According to a study by Future Market Insights (FMI), the surge in demand for synthetic compressor oil from the power generating sector is anticipated to considerably contribute to the growth of the compressor oil market. By 2031, the compressor oil market is expected to grow at a CAGR of 4.6%, according to the analysis. Growth will persist, particularly as greater spending on power infrastructure results from the need for an uninterrupted power supply. In 2021, synthetic oil will account for more than 50% of sales, according to FMI. Bullish growth is anticipated despite a brief halt caused by restrictions put in place during COVID-19.
Additionally, the ongoing recovery of the oil and gas sector from its downturn is anticipated to boost sales in the global compressor oil market. Due to the ongoing pandemic, end-use industry demand was muted, which had a significant impact on the oil and gas sector. The global compressor oil market is anticipated to expand during the projected period as a result of recovering oil and gas demand brought on by the restoration of industrial activities.
Compressor oil is a highly formulated refined base oil, which contains relatively high-performer additives to promote lubrication in various types of compressors. They are available in four different types on the basis of oil types such as synthetic, bio-based, mineral, and semi-synthetic compressor oils. These are designed to provide a long service life, thermal stability, outstanding oxidation performance, resistance to rust & corrosion, control foam, and water separation, and other benefits.
Thermal stability and oxidation resistance of these oils can help to maintain cleaner compressors, thereby enabling long running periods between scheduled maintenance and oil change. The requirement of compressor oil varies considerably based on the compressor type, the environment in which it is used, and the type of gas that is being compressed. These factors will prove crucial for the continued growth of the global compressor oil market.
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Key Takeaways from Compressor Oil Market Study
- Driven by the rising demand for reliable & continuous power supply, the compressor oil market will continue expanding, reaching a valuation of US$ 9,298.7 Mn by 2031
- Expansion of power generation and the oil and gas sectors is giving tailwinds to growth in the U.S., which will continue account for over 75% of sales by 2031
- Increasing manufacturing activities are identified as chief drivers of the China market, enabling y-o-y growth at 6.6% in 2021
- Germany and France too will report impressive recovery following a period COVID-19 induced slowdown in the Compressor Oil market
- India’s contribution towards South Asia Pacific market will continue rising, trailed by ASEAN.
“Compressor oil market has a consolidated vendor landscape, primarily dominated by the manufacturers of synthetic oil. Competition however is likely to increase and to gain edge market players are expected to focus on expanding their production capacity. Besides this, some are even undertaking strategic collaborations to expand their footprint globally,” said a lead analyst at FMI.
Compressor Oil Market: Participant Insights
Key manufacturers in the Compressor Oil market, like ExxonMobil Corporation, Royal Dutch Shell Plc., BP Plc, Chevron, Total SA, Sinopec, DOW inc., Fuchs Petrolub AG, BASF SE, Atlas Copco Ltd., Croda International plc, Sasol Limited, UltraChem Inc., Castral, The Refrigerant Oil Company Pty Ltd, Petro‐Canada Lubricants Inc., Carol Petroleum Pvt Ltd, The United Oil Company Inc., Carol Petroleum Pvt Ltd, Kluber Lubrication, ICHIRO CORPORATION CO LTD, JAPAN and others are focused on strengthening their product portfolio and expanding their market footprint through acquisition of smaller companies in the market.
Rising Application across Diverse Sectors Remains Key Growth Driver
Increasing demand in oil & gas, power, automotive, and other industries has resulted due to a number of factors such as increasing consumer power, focus on sustainability, urbanization, consolidation, and a growing middle class population. These changes are propelling the demand for investments and economies of scale, which is creating up significant opportunities for compressor oil.
Compressor oil is characterized by rising living standards of people across the globe and increasing household investment in several appliances like refrigerators, AC, and others. These appliances require compressors. Thus, the sales of compressors are anticipated to rise significantly in the near future which will boost the demand of compressor oil. Hence, the rising demand for consumer appliances and increasing industrial infrastructure across the globe are creating significant opportunities for compressor oil manufacturers.
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Compressor Oil Market by Category
By Oil Type
- Synthetic Oil
- Mineral Oil
- Semi Synthetic Oil
- Bio Based Oil
By Compressor
- Reciprocating Compressors
- Sliding Vane Compressors
- Centrifugal Compressors
- Screw Compressors
- Rotary Compressors
By End Use
- Oil & Gas
- Automotive
- Power
- Manufacturing and Others
By Sales Channel
- OEM
- Aftermarket
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Want to Know More?
Future Market Insights has published a market research report on the Compressor Oil market that contains global analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides insightful analysis of the Compressor Oil market through five different segments- Gas type, by End Use Equipment, by application, By End Use and region.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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