According to a report, “Compressor Oil Market Size, Share & Trends Analysis Report By Base Oil (Synthetic, Mineral, Bio-Based), By Compressor Type (Positive Displacement, Dynamic), By End Use, And Segment Forecasts, 2018 – 2025” published by Grand View Research, Inc., the global compressor oil market size is estimated to reach USD 5.59 billion by 2025, progressing at a CAGR of 5.1% during the forecast period. The growing industrial sector in the Middle East and the Asia Pacific is anticipated to drive the demand for compressor oils over the forecast period.
Manufacturers have to comply with regulations and guidelines regarding the disposal of industrial compressor oils. Surging demand for bio-based products owing to rising environmental concerns is projected to play a vital role in market expansion. However, high costs associated with the production of bio-based product types are poised to remain a key challenge for market participants.
Compressor oils are largely used for industrial applications and companies follow the franchise model for establishing good distribution and sales network. These manufacturing companies are realizing the need to concentrate on core competencies by either outsourcing their retail distribution or establishing a subsidiary company.
Compressor oils are capable of performing several functions owing to their anti-wear performance, copper corrosion resistance, foam resistance, rust protection, hydrolytic stability, and oxidation stability properties. In order to achieve a particular performance parameter, compressor oil manufacturers have to invest heavily for experimentation and testing of the performance of particular chemical composition and thus, need to invest heavily in R&D activities.
Compressor Oil Market Report Highlights
On the basis of compressor type, the positive displacement compressors are used in various manufacturing industries including petrochemical, chemical, metal production, and construction & mining equipment.
The dynamic compressors are commonly used in petroleum refining, mining, pulp & paper, food processing and the automobile industry.
On the basis of end-use, the manufacturing sector held the largest user for compressors, and based on these facts, compressor oils are expected to witness the highest demand from this sector.
On the basis of base oil, Synthetic base oil dominated the global compressor oil market with a revenue share of over 43.0% in 2017. Synthetic oils are preferred for compressors owing to their molecular makeup.
Asia Pacific is likely to observe a remarkable CAGR of 4.9% in terms of volume during the forecast period, on account of abundant availability of raw materials and high rate of industrialization in the region.
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Compressor Oil Market Segmentation
Grand View Research has segmented the global compressor oil market on the basis of compressor, base oil, end-use, and region:
Compressor Oil Compressor Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
Positive Displacement Compressor
Compressor Oil Base Oil Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
Compressor Oil End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
Oil & Gas
Compressor Oil Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
Middle East & Africa
Central & South America
Key Players in the Compressor Oils Market
Royal Dutch Shell plc
Exxon Mobil Corporation
Croda International plc
The Dow Chemical Co.
The Lubrizol Corporation
Indian Oil Corporation Ltd.
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