The global compressor oil market is poised to reach US$ 6,202.85 million by 2023, driven by the increasing demand for smoother operational tasks and a consequent reduction in downtime and machine repairs. According to projections by FMI, the market is expected to further surge to US$ 10,300 million by 2033, exhibiting a steady compound annual growth rate (CAGR) of 5.2% between 2023 and 2033. This growth is indicative of the rising significance of compressor oil in enhancing machinery performance and efficiency on a global scale.
Due to the transition from mineral-based compressor oils to synthetics, there has been a notable increase in the market for synthetic compressor oils. In addition to improved lubrication properties and enhanced thermal stability, synthetic compressor oils also offer extended service life, improved energy efficiency, and better equipment durability.
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These oils are thermally stable and oxidation resistant, so they keep compressors cleaner between oil changes and scheduled maintenance. Different compressor types need different types of compressor oil depending on their environment, their gas, and how they are used. In order for the global compressor oil market to continue growing, these factors are imperative. Compressor oil markets have become increasingly dependent on energy efficiency. Oil manufacturers are developing high-performance oils that are less energy-consuming and less expensive to operate. By reducing carbon emissions and improving compressor efficiency, these oils help reduce energy consumption.
As emerging economies in Asia-Pacific and Latin America grow at an increasingly rapid rate, the compressor oil market is experiencing significant growth. Demand for compressors and compressor oils is increasing due to rapid industrialization, infrastructure development, and expanding manufacturing sectors. Recent years have seen an increase in the importance of regular maintenance and servicing of compressors. Manufacturers of compressor oil provide comprehensive support services, such as oil analysis, condition monitoring, and maintenance recommendations, in order to make sure that compressors are performing optimally and extending their life expectancy.
Key Takeaways
- By 2033, the compressor oil market will be worth US$ 10300 million, driven by the need for reliable power supplies
- As manufacturing activity increases, the China market is expected to grew by 6.6% year-over-year growth in 2021.
- Increasing power generation and oil and gas production will drive United States growth, generating over 75% of shipments by 2031.
- Low market prices will lead to mineral oil gaining a significant position on the global market.
- India will continue to contribute to the South Asia Pacific market, followed by Southeast Asian countries.
“Soaring oil and gas industry demand is expected to drive compressor oil demand. In addition to a growing focus on sustainability and urbanization, compressor oil markets are expected to grow,”, says an FMI analyst.
Competitive Landscape
There is fierce competition in the compressor oil industry all over the world. By offering a cost-effective and broader product line, they will maintain their leading position in the highly competitive market.
Some of the key players in the industry are Exxon Mobil Corporation, Total S.A., Sinopec Group, Royal Dutch Shell plc, Atlas Copco Group, BASF SE, British Petroleum plc, Dow, Croda International, Sasol Limited, FUCHS, and Chevron Corporation.
Market Developments Include:
- In May 2023, REIC acquired Calgary, Canada-based Midstream Equipment Corp, a company that specializes in oil and gas equipment rental and asset management. There has been no mention of the price.
- In June 2023, Aeristech joins other partners in Project HEIDI, a new hydrogen powertrain project, led by Bramble Energy and collaborating with Equipmake and the University of Bath. The project has been awarded £6.3 million by the Government. It is intended to develop a fuel cell powertrain that uses the latest electronics and energy recovery technologies and is cheaper than current options for double-decker buses. As part of the project, the partners will retrofit an old London double-decker with a hydrogen propulsion system.
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Key Segments in the Compressor Oil Market
By Oil Type:
- Synthetic
- Mineral
- Semi-Synthetic
- Bio-Based
By Compressor:
- Reciprocating
- Sliding Vane
- Centrifugal
- Screw
- Rotary
By End Use:
- Oil & Gas
- Automotive
- Power
- Manufacturing
- Others
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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