Home > Bulk & Specialty Chemicals > Compressor Oil Market
Compressor Oil Market size was USD 5,437.5 million in 2020 and will grow at a CAGR of 2.2% from 2021 to 2027. The maturing manufacturing sector in emerging economies is expected to increase the demand for the product.
Compressor oils are used to lubricate the compressors to ensure their reliability and maintain their operational effectiveness and efficiency. The global compressor oil sector will be driven by the surge of use in applications such as the manufacturing sector. Fast-paced industrialization and increasing industrial output across the globe are also expected to drive the vast infrastructure development and construction operations.
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The compressor oil market is directly conjoined with air compressor use. As industrial production is on the rapid surge, global demand for lubricant compressor oil is expected to surge as more and more companies incorporate the equipment in their production operations. Innovation in lubricant formulation to increase the mechanical life of compressors is also considered a contributory factor in driving product demand.
The emergence of innovative production methods designed to reduce manufacturing and operational costs and simultaneously maintain optimum quality is expected to propel the compressor oil demand. The development of innovative compressor technologies crucial to increasing productivity is further expected to drive industry demand.
|Market Size in 2020:||754.8 Kilo Tons|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||2.2%|
|2027 Value Projection:||832.8 Kilo Tons|
|Historical Data for:||2017 to 2020|
|No. of Pages:||320|
|Tables, Charts & Figures:||439|
|Segments covered:||Base oil, Compressor type, End-use, and Region|
|Pitfalls & Challenges:|
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The advent COVID-19 pandemic is expected to significantly impact the compressor oil market growth for the year 2020 & 2021. The main demand crunch is expected from slowdown of economic and commercial activities. Decline in construction activities especially in commercial spaces coupled with extended reduction in industrial output is expected to keep the compressor oil demand low. However, the industry is expected to rebound owing to resumption in trade activities and establishment of government guidelines for the industries.
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Synthetic segment holds over 60% share in compressor oil market volume. It is preferred over other types of compressor oils due to its numerous advantages. These advantages include higher viscosity indices, excellent thermal & oxidative stability, and enhanced wear protection. Additionally, it improves cleanliness by reduced filter plugging, reduced deposit buildup, and reduced valve maintenance and compressor downtime. It aids in minimizing power & energy consumption and promotes oil savings. This segment displays promising future trends over the forecast period.
Mineral oil is expected to grow steady growth. Mineral compressor oil offers low ash and carbon formation, good water separability, high load carrying capacity, and effective corrosion and rust protection. It assists in improving the life of filters, reducing sludge formation in crankcases and discharge lines, and minimizing blockages of coalesces. It is used in rotary screw compressors, reciprocating compressors, rotary vane compressors, axial and centrifugal compressors, etc.
Other oils include various semi-synthetic compressor oils. Semi-synthetic compressor oils provide superior antifoam properties, good EP performance and filterability. Bio-based compressor oils offer excellent biodegradability and base stock renewability. However, they are subjected to poor oxidative stability.
Reciprocating compressors will witness around 2% CAGR in compressor oil market revenue. The oil is primarily used for main bearings, connecting rod bearings, motor bearings, cross head bearings, etc. Single stage reciprocating compressors are used in households, whereas double stage reciprocating compressors are used in industrial applications. The demand for reciprocating compressors is going to increase in the future due to low cost benefits and technological developments. Such trends will augment the growth of compressor oil within this sector.
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In 2020, general manufacturing segment generated over USD 1.5 billion owing to high adoption of compressors in a facility. Approximately 90% of all manufacturing operations and companies use air compressors in their production operations to compress air in some form. Compressed air is utilized in air tools on manufacturing lines, separating molds from manufactured pieces, welding and cutting equipment, monitoring equipment, adjusting feed machinery and roller, for sandblasting and metal finishing, and during blowing processes of plastics and other materials. They are also used for screw driving, positioners, clamps, turning nuts, air knives, air chucks, etc.
The production of varied chemical and petrochemical products, such as lacquers, polyolefin (polymers), synthetic rubbers, dyes & adhesives, paints, solvents, fertilizers, detergents or textiles, entails require different types of compressors and for proper manufacturing operation. Synthetic oils are majorly utilized in this sector due to a high degree of temperature variation involved. These oils provide excellent suitability for such sectors and with increasing product demand for chemicals from rise in consumer product consumption, it is expected that the overall market will propel toward growth trajectory.
Asia Pacific will generate around USD 3.5 billion by 2027 owing to the larger concentration of major manufacturing industries in the region. The region accounts for more than 60% of the world’s population; thus, to cater to the demand for consumer-based products, the general manufacturing sector is flourishing, propelling the demand for compressors and positively affecting the product market growth rate in region. Countries, such as India, Indonesia, and Malaysia, are investing more in construction and infrastructure development activities, thus it is expected to give remarkable growth to the compressor oil market in the region.
Compressor oil industry is highly competitive and product technology advancement coupled with competitive pricing plays a significant role in gaining a market share. The important players operating in the compressor oil industry include Royal Dutch Shell, Tota S.A., Fuchs Group, Exxon Mobil Corporation, British Petroleum (BP), BASF SE, ENI S.P.A., Indian Oil Corporation, and Sinopec Group with many others.
The compressor oil market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2017 to 2027, for the following segments:
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The above information is provided on a regional and country basis for the following: