The global compressor oil industry is expected to reach US$ 6,202.85 million by 2023. Smoother responsibilities, as well as decreased downtime and equipment repairs, will increase demand for compressor oil. The global compressor oil market, according to FMI, will be worth US$ 10,300 million in 2033 and will rise at a 5.2% CAGR between 2023 and 2033.
FMI, a market research firm, predicts a significant increase in the use of synthetic compressor oil in the power generation sector. According to the report, the compressor oil market would grow at a CAGR of 4.6% by 2031.The need for an uninterrupted power supply will need increased investment in power infrastructure. In 2023, the compressor oil market is predicted to grow steadily as industrialization accelerates and sectors such as manufacturing, oil and gas, power generation, and automotive develop. Compressors are widely used in a variety of industries, resulting in a consistent demand for compressor oils.
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The market for synthetic compressor oils has grown significantly as a result of the switch from mineral-based compressor oils to synthetics. Synthetic compressor oils provide increased service life, improved energy economy, and improved equipment durability in addition to improved lubricating qualities and thermal stability.
Because these oils are thermally stable and resistant to oxidation, they keep compressors clean between oil changes and planned maintenance. Depending on the atmosphere, the gas, and how the compressor is utilized, several types of compressor oil are required. These characteristics are critical for the worldwide compressor oil industry to continue developing. Energy efficiency has becoming increasingly important in the compressor oil business. Oil companies are creating high-performance oils that use less energy and are less expensive to run. These lubricants help minimize energy usage by lowering carbon emissions and enhancing compressor efficiency.
The compressor oil market is expanding rapidly as emerging economies in Asia-Pacific and Latin America grow at an increasing rate. Compressors and compressor oils are in high demand as a result of growing industrialization, infrastructure expansion, and expanding manufacturing sectors. The need of frequent compressor maintenance and servicing has grown in recent years. Compressor oil manufacturers offer full support services such as oil analysis, condition monitoring, and maintenance suggestions to ensure that compressors are functioning effectively and have a long life.
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.
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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.
Key Segmentation
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 the Chemical & Material Division at Future Market Insights
The chemical & material team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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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