January 31, 2020
As per the report titled ‘Compressor Oil Market Size By Base Oil (Synthetic Oil, Mineral Oil), By Compressor Type (Reciprocating, Rotary Screw, Centrifugal), By End-use (General Manufacturing, Construction & Infrastructure, Food & Beverage, Mining, Chemical, Power Generation) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, the global compressor oil market is expected to cross USD 6.5 billion by the year 2025.
Rising adoption of air compressors across the manufacturing sector is the key growth factor for compressor oil market. Air compressors provide compressed air for an array of applications like welding & cutting equipment, metal finishing & sand blasting, piece ejection from molds, and others. These units use compressor oil to reduce the friction between the moving parts of the compressors. Expansion of manufacturing sector especially in emerging economies such as China and India is boosting the demand for air compressors, which in turn is fueling the growth of compressor oil market.
In terms of base oil, synthetic oil segment accounted for majority of market share in 2018 and is expected to witness a steady growth during the forecast period. Synthetic oil is free from additives, making it impervious to price fluctuations. In addition, it offers high efficiency, low wear, low volatility, and longer storage stability along with wider operating temperature range.
Based on the compressor type, compressor oil market from rotary screw compressor segment held the majority volume share in 2018 and is expected to show sizeable growth in the coming years. The product is used to provide high lubrication in speed gears, screws, and thrust & radial roller bearings. Increasing adoption of rotary screw compressor for varied industrial applications will drive the segmental share.
Speaking of the end-use spectrum, the industry is classified into power generation, chemical, mining, food & beverage, construction & infrastructure, and general manufacturing. As per the report, chemical segment is predicted to gain decent traction during the projected timeframe, due to extensive use of compressor oil in material handling and process air applications.
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Considering the regional outlook, Asia Pacific is currently dominating the global compressor oil market due to the rapid expansion of end-user industries across the region. On the other hand, North America market is slated to grow modestly over the forecast timeframe, owing to the existence of mature manufacturing industry, coupled with increasing oil & gas exploration activities.
The industry leaders of compressor oil market are Atlas Copco, Chevron Corporation, Gardner Denver, BASF SE, Indian Oil Corporation, Ingersoll Rand, Fuchs Group, Exxon Mobil Corporation, Sasol Limited, and British Petroleum among others.
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