Sarasota, FL -- (SBWire) -- 03/30/2019 --According to the report, the global compressor oil market was valued at approximately USD 10.37 billion in 2018 and is expected to generate around USD 15.29 billion by 2025, at a CAGR of around 5.7% between 2019 and 2025.
Compressor oil is a significant component for any air conditioning system. These oils are used for lubrication, reducing heat, decreasing downtime, and in repairing machines. Heat generated by compressors during operations leads to high power consumption and wear and tear of machines. The benefits of compressor oils include improving the overall performance of equipment, reducing friction, and protecting surface films. They also serve as a sealing fluid, reduce energy consumption, and decrease deposition of harmful compounds. The rising number of manufacturing companies has led to an increased demand for the compressor oils, which is majorly driving the global compressor oil market growth. Easy availability, low-cost maintenance, and high-performance capability of compressor oils are positively influencing the compressor oils market globally. The cost optimization practice is another key trend that is fuelling the market growth of compressor oils globally.
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On the basis of compressor type, the compressor oil market is divided into positive displacement and dynamic. The dynamic compressor segment held the major market share in 2018 and is estimated to dominate in the upcoming years as well, as they are majorly used in petroleum refining, food processing, mining, pulp and paper, and automotive industries. These compressors include centrifugal and axial compressors, which deliver a large volume of air by accelerating it to a high velocity. The escalating need for oil refining processes and gas turbine maintenance services is projected to further fuel this segment in the ensuing years.
Based on base oil, the market is sectored into semi-synthetic, synthetic, bio-based, and mineral. Synthetic oil is anticipated to lead the market in terms of value over the forecast time period, owing to its better viscosity index, high performance in extreme conditions, higher shear stability, drain interval, and chemical resistance.
Considering the end-use segment, the market is segmented into power generation, general manufacturing, oil and gas, automotive, and others. The general manufacturing sector is anticipated to hold the largest market share in the upcoming years. This sector includes numerous industries, such as metal production, transportation equipment, commercial machinery, rubber and plastic, and food and beverage, among others. Compressor oils are used by these industries for product manufacturing, as they offer smooth functioning of equipment. The rapidly evolving manufacturing sector of emerging economies is likely to drive the compressor oil market in the future.
By region, Asia Pacific held the major market share in 2018 and is anticipated to dominate the global compressor oil market in the upcoming years. This regional growth can be attributed to the presence of a large number of manufacturing and construction industries in Japan, India, China, and South Korea. Foreign and domestic investments in key industries, such as automotive, energy, manufacturing, and construction have been consistently rising since the last few years in this region. Furthermore, the rise in vehicle fleet results in escalating demand for automobiles. Therefore, the constant growth in the automotive industries in this region is also boosting the region's compressor oil market.
Some major players operating in the compressor oil market are Sinopec Limited, Exxon Mobil Corporation, Total S.A., Lukoil, BP PLC, The Dow Chemical Company, Indian Oil Corporation Ltd., Fuchs Petrolub AG, Chevron Corporation, Indian Oil Corporation Ltd., Croda International PLC, Sasol Limited, Royal Dutch Shell PLC, and BASF SE.
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This report segments the global compressor oil market into:
Global Compressor Oil Market: Compressor Type Analysis
Positive Displacement
Dynamic
Global Compressor Oil Market: Base Oil Analysis
Synthetic
Semi-Synthetic
Mineral
Bio-Based
Global Compressor Oil Market: End-Use Analysis
General Manufacturing
Oil and Gas
Power Generation
Automotive
Others
Global Compressor Oil Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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Global Compressor Oil Market Is Expected to Reach Around USD 15.29 Billion by 2025
Compressor Oil Market by Compressor Type (Positive Displacement and Dynamic), by Base Oil (Synthetic, Semi-Synthetic, Mineral, and Bio-Based), and by End-Use (General Manufacturing, Oil & Gas, Power Generation, Automotive, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025