Compressor Oil Market size to exceed USD 6 billion by 2027
Published Date: May 11, 2021 Authors: Kiran Pulidindi, Akshay Prakash
According to a new research study published by Global Market Insights, Inc., the Compressor Oil Market size is expected to exceed USD 6 billion by the end of 2027. Increasing mining and oil exploration activities and developments in the energy and power generation sector will positively drive the product demand in the coming years.
The compressor oil not only provides protection for the inner bearing surfaces from wear but also provides internal seals for the machine when the compressor oil is contact with contaminants, such as gasses, dirt, and water in compressors. Moreover, lubricant act as a cooler as compressor goes through high temperatures during the process of compression. The oxidation resistance and thermal stability of the compressor oil help to maintain cleaner compressors, enhancing the compressor life and lowering maintenance cost and oil changes.
Many compressor oil manufacturers are developing oil that can be used up to 250°C air discharge temperature and can be suitable for various types of compressors such as rotary air compressors/screw compressors, and vacuum pump.
Increasing use of oil lubricated air compressors to spur the revenue generation
The oil filled air or oil lubricated compressors are widely used since they offer higher durability and lower cost. They also provide more power and hence are widely used in heavy duty applications such as automobiles, manufacturing facilities, and oil rigs, among others, thereby increasing product usage and providing lucrative opportunities for compressor oil market. Additionally, growth in the manufacturing sector will create a huge scope for the oil lubricated air compressors segment as the product is extensively used in production plants along with energy and oil & gas sectors.
Browse key industry insights spread across 320 pages with 411 market data tables & 28 figures & charts from the report, “Compressor Oil Market 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, Application Growth Potential, Price Trends, Competitive Landscape & Forecast, 2021 – 2027” in detail along with the table of contents:
The mineral oil segment will witness around 2% CAGR in compressor oil market share. The growth is attributed its lower cost and it offers much greater additive solubility compared to others, since it is easy to combine with other solutions. However, mineral oil has lower operation life compared to synthetic oil since it breaks up quickly and lowers air discharge temperature due to which it requires regular oil replacements.
Rotatory screw is expected to witness a significant rise in demand
In terms of volume, the rotary screw will witness 1.4% CAGR during the forecast period. Rotatory screw compressors have been replacing piston compressors since they offer higher capacity and continuous reliable operation. Many manufacturers have been investing heavily in developing rotary screw compressors, which can offer higher capacity with lower energy consumption, which will also have a positive impact on the segment’s growth in the future.
North America was valued at around USD 1 billion in 2020. Increasing shale gas exploration activities across the region are likely to enhance the compressor oil market growth during the forecast period. The established manufacturing and mining industry in the U.S. and large demand for compressors in the construction and chemical industry will also enhance the product demand in the coming years. Development in the healthcare sector will fuel the air compressor market demand in the North American region and provide lucrative opportunities for the compressor oil market.
Key manufacturers of compressor oil industry are Royal Dutch Shell, Total S.A, Fuchs Group (Fuchs Petrolub SE), Exxon Mobil Corporation, British Petroleum (BP p.l.c.), BASF SE, Eni S.p.A, Indian Oil Corporation Limited, China Petrochemical Corporation (Sinopec Group), Lukoil, and Hindustan Petroleum Corporation Limited (HPCL), among others.
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