NEWARK, Del, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Global sales of compressor oils are estimated to total US$ 6,513.7 million in 2024. The market is poised to expand at a 5.4% CAGR during the forecast period, reaching a valuation of US$ 11,001.4 million by 2034.
Synthetic oils remain a widely consumed oil type in the market. This is due to their excellent heat and wear resistance. The target segment is poised to expand at a CAGR of 4.9% during the assessment period.
East Asia is expected to dominate the global compressor oil market during the forecast period. It will likely hold 24.9% of the global market share in 2034. This is due to rapid industrial growth in countries like Japan, South Korea, and China.
The compressor oil industry is poised to exhibit steady growth during the assessment period. This is attributable to factors like:
- Booming industrial sector
- Rising adoption of HVAC systems in residential and industrial sectors
- Increasing focus on energy efficiency
- Growing popularity of bio-based compressor oils
- Expanding infrastructure globally
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The growing manufacturing and industrial sectors are leading to increased adoption of compressors and, consequently, compressor oils. Compressors are integral to various processes in industries such as automotive, electronics, and heavy machinery manufacturing, creating a consistent demand for high-quality compressor oils.
The growing adoption of HVAC systems in residential, commercial, and industrial sectors is another prominent factor impacting compressor oil sales. This is because HVAC systems require the use of compressors and compressor oils essential for the proper lubrication and functioning of compressors.
The market is witnessing a gradual shift toward bio-based compressor oils due to growing environmental concerns and a rising need for environmentally friendly lubricants. Similarly, the development of advanced compressor oils with improved performance and better stability will benefit the market.
Key Takeaways from the Report:
- The global market for compressor oils is projected to total US$ 11,001.4 million in 2034.
- Based on oil type, the synthetic oil segment is estimated to account for about 57.9% of the overall market size.
- By end-use industry, manufacturing & others segment is set to grow at a CAGR of 5.6%.
- China's market value is anticipated to total US$ 1,652.1 million in 2034.
- Demand for compressor oils in India is poised to grow with a CAGR of 5.3% through 2034.
- Total compressor oil revenue in the United States is set to reach US$ 1,409.9 million by 2034.
“Compressor oil is essential for lubricating the moving parts of a compressor. Thus, growing usage of compressors across industries like manufacturing, automotive, and oil & gas will likely boost sales of compressor oils through 2034,” Opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Who is Winning?
Leading compressor oil manufacturers listed in the report include
- ExxonMobil Corporation
- Quaker Chemical Corporation
- Fuchs Petrolub SE
- BP plc
- TotalEnergies SE
- Apar Industries Ltd.
- Calumet Specialty Products Partners, L.P.
- Chevron Corporation
- China Petroleum & Chemical Corp (Sinopec Corporation)
- Repsol SA
- Philips 66
- Raj Petro Specialities Pvt. Ltd
- Nynas AB
- Valvoline, Inc.
- Shell plc.
- Savita Oil Technologies Ltd.
- The Dow Company
Key companies are concentrating on developing high-performance and environmentally friendly compressor oils to meet the evolving needs of end-use industries. They also use tactics like acquisitions, distribution agreements, facility expansions, partnerships, and mergers to strengthen their global footprint.
- In May 2023, Luberef signed a Memorandum of Understanding (MOU) with APAR Industries Limited to build a Compressor Oil/White Oil plant at the LubeHub, supporting the localization of specialty products in KSA.
- In 2020, APAR introduced POWEROIL Press C 220 compounded compressor oil to provide optimal resistance to water washing while lubricating compressors handling wet gasses.
Market Segmentation
By Oil Type:
- Synthetic Oil
- Mineral Oil
- Semi-Synthetic Oil
- Bio-based Oil
By End-use:
- Oil & Gas
- Automotive
- Power
- HVAC-R
- Manufacturing & Others
By Sales Channel:
- OEM
- Aftermarket
By Compressors:
- Air Compressors
- Reciprocating
- Rotary Screw
- Vane Type
- Centrifugal
- Axial
- Refrigeration
- Reciprocating
- Scroll
- Screw
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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More Insights into the Compressor Oil Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global compressor oil market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the global market potential, growth, and scope, the market is segmented based on oil type, compressor, sales channel, end-use industry, and region.
About Future Market Insights (FMI) – Chemicals and Materials
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as reference points for market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing ‘The Way Forward’.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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