Compressor Oil Market Expected To Fuel Industry Growth With $5.59 Billion By 2025: Grand View Research Inc.

 


According to a report published by Grand View Research, the demand for the compressor oil market has witnessed an upsurge in the recent past owing to the usage of the product in end-use industries such as manufacturing, food processing, chemical, automotive, construction, and aerospace.

According to a report, “Compressor Oil Market Size, Share & Trends Analysis Report By Base Oil (Synthetic, Mineral, Bio-Based), By Compressor Type (Positive Displacement, Dynamic), By End Use, And Segment Forecasts, 2018 - 2025” published by Grand View Research, Inc., the global compressor oil market size is estimated to reach USD 5.59 billion by 2025, progressing at a CAGR of 5.1% during the forecast period. The growing industrial sector in the Middle East and the Asia Pacific is anticipated to drive the demand for compressor oils over the forecast period.

Manufacturers have to comply with regulations and guidelines regarding the disposal of industrial compressor oils. Surging demand for bio-based products owing to rising environmental concerns is projected to play a vital role in market expansion. However, high costs associated with the production of bio-based product types are poised to remain a key challenge for market participants.

The prevalence of COVID-19 has led to decreased utilization rates of refineries across the globe, resulting in supply shortages for various end-use sectors. The health crisis has, on a different note, has led to a sudden spike in demand for olefins which find usage in the formulation of sanitizers and other cleaning products. The report will account for Covid19 as a key market contributor.

Compressor oils are largely used for industrial applications and companies follow the franchise model for establishing good distribution and sales network. These manufacturing companies are realizing the need to concentrate on core competencies by either outsourcing their retail distribution or establishing a subsidiary company.

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Compressor oils are capable of performing several functions owing to their anti-wear performance, copper corrosion resistance, foam resistance, rust protection, hydrolytic stability, and oxidation stability properties. In order to achieve a particular performance parameter, compressor oil manufacturers have to invest heavily for experimentation and testing of the performance of particular chemical composition and thus, need to invest heavily in R&D activities.

Compressor Oil Market Report Highlights

1.      On the basis of compressor type, the positive displacement compressors are used in various manufacturing industries including petrochemical, chemical, metal production, and construction & mining equipment.

2.      The dynamic compressors are commonly used in petroleum refining, mining, pulp & paper, food processing and the automobile industry.

3.      On the basis of end-use, the manufacturing sector held the largest user for compressors, and based on these facts, compressor oils are expected to witness the highest demand from this sector.

4.      On the basis of base oil, Synthetic base oil dominated the global compressor oil market with a revenue share of over 43.0% in 2017. Synthetic oils are preferred for compressors owing to their molecular makeup.

5.      Asia Pacific is likely to observe a remarkable CAGR of 4.9% in terms of volume during the forecast period, on account of abundant availability of raw materials and high rate of industrialization in the region.

The global market is competitive in nature and comprises of industry participants, raw material suppliers, and distributors. The market consists of major crude oil extraction companies that offer different lubricants. Major companies are focusing on product differentiation to increase their market share. Manufacturers try to establish strategic alliances with buyers, as this strategy plays a vital role in ensuring continuous supply of products.

Establishing good relations with the OEM market is likely to be the key factor for sustaining competition. Many companies produce compressor oils that meet the specifications of OEMs. Fuchs developed lube, which has been approved by major OEMs including Siemens, MAN Energy, and ALSTOM. Similarly, Lukoil has approvals from GE, Volvo, Robert Bosch GmbH, Cummins, Denison Hydraulics, and Siemens.

Merger & acquisition is expected to play a key role in achieving global market share. Significant vendors supplying raw materials for lube manufacturing include BASF, Dow Chemicals, Clariant, AkzoNobel, Huntsman Corporation, ExxonMobil, and Ashland. Major manufacturers include Fuchs Lubricants, ExxonMobil, Royal Dutch Shell, Chevron, and Total SA.

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Key Players in the Compressor Oils Market

1.      Chevron Corporation

2.      Royal Dutch Shell plc

3.      BASF SE

4.      Exxon Mobil Corporation

5.      Sasol Limited

6.      BP plc

7.      Croda International plc

8.      The Dow Chemical Co.

9.      Total S.A.

10.  Fuchs Group

11.  Sinopec Corp.

12.  Lukoil

13.  Phillips 66

14.  Valvoline LLC

15.  The Lubrizol Corporation

16.  Penrite Oil

17.  Indian Oil Corporation Ltd.

18.  Motul

Compressor Oil Market Segmentation

Grand View Research has segmented the global compressor oil market on the basis of compressor, base oil, end-use, and region:

Compressor Oil Compressor Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

  1. Positive Displacement Compressor
  2. Dynamic Compressor

Compressor Oil Base Oil Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

  1. Synthetic
  2. Semi-Synthetic
  3. Mineral
  4. Bio-Based

Compressor Oil End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

  1. Manufacturing
  2. Oil & Gas
  3. Power Generation
  4. Automotive
  5. Other Industries

Compressor Oil Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

1.      North America

1.1.  The U.S.

1.2.  Canada

1.3.  Mexico

2.      Europe

2.1.  Germany

2.2.  The U.K.

2.3.  France

2.4.  Spain

2.5.  Russia

3.      Asia Pacific

3.1.  China

3.2.  India

3.3.  Japan

3.4.  South Korea

3.5.  Australia

4.      Middle East & Africa

4.1.  Saudi Arabia

4.2.  South Africa

4.3.  Kuwait

4.4.  Iraq

5.      Central & South America

5.1.  Brazil

5.2.  Argentina

5.3.  Venezuela

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

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