Global Compressor Oil Market - 2023-2030
The Global Compressor Oil Market reached US$ 12.12 billion in 2022 and is expected to reach US$ 17.7 billion by 2030 growing with a CAGR of 4.86% during the forecast period 2023-2030.
Increasing demand from various sectors such as oil and gas, manufacturing and construction is the major growth factor in the compressor oil market. Its versatility and efficiency created a significant demand for compressor oil. Compressor oil is eco-friendly and its biodegradable property boosts the demand for compressor oil in many industries.
Asia Pacific experienced significant growth in the compressor oil market. Furthermore, countries China, Japan, and India also have equal contributions to the production and development of compressor oil. Growing emphasis on energy efficiency and sustainability in Asia-Pacific. Compressor manufacturers and end-users are seeking high-quality compressor oils that provide better lubrication, reduce friction and also improve the overall efficiency of the compressor systems.
Market Dynamics
Advancements and Benefits of Synthetic Oil in Lubricants
Industries seeking higher efficiency and productivity, there is a growing demand for advanced, high-performance compressors. Synthetic oils play a vital role in optimizing the performance of these modern compressors. Ongoing research and development in lubrication technology have led to the formulation of advanced synthetic oils with superior properties. The continuous improvement in synthetic oil formulations contributes to their increased adoption in compressor applications.
For instance, on 30 May 2023, a collaboration between global leader of synthetic lubricant technology AMSOIL Inc. and Benz Oil for the growth and development of supply chain management system of industrial fuels that include turbine oil, hydraulic oil, grease coolant, compressor oil. These companies basically focus on customer requirements which drives the growth of compressor oil.
Increased Demand for Petrochemical Products Drives Growth of Compressor Oil in the Industry
Advantages of using compressor oil in the petrochemical industry, in which it prevents from downtime, equipment failures, and also from production interruptions. It also ensuring proper lubrication, and compressor oils help in achieving consistent and reliable operations, ultimately supporting the increased production capacity that required to meet the growing demand for petrochemical products.
For instance, on 14 Jun 2023, the Iranian parliamentary committee on national security and foreign policy mentions the need for petrochemical plants and oil refineries in Venezuela. Iran and Venezuela signed MoU for the modernization and growth of petrochemical plants and also the development of equipment for oil and gas compressors and this collaboration aims to leverage Iran's expertise in the petrochemical industry and Venezuela's vast oil and gas resources to modernize and expand the country's energy infrastructure
Breakdown of Oil and Failure in Maintenance
Proper maintenance and monitoring are required for the optimal performance of the compressor. That includes proper oil change from time to time, filtration change and analysis of oil. Due to failure in maintenance which leads to degrade quality of oil and reduce lubrication efficiency. This is cost-effective and time taking process. These factors decrease the growth of the oil compressor market.
Compressor oil undergoes thermal and oxidative stress during operation, which can lead to its breakdown over time. As the oil breaks down, it may lose its lubricating properties and fail to provide adequate protection to the compressor components. This can result in increased friction, heat generation and accelerated wear on moving parts.
COVID-19 Impact Analysis
The growth in the pandemic caused disturbance in supply chains management system, which include the availability and transportation of raw materials used in the production of compressor oil. Restrictions on trade and the movement of goods has affected the procurement of key ingredients and additives required for manufacturing compressor oil.
Due to the lockdown at global level market witnessed an economic downfall which results in decreasing demand in industrial activities in many sectors. Reduced production and operations in industries such as manufacturing, construction, and automotive resulted in lower demand for compressor oil. Due to this factor, there is a downfall in the growth of the compressor oil market.
Russia-Ukraine War Impact
Due to the Russia-Ukraine war, the supply of raw materials and availability of compressor oil got affected. It also impacted the export and import business of compressor oil which affects the growth of compressor oil. Shortage of these raw materials results in fluctuating prices and delays. Due to these factors, there is a downfall in the growth of the compressor oil market.
Geopolitical tensions and conflicts between these countries lead to increased oil prices. Fluctuations in oil prices directly impact the cost of compressor oil, as it is derived from petroleum or synthetic compounds. Higher oil prices increase the overall cost of production and affect the growth of compressor oil manufacturers.
Segment Analysis
The global compressor oil is segmented based on compressor type, base oil, application, end-user and region.
Advancements in Air Compressor Technology for Transportation Equipment
Transportation equipment includes vehicles and airplanes, which rely on various types of compressors. Oils Compressors are major components used in maintaining the performance and efficiency of these compressors, which ensures reliable operations and optimal functionality of transportation equipment.
For instance, on 30 April 2023, ZF a commercial vehicle solution, launched a high-speed electric air compressor which is for fuel cells. There is an agreement between ZF and Liebherr Group. This partnership will develop advanced fuel cells that utilize air compressor systems. The performance of fuel cells depends upon air supply systems. As liebherr group provides high-speed turbo machinery for air application. This joint venture will increase the growth of air compressors in the transportation equipment sector.
Geographical Penetration
Industries and Manufacturing Plants Drives Growth of Compressor Oil Market in Asia-Pacific
Asia-Pacific has many industry and manufacturing plants that lead the growth in the compressor oil market. Countries like China, Japan, and India have the highest production growth and industries heavily rely on oil compressor sectors such as railways, airports and commercial buildings.
For instance, on 13 Mar 2023, Setral launches special lubricants for the textile industry. The oil compressor used in the textile industry is basically in the form of lubricants. Needle and sinker oils most utilize lubricants in knitting machines. The oil compressor lubricants are major components used for maintaining the reliable operation in various machines used in the textile industry, which includes compressors, hydraulic systems, chains, and bearings.
Competitive Landscape
The major global players in the market include Shell plc, ExxonMobil Corporation, British Petroleum Plc, Chevron Corporation,Total SA, Fuchs Group, Lukoil, Indian Oil Corporation Ltd. , Sinopec Limited, and Idemitsu Kosan Co. Ltd.
Why Purchase the Report?
• To visualize the global compressor oil market segmented based on compressor type, base oil, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of compressor oil market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key product of all the major players.
The global compressor oil market report would provide approximately 69 tables, 73 figures, and 195 Pages
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Snippet By Compressor Type
- 3.2. Snippet By Base Oil
- 3.3. Snippet By Application
- 3.4. Snippet By End-User
- 3.5. Snippet by Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1. Advancements and Benefits of Synthetic Oil in Lubricants
- 4.1.1.2. Increased Demand for Petrochemical Products Drives Growth of Compressor Oil in the Industry
- 4.1.2. Restraints
- 4.1.2.1. Breakdown of Oil and Failure in Maintenance
- 4.1.3. Opportunity
- 4.1.4. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter’s Five Force Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID
- 6.1.2. Scenario During COVID
- 6.1.3. Scenario Post COVID
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
- 7. By Compressor Type
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Compressor Type
- 7.1.2. Market Attractiveness Index, By Compressor Type
- 7.2. Reciprocating Compressor*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Sliding Vane Compressor
- 7.4. Centrifugal Compressor
- 7.5. Axial Compressor
- 7.6. Others
- 8. By Base Oil
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Base Oil
- 8.1.2. Market Attractiveness Index, By Base Oil
- 8.2. Synthetic Oil*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Mineral Oil
- 8.4. Semi-synthetic Oil
- 8.5. Bio-based Oil
- 9. By Application
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 9.1.2. Market Attractiveness Index, By Application
- 9.2. Gas Compressor *
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Air Compressor
- 10. By End-User
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 10.1.2. Market Attractiveness Index, By End-User
- 10.2. General Manufacturing *
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.2.3. Transportation Equipment
- 10.2.4. Metal Production
- 10.2.5. Commercial Machinery
- 10.2.6. Food & Beverage
- 10.2.7. Rubber & Plastics
- 10.3. Construction
- 10.4. Oil and Gas
- 10.5. Chemical and Petrochemical
- 10.6. Mining
- 10.7. Power Generation
- 10.8. Others
- 11. By Region
- 11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 11.1.2. Market Attractiveness Index, By Region
- 11.2. North America
- 11.2.1. Introduction
- 11.2.2. Key Region-Specific Dynamics
- 11.2.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Compressor Type
- 11.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Base Oil
- 11.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.2.7.1. U.S.
- 11.2.7.2. Canada
- 11.2.7.3. Mexico
- 11.3. Europe
- 11.3.1. Introduction
- 11.3.2. Key Region-Specific Dynamics
- 11.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Compressor Type
- 11.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Base Oil
- 11.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.3.7.1. Germany
- 11.3.7.2. UK
- 11.3.7.3. France
- 11.3.7.4. Italy
- 11.3.7.5. Russia
- 11.3.7.6. Rest of Europe
- 11.4. South America
- 11.4.1. Introduction
- 11.4.2. Key Region-Specific Dynamics
- 11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Compressor Type
- 11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Base Oil
- 11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.4.7.1. Brazil
- 11.4.7.2. Argentina
- 11.4.7.3. Rest of South America
- 11.5. Asia-Pacific
- 11.5.1. Introduction
- 11.5.2. Key Region-Specific Dynamics
- 11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Compressor Type
- 11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Base Oil
- 11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.5.7.1. China
- 11.5.7.2. India
- 11.5.7.3. Japan
- 11.5.7.4. Australia
- 11.5.7.5. Rest of Asia-Pacific
- 11.6. Middle East and Africa
- 11.6.1. Introduction
- 11.6.2. Key Region-Specific Dynamics
- 11.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Compressor Type
- 11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Base Oil
- 11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 12. Competitive Landscape
- 12.1. Competitive Scenario
- 12.2. Market Positioning/Share Analysis
- 12.3. Mergers and Acquisitions Analysis
- 13. Company Profiles
- 13.1. Shell plc*
- 13.1.1. Company Overview
- 13.1.2. Product Portfolio and Description
- 13.1.3. Financial Overview
- 13.1.4. Key Developments
- 13.2. ExxonMobil Corporation
- 13.3. British Petroleum Plc
- 13.4. Chevron Corporation
- 13.5. Total SA
- 13.6. Fuchs Group
- 13.7. Lukoil
- 13.8. Indian Oil Corporation Ltd.
- 13.9. Sinopec Limited
- 13.10. Idemitsu Kosan Co. Ltd.
- LIST NOT EXHAUSTIVE
- 14. Appendix
- 14.1. About Us and Services
- 14.2. Contact Us
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