The global compressor oil market is expected to reach USD 97.15 billion by 2024, according to a new report by Grand View Research, Inc. Increasing industrialization in Asia Pacific and the Middle East is expected to remain a key driving factor for global compressor oil market over the forecast period.
Various attributes of compressor oil such as cooling, sealing and lubricating the internal components which ensure continuous operation and helps in reducing downtime and repair is also expected to drive its demand. Moreover, these lubricants maintain the equipment temperature and therefore keep them cool.
The equipment heating results in higher power consumption and wear & tear of the machine. Cost optimization practices adopted by various manufacturing companies are also expected to drive demand for compressor oil. It is observed that organizations have been implementing continuous improvement projects to reduce power consumption & maintain continuous operational flow undertake good lubrication practices.
Positive displacement based products are widely used in industries owing to their high performance and low maintenance cost. Therefore, the segment accounted for the majority of compressor oil consumed globally. Demand for positive displacement type is expected to develop at an approximate CAGR of 5.0% from 2016 to 2024.
U.S. compressor oil market volume by compressor type, 2014 – 2024 (USD Million)
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Further key findings from the report suggest:
- Global compressor oil market demand was 6.80 million tons in 2015 and is expected to reach 10.44 million tons by 2024, growing at a CAGR of 4.9% from 2016 to 2024
- Synthetic was the leading base oil used in compressor oil and accounted for 43.2% of global volume in 2015. High performance associated with synthetic oils are expected to drive their demand over the forecast period.
- Increasing global awareness with respect to environmental issues is anticipated to drive the bio-based oil demand. The segment is anticipated to grow at an estimated CAGR of 5.1% from 2016 to 2024.
- Manufacturing and automotive sector together accounted for over half of the global demand in 2015. Energy industry is expected to capture around one-fifth of revenue share in 2024 with an approximate growth rate of 6% from 2016 to 2024.
- Asia Pacific is expected to observe the highest regional growth at an approximate CAGR of 5.6% owing to the rapid industrialization in emerging economies including China, India, and South Korea.
- Key players operating in the global industry are ExxonMobil, Royal Dutch Shell, Total S.A, Lukoil, British Petroleum, Chevron Corporation, BASF, The Dow Chemical, Sasol Limited, Sinopec Limited, Croda International and Fuchs Petrolub.
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