Compressor Oil Market Research Report - Global Forecast till 2030

Compressor Oil Market Information By Compressor Type (Reciprocating, Sliding Vane, Centrifugal, and Screw), By Application (Petrochemical Manufacturing, Construction Hydraulics & Mining Equipment, and Automotive Engines), and By Region (North America, Europe, Asia-Pacific, and the Rest of the World)—Forecast till 2030

ID: MRFR/CnM/5580-HCR | January 2023 | Region: Global | 180 Pages         

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Compressor Oil Market

The global compressor oil market is projected to $12.2 billion in 2028 at a CAGR of 5.0% in forecast period, 2021-2028.

Segmentation
By Compressor Types Reciprocating Sliding vane Centrifugal Screw
Application Petrochemical manufacturing Construction Hydraulics and Mining Equipment Automotive Engines
Key Players
Companies Profiled   Exxonmobil Corporation (US)   Sinopec Limited (China)   Royal Dutch Shell PLC (Netherlands)   BP PLC (UK)   Total S.A (France)   Chevron Corporation (US)   Croda International PLC (UK)   Fuchs Petrolub AG (Germany)   BASF SE (Germany)   Sasol Limited (South Africa)   Lukoil (Russia)   Indian Oil Corporation Ltd (India)
Drivers
Market Driving Forces    Compressor oil market can be restrained by factors like the rising price of synthetic    bio-based compressor oil    and the increasing availability of the oil-free compressors
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Global Compressor Oil Market Research (MRFR Insights)


The  compressor oil market is projected to register a CAGR of 5.00% from 2022 to 2030. The  compressor oil market size is expected to reach approximately USD 12.2 billion by 2030. Compressor oil is a lubricant used in air conditioning and refrigeration systems to reduce heat and cool down compressors. With its anti-rust qualities, it guarantees the proper operation of the metal components and enhances the efficiency of machinery. Compressor oil's outstanding oxidation stability and reduced carbon residue decrease the user's operating and maintenance costs. It is produced using a mixture of base oil and several additives. The compressor oil's quality and longevity are dependent on the type of base oil used, which can be synthetic, mineral, semi-synthetic, or bio-based. It has many uses in various industries, including construction, general manufacturing, mining, power generation, chemical & petrochemical, etc., with its cost- and energy-saving qualities.


COVID-19 Impact Analysis


The COVID-19 pandemic has negatively impacted every area, every industry, and every element of life, and this market is no different. The development of COVID-19 and the ensuing economic recession harmed volume demand in most key end-use sectors. Due to delays or even shutdowns in routine operations across various industries, COVID-19's negative effects have negatively impacted volume demand. Additionally, COVID-19 caused the volume of investment inflows to decline or stop for most of 2020. New client research initiatives had to be put on hold because laboratories and technology centers were shuttered due to the lockout. Since  industrial and transportation activity declined due to the pandemic, lubricant producers and other supply chain participants have seen major effects.  industrial output has faced numerous obstacles due to the COVID-19 pandemic. Plant shutdowns resulted in a decrease in the consumption of compressor oil and other lubricants.


Compressor Oil Market Dynamics


The use of air compressors and the compressor oil industry are directly related.  demand for lubricating compressor oil is anticipated to rise as more companies incorporate machinery into their manufacturing processes due to the rising level of industrial output. Additionally, it is thought that advancements in lubricant composition to increase the physical life of the compressor are a factor in the expansion of the  market for compressor oil for the specific product. Adopting novel production procedures that reduce production and operational costs while maintaining high standards is projected to increase compressor oil usage. This growth will probably lead to an increase in demand for novel compressor techniques, which are essential for increasing production.


Market Drivers



  • Growing demand from the petrochemical sector


It is projected that the amount of petroleum used in the manufacturing of transportation fuel will decrease as more fuel-efficient vehicles are developed and electric vehicles, which run on electricity instead of gasoline or diesel, gain popularity. Over the past ten years, the petrochemical industry has experienced rapid growth, and there is still tremendous space for growth during the anticipated time. Major lubricant and engineering businesses have installed new machinery and even designed new procedures to take advantage of this opportunity. Compressors, widely employed in petrochemical complexes to compress utility air and product gases, are among the latest installations.


Market Restraints:



  • Stricter regulations owing to rising environmental concerns


Regarding the environment, secure product handling, storage, and disposal, the lubricants industry has generally been under scrutiny by several regulatory organizations. According to regulatory bodies, compressor oil has been subject to harsher controls due to growing environmental concerns. For instance, modifications to lubricant labeling, advertising, packaging, disposal, supply, storage, and consumption were required by the U.S. Environmental Protection Agency's update to the Lubricants Group Standards in 2017. Such regulatory changes have a direct impact on the operations of marketers and blenders of lubricants. At both the manufacturer and supplier stages of the value chain, updating current standards to include a new class of compounds considerably impacts lubricant costs.


Market Opportunities:



  • The rising demand for consumer appliances and increasing industrial infrastructure


Compressor oil is distinguished by rising living standards for all people ly and increased household spending on various goods like refrigerators, air conditioners, and other items. Compressors are required for some appliances. As a result, it is projected that the sales of compressors will increase dramatically shortly, which would increase the demand for compressor oil. Since consumer appliance demand is increasing and industrial infrastructure is expanding ly, compressor oil manufacturers have a lot of chances.


Compressor Oil Market Segmentation        


Compressor Type Insights


The  compressor oil market segmentation, based on compressor type, is reciprocating, sliding vane, centrifugal, and screw. The  compressor oil market growth was prominently high under the reciprocating compressor category in 2021. A reciprocating processor is also known as a piston compressor. It compresses the vaporized refrigerant from a low-pressure area to a high-pressure area using back-and-forth piston motion in a cylinder coordinated with suction and discharge valves. Applications for reciprocating compressors include home refrigerators and freezers, residential and commercial air conditioning and refrigeration, the processing and supply of natural gas, chemical facilities, oil refineries, and many more sectors.


Application Insights


The  compressor oil market segmentation, based on application, is petrochemical manufacturing, construction hydraulics & mining equipment, and automotive engines. In 2021, petrochemical manufacturing accounted for the largest market share of the  market. Manufacturing sectors are anticipated to become major compressor end users and major consumers of compressor oil. Compressor oil has been in demand from sectors including the food & beverage, chemical industry, pharmaceutical, metal and mining, industrial air separation, and others. Throughout the projection period, these industries' expansion will lead to a rise in compressor oil consumption. The manufacturing sector uses more than half of the compressor oil used ly.


Global Compressor Oil Market Share, by Region, 2021 (%)
Compressor Oil Market Share, by Region, 2021
Compressor Oil Market Overview, by Region


By region, the  compressor oil market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America will exhibit the highest CAGR during the forecast period.


Asia-Pacific


Asia-Pacific dominated the  market for compressor oil share in 2021. The Asia-Pacific region is quickly gaining the role of a major industrial center. Asian nations like India and China manufacture and export many passenger cars and other vehicles, second only to developed nations like the US and Germany. The relocation of manufacturing activities to Asian nations is anticipated to lead to the establishment of auto manufacturing centers and further industrialization with favorable government regulations and affordable labor. Additionally, it is projected that a change in the tendency toward a more sustainable and productive industrial sector will boost market expansion in the area.


North America


North America accounted for the fastest growth rate in the  market for compressor oil in 2021 due to rapid industrialization in Mexico, which has emerged as a leading automobile production hub. Additionally, expanding the petrochemical sector in the US and Canada is anticipated to impact market expansion significantly.


Compressor Oil Market Competitive Landscape


The market's major competitors are constantly looking for ways to offer higher-quality goods at lower prices and a consistent supply for extended periods, enabling manufacturers to conduct their industrial operations without interruption. Most smaller businesses enter into long-term agreements with contract manufacturers to provide tailored products at competitive prices for the intended end uses.


Prominent players in the  compressor oil market research include ExxonMobil Corporation (US), Sinopec Limited (China), Royal Dutch Shell PLC (Netherlands), BP PLC (UK), Total S.A (France), Chevron Corporation (US), Croda International PLC (UK), Fuchs Petrolub AG (Germany), BASF SE (Germany), Sasol Limited (South Africa), Lukoil (Russia), and Indian Oil Corporation Ltd (India), among others.


Scope of the  Compressor Oil Market Report


Compressor Type Outlook



  • Reciprocating

  • Sliding Vane

  • Centrifugal

  • Screw


Application Outlook



  • Petrochemical Manufacturing

  • Construction Hydraulics & Mining Equipment

  • Automotive Engines


Region Outlook



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain



  • Rest of Europe

    • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Compressor Oil Market Forecast & Size:


To identify and estimate the market size for the  compressor oil market report segmented by compressor types and application by value (in US dollars). Also, to understand the consumption/ demand created by consumers of the  compressor oil market forecast between 2022 and 2030


Market Landscape and Trends:


To identify and infer the drivers, restraints, opportunities, and challenges in the  compressor oil market growth


Market Influencing Factors:


To find out the factors which are affecting the  compressor oil market size among consumers


Impact of COVID-19:


To identify and understand the various factors involved in the market affected by the pandemic


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Compressor oil producers

  • Raw material suppliers

  • Retailers, wholesalers, and distributors

  • Governments, associations, and industrial bodies

  • Compressor oil investors and traders



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 12.2 billion
  CAGR   5.00% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Compressor Types and Application
  Geographies Covered   North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  Key Vendors   ExxonMobil Corporation (US), Sinopec Limited (China), Royal Dutch Shell PLC (Netherlands), BP PLC (UK), Total S.A (France), Chevron Corporation (US), Croda International PLC (UK), Fuchs Petrolub AG (Germany), BASF SE (Germany), Sasol Limited (South Africa), Lukoil (Russia), and Indian Oil Corporation Ltd (India)
  Key Market Opportunities   The rising demand for consumer appliances and increasing industrial infrastructure
  Key Market Drivers   The increasing availability of the oil-free compressors


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Frequently Asked Questions (FAQ) :

The  compressor oil market forecast period is 2022 - 2030

The market is expected to register a CAGR of ~5.00% over the next 10 years, according to  compressor oil market research.

North America is expected to register the highest CAGR during 2022 - 2030

Asia-Pacific held the largest share in 2021

The market size is expected to be USD 12.2 billion by 2030.

ExxonMobil Corporation (US), Sinopec Limited (China), Royal Dutch Shell PLC (Netherlands), BP PLC (UK), Total S.A (France), Chevron Corporation (US), Croda International PLC (UK), Fuchs Petrolub AG (Germany), BASF SE (Germany), Sasol Limited (South Africa), Lukoil (Russia), and Indian Oil Corporation Ltd (India), among others are the major companies operating in the market.