The global oil dispenser market is anticipated to accumulate a market value of US$ 6.2 billion in 2023 and is expected to garner a valuation of US$ 11 billion by exhibiting a CAGR of 5.89% in the forecast period 2023 to 2033. The market for oil dispensers reflected growth with a 4% CAGR in the historical period 2018 to 2022.
The major sector as FMCG, automobiles and others has been growing at a rapid pace. These sectors require oil as a raw product or as a processed product for operating or manufacturing maintenance. With the rising oil demand, the demand for oil dispensers by companies is increasing.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 6.2 billion |
| Projected Market Value in 2033 | US$ 11 billion |
| Growth Rate (2023 to 2033) | 5.89% CAGR |
Also, the rising trade for oil that needs dispensers for moving and transporting is driving the product demand. Some specific product needs pure oil to be free from any contaminants or free from environmental elements, so here the oil dispenser can work to dispense non-contaminated oil, free from any external impurities.
In addition, with the rising urbanization, consumers’ income also has increased. This is resulting in a surge in consumption and enhanced quality of end products. Consumers are demanding and purchasing many vehicles and other commodities for their daily consumption which is creating the demand for oil dispensers. Households are getting modern, and every customer wants their work to be done in a blink of an eye. Along with this, the rising concern toward hygiene is also expected to boost market growth in the forecast period.
On the other hand, for cost-effectiveness, fuel efficiency, and emission control, alternative fuels are widely used in the automotive industry, leading to increased demand for oil dispensers. Compared to the volatility of petroleum product prices, compressed natural gas, and liquified petroleum gas vehicles are growing rapidly in developing countries due to their lower costs. This is further creating demand for crude oil dispensers.
Enhanced thermal efficiency of internal combustion engines cuts emissions while at the same time mitigating the poor efficiency of single-fuel vehicles. The quality of dual-fuel vehicles to operate interchangeably with diesel fuel and natural gas is also indirectly boosting demand for oil dispensers. With the rising depletion of petroleum products, people are turning to alternative technologies like hybrid and electric vehicles. This trend will positively benefit the sales of oil dispensers since they are widely used in the manufacturing of these vehicles.
Besides, the fluid dispensing systems market is expected to benefit substantially from the revolutionized automotive industry across the world. The growing need for dispensing liquids in machine parts manufacturing like engine parts, wheel bearings, oil seals, and motors is anticipated to fuel the product demand. The systems help improve the efficiency of production while minimizing the chance of errors, which is a key factor driving market growth.
Region-wise, Asia Pacific is expected to dominate the market by accumulating over 40.4% market share by end of the forecast period. The escalating demand for oil in this region is fuelling market growth. Furthermore, proliferating sales of e-vehicles in this region are also expected to boost market growth.
China is the largest market for oil dispensers in the Asia Pacific and is anticipated to grow with a CAGR of 5.2% during the forecast period. Factors such as the largest population in the world and fast growth in the automotive and electronics industries are projecting a bright future for the market studied. North America is expected to grow with a CAGR of 5.6% during the forecast period. Factors such as growing vehicle sales, inflating disposable income and the flourishing automotive industry are propelling product demand in the region.
How Competitive is the Market?
Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing Oil Dispensers are expected to create lucrative opportunities for market growth during the forecast period.
The oil dispenser serves as the medium for easy accessibility to different types of oil. The oil dispenser is used at different places to transfer the oil from one container/tank/vehicle to different. It comes in two types and they are submersible and suction.
The significance of the oil dispenser is ensuring the pumping of the appropriate amount of oil in the tank/container. These dispensers are been used by various industries as there are different types of oils consumed or used by different sectors. The oil dispenser is made up of different materials like glass, metal, and plastic.
The significance of the oil dispenser is enhancing the efficiency of oil, preventing the cross-contamination of oil, prevent wastage of oil, and also not requiring a separate space to store the oil for a certain period until made arrangements.
The Demand for the oil dispenser is growing as it is been used for various industrial purposes as well as household purposes. The oil demand is been rising at a faster pace, industry directly or indirectly requires oil for operating or for manufacturing, or as a raw product so these companies may also require the dispenser to transfer the required oil in the required container.
Until the oil demand is increasing due to increasing industries in the world the demand for the oil dispenser will rise. Also, the discoveries for oil will lead to the demand for oil dispensers. On a broader level, market growth perspective for oil dispenser seems promising.
The major industry as automobile, FMCG, and others are been growing at a faster pace as well as expanding at a greater rate which required oil on a frequent basis as a raw product or as a processed product for operating or for manufacturing, or maintenance.
Therefore, the oil demand is rising this leads to the increase in demand for the oil dispenser by the companies for their conveyance. The companies are moving towards the technology for getting work done easily and at a faster rate so this oil dispenser can be one of them to help them work easily for transferring oil and without any waste.
Another driver for the growth of oil dispenser is the increasing trade for oil which require dispenser for transferring and transporting. The specified product requires the pure oil to be free from any contamination or free from any environmental elements so here the oil dispenser can work to get the non-contaminated oil free from environmental factors.
The restraints that may hinder the oil dispenser industry can be increasing the price of raw materials used as metals, glass, plastic, and others will ultimately influence the price of the dispenser which will create price inflation in the oil dispenser market. But this challenge can be overcome as the players in the oil dispenser industry are more who can concentrate the market.
The rules and limits set by the company to make sure that the dispenser used for operating may not hamper the final products due to the products chemical or physical property, here the oil dispenser industry need to focus on different industries different standard to cater their needs.
With the increase in urbanization, the income of consumer is been increasing, which result in an increase in consumption as well as an increase in the quality end product. The consumers are demanding as well as purchasing a high number of vehicles and other commodities for their daily consumption as food items high which increases the demand for that industry and this ultimately will boost the sale for oil dispensers.
The household are getting modern and every customer wants their work to be done easily and also they focus on hygiene factor so here this increases the demand for oil dispenser. These factors indirectly lead to the demand for and growth of the oil dispenser industry.
The adoption of Electric vehicles has to be done by the company manufacturing vehicles due to the merging trend. The companies are moving towards manufacturing electric vehicles and even new companies are emerging in the sector for manufacturing electric vehicles.
This will boost the demand for oil dispensers as the oil is used for manufacturing electric vehicles as well as for running the machines used for developing electric vehicles. These increasing production of electric vehicles give rise to the demand for oil which will give rise to the demand for oil dispenser.
The customer needs to purchase electric vehicles to meet the government regulation this will increase the demand for oil by the FV manufacturer for producing FV’s and this leads to sale of oil dispensers. The oil consumption while manufacturing the electric vehicles is more as per the data forecasted which increase oil demand and that leads to increasing demand for oil dispenser.
The rise in price and demand for fuel leads to the discovery of new oil and gas that can be a substitute for fuel. The newly discovered oil will generate demand for the oil dispenser and this will accelerates the market growth for the oil dispenser market.
The ever-increasing demand for oil will lead to an opportunity for the new players to enter the market and cater to the demand which will ultimately lead to oil dispenser demand increase.
Key players are
The competition in the oil dispenser market is been growing due to the larger demand & numbers of the player in the industry and hence the competition is fragmented.
The nature of competition in the oil dispenser market is fragmented and there are a large number of players in the market. These players adopt various competitive strategies to sustain in the market and be ahead of the competitor. The increasing demand forces them to be innovative and competitive providing some sort of differentiation from its competitor. Here, is the strategy adopted by one of the players in the oil dispenser market: -
The Asia-Pacific market has an enormous demand for oil as well as for fuel due to the development of industries and also increase in demand for automobiles as well as the adoption of robot technology. This will create the demand for the oil dispenser due to the increase in usage of oil in the industry also by the individuals.
The disposable income in the developing countries is been increasing and people are moving from rural to urban areas which increases the consumption rate and also they are demanding vehicles for their easy accessibility which increases the oil demand and this ultimately will boost the demand for oil dispensers.
The impact of the COVID-19 pandemic on the oil dispenser market was negative as during the pandemic the consumption of oil by various industries decreased and also the decreased transportation was the reason for the decline of the oil consumption.
This decline in demand, as well as consumption of oil during the initial stage of the pandemic, resulted in the decline of demand for oil dispenser but, in the later stage again the demand for the oil started to rise with the start of various activities in the countries and this again resulted in the increasing demand for the oil dispensers.
The bottleneck in the supply chain during the initial phase of COVID-19 affected the growth of the oil dispenser but later on, it continued to grow as the supply chain started working as it used to be. The new era for electric vehicles has been started and customers are trying to move towards electric vehicles which are increasing the demand for electric vehicles and similarly this increases the demand for the oil dispenser.
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Oil Dispenser Market
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