Compressor Oil Market Report 2023-2028: Industry Demand, Business Growth, Trends Analysis, and Forecast

PRESS RELEASE

Published March 21, 2023

According to the latest report by IMARC Group, titled “Compressor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global compressor oil market size reached US$ 6.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.05% during 2023-2028. Compressor oil represents a lubricant that is utilized for minimizing heat and cooling down the compressors in air conditioning and refrigeration systems. It is manufactured by using additives. Compressor oil also ensures the proper functioning of the metal components and enhances machinery performance. It has exceptional oxidation stability, exhibits anti-rust properties, and leaves a low carbon residue that reduces the operation and maintenance costs for the user. In line with this, compressor oil is cost-effective and energy-saving. Consequently, it finds wide-ranging applications in numerous industries, such as construction, general manufacturing, mining, power generation, chemical, etc.

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Industry Growth:

The rising need for cost optimization is primarily driving the compressor oil market. Additionally, the growing number of gas pipeline projects, the development of cold chain facilities, and the inflating levels of industrialization are further bolstering the market growth. Besides this, the widespread adoption of compressor oil, as it ensures the proper functioning of the machine parts and extends their lifespan, helps in heat dissipation, maintains the temperature of devices, facilitates smooth operations, etc., thereby eliminating the high repair costs, is acting as another significant growth-inducing factor. Moreover, the escalating demand for bio-based compressor oil, owing to the increasing consumer environmental concerns, is positively influencing the global market. Apart from this, continuous advancements in industrial machinery and extensive investments in R&D activities are also stimulating market growth. Furthermore, the introduction of environment-friendly product variants that are produced from natural ingredients, including sunflower, is expected to fuel the compressor oil market over the forecasted period.

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Key Market Segmentation:

Competitive Landscape with Key Players:

Royal Dutch Shell PLC
ExxonMobil Corporation
BP International Limited
Chevron Corporation
Total S.A.
Sinopec Group
The PJSC Lukoil Oil Company
Indian Oil Corporation Ltd.
The Fuchs Group
Idemitsu Kosan Co. Ltd
Petroliam Nasional Berhad (Petronas)
DuPont de Nemours, Inc. (DuPont)
Croda International PLC.Sasol Limited
The Phillips 66 Company
Bel-Ray Company LLC.
Morris Lubricants Limited
Penrite Oil Company.

Breakup by Compressor Type:

Positive Displacement Compressor
Dynamic Compressor

Breakup by Base Oil:

Synthetic Oil
Mineral Oil
Semi-Synthetic Oil
Bio-Based Oil

Breakup by Application:

Gas Compressor
Air Compressor

Breakup by End-Use Industry:

General Manufacturing
Construction
Oil and Gas
Mining
Chemical and Petrochemical
Power Generation
Others

Breakup by Region:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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