Global Compressor Oil market report 2024, Forecast To 2033
1 Mar, 2024
The compressor oil market size has seen robust growth, rising from$9.04 billion in 2023 to$9.68 billion in 2024, with a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to industrialization and manufacturing growth, rise in energy demand, manufacturing process optimization, maintenance and equipment longevity, and stringent environmental regulations. Looking ahead, the market is poised for strong growth, reaching$12.59 billion in 2028, with a CAGR of 6.8%. This growth is driven by factors such as globalization of trade, expansion of the renewable energy sector, advancements in synthetic compressor oils, focus on sustainable lubricants, and expansion of chemical processing plants. Major trends in the forecast period include technological advancements in lubrication technology, adoption of HVAC systems, integration of IoT and condition monitoring, refrigeration systems, and adoption of variable speed compressors.
Global Compressor Oil Market Key Driver
The mounting demand from the petroleum and natural gas industry is set to drive the compressor oil market forward. Compressor oil plays a critical role in preventing premature wear and tear in air compressors utilized in the petrochemical industry. The US Energy Information Administration reported a record production of nearly 5.4 million barrels per day of Natural gas plant liquids (NGPLs) in 2021. Therefore, the growing demand from the petroleum and natural gas industry is expected to boost the compressor oil market.
Get A Free Sample Of The Global Compressor Oil Market ReportGlobal Compressor Oil Market Segments
The global compressor oil market covered in this report is segmented –
1) By Base Oil: Mineral, Synthetic, Semi-Synthetic
2) By Compressor Type: Positive Displacement, Reciprocating, Rotary Screw, Other Compressors, Dynamic, Radial Flow, Axial Flow
3) By End-Use Industry: Manufacturing, Oil And Gas, Power Generation, Automotive, Other End-Use Industries
By Geography: The regions covered in the compressor oil market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the compressor oil market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the compressor oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Compressor Oil Industry Players
Royal Dutch Shell PLC, Chevron Corporation, Exxon Mobil Corporation, Fuchs Group, Total S.A., British Petroleum Public Limited Company, JXTG Nippon Oil & Energy Corporation, BASF SE, Showa Shell Sekiyu K.K., Croda International, Valvoline Cummins Inc., CASTROL Limited, Sasol Limited, Pennzoil, HP Lubricants, Morris Lubricants, Idemitsu Kosan Co. Ltd., Repsol S.A., Lubrizol Corporation, Lukoil, Phillips Petroleum Company, Quaker Chemical Corporation, Petro-Canada Lubricants Inc., Gulf Oil Corporation Limited, ENEOS Corporation, Klüber Lubrication, Indian Oil Corporation Limited, Sinopec Group, Cosmo Oil Marketing Co. Ltd., National Petroleum Limited- Petronas
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Compressor Oil Market Overview
Compressor oil is a fluid composed of refined paraffinic base oils and additives that provide excellent lubrication for a wide range of rotary and reciprocating air compressors. The fluids' thermal stability and oxidation resistance can help keep compressors cleaner, allowing for longer periods between scheduled maintenance and oil changes.
Compressor Oil Global Market Report 2023 provides data on the global compressor oil market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The compressor oil market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.