According to the latest report by IMARC Group, titled “Compressor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global compressor oil market size reached US$ 9.6 Billion in 2018. A compressor oil refers to a form of lubricant that is required to cool, seal or grease internal components of air conditioning and refrigeration systems. It is a mixture of refined paraffinic base oils and high-performance additives that are used to ensure the continuous operational flow of distinctive machinery. It is generally produced in a semi-solid, liquid or viscous state and helps in increasing efficiency, preventing friction and heat dissipation, regulating energy consumption, and reducing wear and tear. In recent years, it has gained traction across the globe with its growing usage in heating, ventilation, and air conditioning (HVAC) systems, and cold chain logistics facilities.
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Global Compressor Oil Market Trends:
Compressor oil offers excellent wear and tear protection, rust and corrosion resistance, and water separation and foam control. Besides this, it also reduces carbon residue by providing oxidation stability, thereby curbing the additional maintenance costs for the users. Owing to these benefits, compressor oil finds applications across various industry verticals ranging from oil and gas, construction, automobile to chemical and petrochemical, and general manufacturing industries. Besides this, rapid industrialization has accelerated the development of gas compressor stations along the transportation pipelines for compressing the gas at a regulated pressure. This has increased the number of gas pipeline projects, which in turn is boosting the demand for compressor oil. Apart from this, with the ongoing refurbishment activities in several industries, there has been a rapid increase in the installation of advanced machinery, which has further escalated the demand for compressor lubricants. Moreover, the rising environmental concerns have prompted manufacturers to introduce environment-friendly compressor lubricants made using natural ingredients such as sunflower oil and rapeseed oil. Looking forward, the market value is projected to reach US$ 12.9 Billion by 2024, expanding at a CAGR of 5.1% during 2019-2024.
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Insights on Market Segmentation:
Market Breakup by Compressor Type:
1. Positive Displacement Compressor
2. Dynamic Compressor
Based on the compressor type, the market has been categorized into positive displacement and dynamic compressors.
Market Breakup by Base Oil:
1. Synthetic Oil
2. Mineral Oil
3. Semi-Synthetic Oil
4. Bio-Based Oil
On the basis of the base oil, the market has been segregated into synthetic mineral, semi-synthetic and bio-based oils.
Market Breakup by Application:
1. Gas Compressor
2. Air Compressor
The market has been classified based on the application into gas and air compressors.
Market Breakup by End Use Industry:
1. General Manufacturing
3. Oil and Gas
5. Chemical and Petrochemical
6. Power Generation
Based on the end use, the market has been bifurcated into general manufacturing, construction, oil and gas, mining, chemical and petrochemical, power generation and other industries.
Market Breakup by Region:
1. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
Region-wise, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been analyzed, with the detailed profiles of the key players. Some of the leading compressor oil market competitors include Royal Dutch Shell PLC, ExxonMobil Corporation, BP International Limited, Chevron Corporation, Total S.A., Sinopec Group, The PJSC Lukoil Oil Company, Indian Oil Corporation Ltd., The Fuchs Group, Idemitsu Kosan Co. Ltd., Petroliam Nasional Berhad (Petronas), DuPont de Nemours, Inc. (DuPont), Croda International PLC., Sasol Limited, The Phillips 66 Company, Bel-Ray Company LLC., Morris Lubricants Limited and Penrite Oil Company.
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This post was originally published on Trading Herald