Compressor Oil Market size to grow by USD 9.23 billion: Market segmentation by product type, Applications, and geography

Compressor Oil Market by Base Oil (Synthetic Oil, Mineral Oil), Compressor Type (Reciprocating, Rotatory Screw, Centrifugal, Others), and Region, Global Trends and Forecast To 2029

Luton, Bedfordshire, United Kingdom, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Compressor Oil Market.

The global compressor oil market is expected to grow at a CAGR of more than 2.5% from 2022 to 2029. From USD 5.41 billion in 2020, it is expected to exceed USD 9.23 billion by 2029.

Compressor Oil Market Overview

Compressor oil is a lubricant used in air conditioning and refrigeration systems to reduce heat and cool compressors. Its anti-rust properties ensure the proper operation of metal components and improve machinery performance. Compressor oil also has excellent oxidation stability and leaves a low carbon residue, lowering the user's operating and maintenance costs. It is made from a mixture of base oil and various other additives.

The compressor oil's quality and longevity are determined by the basic oil used. With cost-cutting and energy-saving features. Compressor oil is one of the essential components in an air conditioning system that uses oil for three functions: lubrication, heat removal, and sealing. These are widely used to improve performance, efficiency, and the reduction of harmful compounds. Demand for compressor oil is increasing in industries such as construction, oil and gas, and mining.

The increasing demand for compressor oils to manage smoother operations, as well as the product's high usage for reducing downtime and machine repair, are the major factors driving the compressor oil market. The use of these lubricants in heat dissipation, controlling equipment temperature, and the fact that heat generated by compressors during operations results in increased power consumption and machine wear and tear all contribute to the compressor oil market's growth.

Furthermore, rapid urbanization and industrialization, the expansion of manufacturing industries, rising demand for high-quality compressor oil, and the rise in automation in various industries all benefit the compressor oil market.

The global market for compressor oil is expected to remain dominated by synthetic oil.

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Growth Drivers

  • In the industrial sector, there is a growing demand for air compressors.

  • North America and Europe have mature manufacturing sectors.

  • The Asia Pacific construction and infrastructure industry is experiencing rapid growth.

Challenges

  • Government regulations and standards are strict.

  • Raw material price volatility

Compressor Oil Market Segmentation

By Compressor product Type

  • Positive Displacement

    • Reciprocating

    • Rotatory screw

  • Dynamic

    • Centrifugal

    • Axial

Positive displacement compressors have mechanical parts that draw in gas in discrete volume steps from the compressor's inlet. This action reduces the volume of the gas, raises the pressure, and discharges the gas from the compressor's outlet.

Dynamic compressors deliver a large volume of air by accelerating it to high velocity with rotating blades and confining it to decelerate under expansion to increase pressure.

The centrifugal segment controls the vast majority of the Compressor Oil Market.

A positive displacement compressor is a reciprocating compressor. Household refrigerators and freezers, residential and commercial air conditioning and refrigeration, natural gas processing and delivery, chemical plants, oil refineries, and many other industries all use reciprocating compressors.

By Base Oil

  • Synthetic Oil

  • Mineral Oil

  • Semi-Synthetic Oil

  • Bio-Based Oil

The global market for compressor oil is expected to remain dominated by synthetic oil. A synthetic oil base is used to make synthetic oil. Synthetic oils improve compressor performance and extend compressor life. This oil is used in a variety of compressors, including centrifugal compressors, reciprocating compressors, screw compressors, and others.

By Applications

  • Gas Compressor

  • Air Compressor

By End Use Industry

  • General Manufacturing

  • Construction

  • Oil and Gas

  • Mining

  • Chemical and Petrochemical

  • Power Generation

  • Food & beverage

  • Automotive Engines

  • Others

Manufacturing industries are expected to become major end users of compressors, making them major consumers of compressor oil. Compressor oil is in high demand in industries such as the chemical industry, food and beverage, pharmaceutical, metal and mining, industrial air separation, and others. The manufacturing sector is also estimated to account for slightly more than half of total compressor oil consumption.

By Sales channel

  • Original equipment manufacturers (OEM)

  • Aftermarket

During the assessment period, original equipment manufacturers (OEM) are expected to remain important sales channels in the global compressor oil market. OEMs create the original product, which is then sold by another company.

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Regional Insights

The United States is expected to remain one of the leading countries in the global compressor oil market. The growth of industries such as oil and gas, automobile, power generation, food and beverage industries, chemical industries, and others has resulted in an increase in demand and use of various types of compressors. Asia Pacific will generate approximately USD 3.5 billion by 2027 due to the region's higher concentration of major manufacturing industries. The region has more than 60% of the world's population, so the general manufacturing sector is thriving to meet the demand for consumer-based products, propelling the demand for compressors and positively affecting the region's product market growth rate.

The expansion of various end-use industries has resulted in a significant increase in the Chinese compressor oil market. Compressor oil sales in China are also expected to increase over the forecast period, owing to increased demand from end-use industries.

India's industrialization has been a significant contributor to the expansion of the compressor oil market. The rising demand for electricity and power supply to support a growing economy will drive up demand throughout the forecast period.

Germany is also expected to account for roughly one-fifth of Europe's overall compressor oil market.

Competitive landscape

Some of the leading companies operating in the market are Exxon Mobil Corporation, Total S.A., Sinopec Group, Royal Dutch Shell plc, Atlas Copco Group, BASF SE, British Petroleum plc, Dow, Croda International, Sasol Limited, FUCHS, Chevron Corporation, Repsol, Indian Oil Corporation Ltd, CASTROL LIMITED, HP Lubricants, Klüber Lubrication, Atlas Copco AB, Morris Lubricants, Penrite Oil, Other Key Players

  • In February 2022, Royal Dutch Shell PLC announced that Shell Rotella, the company’s lubricant brand, will supply carbon-neutral lubricants for heavy-duty engines in North America. The corporation sees it as a step toward Shell's becoming a zero-emissions energy provider by 2050.

  • In October 2021, EnPro Industries, Inc., an industrial technology firm, made the announcement about the sale of its Compressor Products International business segment to Howden Group, which is involved in providing mission-critical air & gas handling products and services.

FAQS

  1. What is the compressor oil market?

  2. How will the compressor oil market fare through 2029?

3.   What are the top players operating in the Compressor Oil Market?

4.   What segments are covered in the Compressor Oil Market report?

5.    What are the key driving factors for the growth of the Compressor Oil Market?

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