The global compressor oil market is expected to reach USD 16.37 Billion by 2028, according to a new report by Reports and Data. Compressor Oil is a kind of lubricant that provides a long service life in most compressor applications. The thermal stability and oxidation resistance of this oil aids in maintaining cleaner compressors, thus permitting more extended running periods between scheduled maintenance and oil changes.
The increasing application of compressors, and hence, compressor oil in the manufacturing sector is estimated to stimulate market demand in the forecast period. The rapid growth of industrialization and positive economic trends across the globe, especially in the Asia Pacific region will escalate the manufacturing activities in the upcoming years. Currently, China leads the global manufacturing output owing to supportive government policies, foreign investments and easy availability of cheap labor.
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Substantial growth in the construction sector in developing countries is expected to propel the market growth in the upcoming years, due to the widespread usage of portable compressors for operating pneumatic drills, and hammers, among others. Compressor oil increases the efficiency and productivity of compressors as well as ensures a long serviceability. Urbanization, demographic shifts, growing consumer aspirations accompanied with high standards of living are boosting the growth of residential and commercial buildings sectors. Regional governments worldwide are investing massive amounts for the development of infrastructure to improve social and economic welfare.
Key participants include Royal Dutch Shell PLC, ExxonMobil PLC, British Petroleum PLC, Chevron Corporation, BASF SE, Sasol Limited, Croda International PLC, The Dow Chemical Co., Total SA, and Sinopec Corp., among others.
Further key findings from the report suggest
- By compressor type, positive displacement types held a substantial share of the market in 2018. In positive displacement type compressors, compression is done by trapping a refrigerant vapor into a sealed-off space and then reducing its volume. Positive displacement pump modifies the geometrical volume of fluid at different stages, regardless of intake temperature and pressure. As a result, the performance of a centrifugal pump is dependent on input and output characteristics.
- By base oil type, bio-based oil is forecasted to grow at the fastest growth rate in the forecast period owing to the superior performance offered by green lubricants. Biodegradable lubricants are found to provide better lubricity.
- The Asia Pacific region dominated the market in 2018 and is projected to grow at a rate of 5.3% in the forecast period. The dominance of the Asia Pacific region may be attributed to the rising demand for compressor oil from automotive, oil gas, construction, and petrochemical industries. The industries in the region are found to expand their production facility and hence require enough manufacturing equipment to cater to the end-user demand, thereby increasing the market demand.
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For the purpose of this report, Reports and Data have segmented the global compressor oil market on the basis of compressor type, base oil type, industry vertical and region:
Compressor Type Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Positive Displacement Type
- Reciprocating Type
- Rotary Screw Type
- Roto-Dynamic Type
- Radial Flow Type
- Axial Flow Type
Base Oil Type Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Synthetic Oil
- Mineral Oil
- Bio-Based Oil
Industry Vertical Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Oil Gas
- Power Generation
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Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- Latin America
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