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.
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.
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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.
Rising Application across Diverse Sectors Remains Key Growth Driver
Increasing demand in oil & gas, power, automotive, and other industries has resulted due to a number of factors such as increasing consumer power, focus on sustainability, urbanization, consolidation, and a growing middle class population. These changes are propelling the demand for investments and economies of scale, which is creating up significant opportunities for compressor oil.
Compressor oil is characterized by rising living standards of people across the globe and increasing household investment in several appliances like refrigerators, AC, and others. These appliances require compressors. Thus, the sales of compressors are anticipated to rise significantly in the near future which will boost the demand of compressor oil. Hence, the rising demand for consumer appliances and increasing industrial infrastructure across the globe are creating significant opportunities for compressor oil manufacturers.
Competitive Landscape
Key players in the compressor oil market are continuously searching for ways to provide higher quality products at lower costs and a stable supply for long durations, which will help manufacturers to carry on their industrial operations smoothly. Most of the smaller companies are going into long-term contracts with contract manufacturers to supply customized products at cost-competitive prices for the end use applications.
Some of the leading companies operating in the market are:
- Exxon Mobil Corporation
- Total S.A.
- Sinopec group
- Royal Dutch Shell plc
- Atlas Copco Group
- BASF SE
- British Petroleum plc
- Dow
- Croda International
- Sasol Limited
- FUCHS
- Chevron Corporation
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.
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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 by Category
By Oil Type
- Synthetic Oil
- Mineral Oil
- Semi Synthetic Oil
- Bio Based Oil
By Compressor
- Reciprocating Compressors
- Sliding Vane Compressors
- Centrifugal Compressors
- Screw Compressors
- Rotary Compressors
By End Use
- Oil & Gas
- Automotive
- Power
- Manufacturing and Others
By Sales Channel
- OEM
- Aftermarket
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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