Global Compressor Oil Market Size worth $6.5 billion by 2025
Published Date: July 1, 2019 Authors: Kiran Pulidindi, Soumalya Chakraborty
According to a new research report by Global Market Insights, Inc. the compressor oil market size will likely surpass USD 6.5 billion by 2025, growing at a CAGR of 2%.
Robust industrial development activities in emerging nations have boosted demand for various compressors across the globe. This has subsequently propelled the growth of compressor oils in a positive direction as these are used to provide resistance to wear, tear, oxidation and to control varnish/carbon creation.
Developing countries such as India, Malaysia, and Thailand, are among top 30 countries in world bank’s ease of doing business list. Implementation of favorable policies and availability of affordable labor are the main reasons that these countries have become favorite destinations for investments in the general manufacturing sector. The increasing dependence of the industries on compressed air for controlling instruments, providing breathable air in the plant, as well as in different manufacturing processes such as painting, sandblasting, etc. will enhance the compressor demand, and thus the compressor oil market.
Substantial growth in mining, construction & infrastructure sector is also a prime factor which is giving an up thrust to compressor oil market. The product is used in various portable compressors in applications such as rock bolting, vertical drilling, anchoring, grouting, soil nails, shotcreting, etc. The use of compressor oil is necessary for smooth operation of these machineries in such harsh environments.
Compressor oils are majorly formed from petroleum derivatives, which are sensitive to price change. This volatility poses challenges for manufacturers to maintain constant profit margins. This factor will hinder the product market growth rate in near future.
Browse key industry insights spread across 275 pages with 411 market data tables & 28 figures & charts from the report, “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” in detail along with the table of contents:
On the basis of base oil, the compressor oil market is segmented into mineral, synthetic and others. The others segment includes semi-synthetic and bio-based oils. The mineral oil segment is expected to witness growth rate of around 2% over the forecast timeframe. These oils are used in applications where there are excessive levels air contamination and acid gases that can accumulate in fluid and cause corrosion in compressors. Mineral compressor oils provide excellent oxidation resistance.
Based on compressor type, the compressor oil market is segmented into rotary screw, reciprocating, centrifugal and other compressor types. The others include rotary scroll, axial, straight lobe and rotary vane compressors. Among these the rotary screw compressor segment is likely to witness robust growth rate over forecast time period and will exceed USD 3.5 billion by 2025.
Compressor oils have end-use applications in various sectors such as general manufacturing, construction & infrastructure, food & beverage, mining, chemical, power generation and others. The others segment consists of refrigeration, agriculture, healthcare, etc. Improving standard of living has stimulated the demand for convenience food, propelling the food & beverage sector. Induction of food grade oils in order to minimize contamination of food product is a key step to cater the concern of food & beverage sector. This sector shows a substantial growth rate and will garner more than USD 600 million by 2025.
On the basis of region Asia Pacific holds the largest share in the compressor oil market due to significant presence of various end-use industries. Besides this, North America and Europe shows a sluggish growth rate due to increasing usage of synthetic compressor oils, which have longer lifespan thus reducing the oil change intervals and maintenance cost.
Some of the key players in the market are Ingersoll Rand, Total S.A., Gardner Denver, Fuchs Group, Atlas Copco, Exxon Mobil Corporation, Chevron Corporation, Sasol Limited, The Dow Chemical Company, British Petroleum, BASF SE, Indian Oil Corporation, etc.
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