The surge in demand for synthetic compressor oil from the power generation industry is expected to contribute significantly towards the growth of the compressor oil market, finds Future Market Insights (FMI) in a study. According to the report, the market is forecast to exhibit a CAGR of 4.6% by 2031.
Growth will continue, especially as the demand for an uninterrupted power supply leads to increased spending on power infrastructure. As per FMI, synthetic oil will account for over 50% of sales in 2021. Bullish growth is on the cards despite a period of a temporary lull following curbs imposed amid COVID-19.
Moreover, the steady recovery of the oil & gas industry from the downturn is likely to augment sales in the global compressor oil market. The oil & gas industry was heavily impacted owing to muted demand from end-use industries amid the ongoing pandemic.
Recovering oil & gas demand owing to the return of industrial activity is likely to help the global compressor oil market grow during the forecast period. Compressor oil is a highly formulated refined base oil, which contains relatively high-performer additives to promote lubrication in various types of compressors.
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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.
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 to 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 the 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 the acquisition of smaller companies in the market.
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Rising Application across Diverse Sectors Remains a 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 significant opportunities for compressor oil. Compressor oil is characterized by the 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 for compressor oil. Hence, the rising demand for consumer appliances and increasing industrial infrastructure across the globe are creating significant opportunities for compressor oil manufacturers.
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)
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