the users. Owing to these benefits, compressor oil finds applications across various industry verticals ranging from oil and gas, construction, automobile to chemical and petrochemical, and general manufacturing industries. Besides this, rapid industrialization has accelerated the development of gas compressor stations along the transportation pipelines for compressing the gas at a regulated pressure. This has increased the number of gas pipeline projects, which in turn is boosting the demand for compressor oil. Apart from this, with the ongoing refurbishment activities in several industries, there has been a rapid increase in the installation of advanced machinery, which has further escalated the demand for compressor lubricants. Moreover, the rising environmental concerns have prompted manufacturers to introduce environment-friendly compressor lubricants made using natural ingredients such as sunflower oil and rapeseed oil. Looking forward, the market value is projected to reach US$ 12.9 Billion by 2024, expanding at a CAGR of 5.1% during 2019-2024.
Market Summary:
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