Compressor Oil Sales Surging On the Back of Strong Growth in Demand from Power Generation, Automotive, Manufacturing Sectors: Study
Surge in demand for synthetic compressor oil from the power generation industry is expected to contribute significantly towards the growth of compressor oil market, finds Future Market Insights (FMI) in a study. According to the report, the market is forecast to exhibit a CAGR of 4.6% by 2031. Growth will continue, especially as the demand for un-interrupted power supply leads to increased spending on power infrastructure. As per FMI, synthetic oil will account for over 50% of sales in 2021. Bullish growth is on cards despite a period of temporary lull following curbs imposed amid COVID-19.
Compressor Oil Market
A recent market study published by FMI on the Compressor Oil Market includes global indust...
Moreover, the steady recovery of oil & gas industry from downturn is likely to augment sales in the global compressor oil market. The oil & gas industry was heavily impacted owing to muted demand from end-use industries amid ongoing pandemic. Recovering oil & gas demand owing to return of industrial activity is likely to help global compressor oil market grow during the forecast period.
Compressor oil is a highly formulated refined base oil, which contains relatively high performer additives to promote lubrication in various types of compressors. They are available in four different types on the basis of oil types such as synthetic, bio-based, mineral, and semi-synthetic compressor oils. These are designed to provide a long service life, thermal stability, outstanding oxidation performance, resistance to rust & corrosion, controls foam, and water separation and other benefits.
Thermal stability and oxidation resistance of these oils can help to maintain cleaner compressors, thereby enabling long running periods between scheduled maintenance and oil change. The requirement of compressor oil varies considerably based on the compressor type, the environment in which it is used, and the type of gas that is being compressed. These factors will prove crucial for continued growth of the global compressor oil market.
Key Takeaways from Compressor Oil Market Study
- Driven by the rising demand for reliable & continuous power supply, the compressor oil market will continue expanding, reaching a valuation of US$ 9,298.7 Mn by 2031
- Expansion of power generation and the oil and gas sectors is giving tailwinds to growth in the U.S., which will continue account for over 75% of sales by 2031
- Increasing manufacturing activities are identified as chief drivers of the China market, enabling y-o-y growth at 6.6% in 2021
- Germany and France too will report impressive recovery following a period COVID-19 induced slowdown in the Compressor Oil market
- India’s contribution towards South Asia Pacific market will continue rising, trailed by ASEAN.
“Compressor oil market has a consolidated vendor landscape, primarily dominated by the manufacturers of synthetic oil. Competition however is likely to increase and to gain edge market players are expected to focus on expanding their production capacity. Besides this, some are even undertaking strategic collaborations to expand their footprint globally,” said a lead analyst at FMI.
Compressor Oil Market: Participant Insights
Key manufacturers in the Compressor Oil market, like ExxonMobil Corporation, Royal Dutch Shell Plc., BP Plc, Chevron, Total SA, Sinopec, DOW inc., Fuchs Petrolub AG, BASF SE, Atlas Copco Ltd., Croda International plc, Sasol Limited, UltraChem Inc., Castral, The Refrigerant Oil Company Pty Ltd, Petro‐Canada Lubricants Inc., Carol Petroleum Pvt Ltd, The United Oil Company Inc., Carol Petroleum Pvt Ltd, Kluber Lubrication, ICHIRO CORPORATION CO LTD, JAPAN and others are focused on strengthening their product portfolio and expanding their market footprint through acquisition of smaller companies in the market.
Want to Know More?
Future Market Insights has published a market research report on the Compressor Oil market that contains global analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides insightful analysis of the Compressor Oil market through five different segments- Gas type, by End Use Equipment, by application, By End Use and region.
About Chemicals & Materials division of FMI
The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals and materials market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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