According to the new market research report “Compressor Oil Market by Base oil (Synthetic, Mineral, Semi-Synthetic, and Bio-based), Compressor Type (Dynamic, Positive Displacement), Application (Gas, Air), End-Use Industry (General Manufacturing, Construction, Oil & Gas) – Global Forecast to 2023″ The compressor oil market is projected to reach USD 13.2 billion by 2023, at a CAGR of 5.6% from USD 10.1 billion in 2018.
Compressor oils are widely used in the manufacturing sector such as transportation equipment manufacturing, metal production, commercial machinery manufacturing, food & beverage, and rubber & plastic industries. Hence, the rapid growth in these industries is expected to contribute to the growth of the compressor oil market. Additionally, the growth in other industries such as construction, oil & gas, power generation, mining, and chemical & petrochemical is expected to fuel the compressor oil market.
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The general manufacturing industry is estimated to account for the largest share of the compressor oil market during the forecast period, in terms of value. General manufacturing includes various small industries such as transportation equipment, metal production, commercial machinery, food & beverage, and rubber & plastic. These industries consume compressor oil during product manufacturing; hence the use of compressor oil is important in these industries to ensure smooth functioning of the machine. The rapid growth of the manufacturing sector in the developing regions is expected to drive the compressor oil market during the forecast period.
The dominance of the synthetic oil segment is projected to continue during the forecast period, owing to its high performance in extreme conditions, high drain interval, better viscosity index, higher shear stability, and chemical resistance. The increased consumer awareness regarding OEM recommendations and favorable properties of PAG, such as water solubility and high viscosity indexes are expected to drive the synthetic oil-based compressor oil market during the forecast period.
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The compressor oil market size is estimated to be USD 10.1 billion in 2018 and is projected to reach USD 13.2 billion by 2023, at a CAGR of 5.6% between 2018 and 2023. Industrial growth in growing regions such as APAC and the Middle East & Africa coupled with rising automation in various end-use industries is expected to drive the demand for compressor oil during the forecast period. However, technological advancements and oil rejuvenation act as restraining factors for growth of the compressor oil market.
The key players in this market are Royal Dutch Shell PLC (The Netherlands), ExxonMobil Corporation (US), British Petroleum Plc ((UK), Chevron Corporation (US), Total SA (France), Sinopec Limited (China), Lukoil (Russia), Indian Oil Corporation Ltd. (India), Fuchs Group (Germany), and Idemitsu Kosan Co. Ltd. (Japan). These players have adopted various growth strategies to expand their presence and increase their shares in the compressor oil market. For instance, Fuchs Group acquired Ultrachem Inc. a-US based lubricants manufacturer. Ultrachem Inc. is a well-known producer of synthetic lubricants for compressor for over 40 years.
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ExxonMobil Corporation is one of the largest market players and the second-largest publicly traded company, in terms of market capitalization. The company markets its products globally under the brands-Exxon, Mobil, and Esso. The company focuses on new product launch as the key strategy. ExxonMobil Corporation introduced new compressor oil called Mobil SHC Rarus, mainly for rotary screw and vane compressed air systems. This is a synthetic-based compressor oil, which provides protection against wear, rust, and corrosion.
Fuchs Group is one of the largest manufacturers of lubricants. The company offers a wide range of products such as automotive lubricants, industrial lubricants, lubricating greases, metal processing lubricants, and special application lubricants. It is another major player in the compressor oil market. The company is focusing on acquisition as the key strategy to strengthen its position in the market. For instance, the company acquired Ultrachem Inc. a US-based lubricants manufacturer known for producing synthetic lubricants for compressor for over 40 years.
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