Compressor Oil Market
Growth Factors of Compressor Oil Market
The compressor oil market size was valued at USD 9.68 billion in 2023, and the market is now projected to grow from 10.18 billion in 2024 to USD 14.87 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period of 2024-2032.
The compressor oil market was greatly affected due to the COVID-19 outbreak, and the restrictions it enforced on business operations as well as the disruptions in the supply chains. Bout of business and limitations on the manufacturing and construction industry, automotive industry, among others, had lowered the demand for compressor oil as an essential lubricant. Also, increased fluctuation of the oil price and interruption of production in the global market was observed. But the over time the market start recovering after the lockdown by various industries, there was a high demand for industries like pharmaceutical and food processing. The change towards work from home also benefitted HVAC systems of which compressor oil is an essential part and in the long run this saw its demand increase.
The development of compressor oil market attributed to the increased penetration of efficient energy systems and the business development in manufacturing industrial automotives and constructions. Heightened knowledge of power plant equipment regular maintenance for the purpose of increasing equipment useful life and power also fuels the market. Technological developments – Synthetic compressor oils with enhanced competence and longer re-freight interval are known to fuel demand. In addition, the increasing investment on infrastructure and more importantly the adoption of HVAC systems particularly in developing nations are key driver to the compressor oil market. Thus, all the above mentioned factors are contributing towards the compressor oil market growth.
Trends such as the increasing demand for synthetic oils over conventional types of compressor oil due to high performance, longer span of usage and low environmental impacts are being realized in the global industry. Bio based compressor oil are on the rise as the regulatory policies towards environment get tight and sustainability agenda. The maintenance, especially through the application of Internet of Things (IoT) with direct monitoring and prediction of the compressor systems, is also impacting on the market. Likewise, rising requirements from new regional economies especially the Asia-Pacific region due to rising industrialization and infrastructure development is influencing market growth
Comprehensive Analysis Compressor Oil Market
The compressor oil market has been segmented based on the base oil mineral, synthetic, and semi-synthetic. Mineral oils are used frequently because of low price whereas synthetic oils are used because they offer better performance, longer life and less sensitive to severe conditions and environment. Semi synthetic oils are best suited in that they present a great performance aspect at a reasonable price. Further in terms of end use industries, manufacturing is the largest consumer followed by oil & gas and power generation where smooth functioning of compressor is critical. The markets are also supported by the automotive industry among other industries such as pharmacy and food processing sectors which help to stimulate the total market growth.
The compressor oil market is currently headed for great heights primarily because of the developing countries in the Asia-Pacific region mainly China, India, and Japan owing to increased industrialization and urbanization. The rise in manufacturing, automobile and construction industries as well as increased spending in infrastructural developments plays the key factor or demand uplift. Also, the increasing demand for energy with developments in industrial machinery is also influencing the growth of this market in this region. More number of SMEs and continuously rising middle class population leading to more demand of HVAC systems has strengthened Asia-Pacific’s position in a global compressor oil market.
Key players in this sector includes Royal Dutch Shell plc (The Netherlands), Chevron Corporation (U.S.), Exxon Mobil Corporation (U.S.), Repsol (Spain), FUCHS (Germany), Indian Oil Corporation Ltd (India), Total SA (France), CASTROL LIMITED (U.K.)
ExxonMobil officially launched the Mobil SHC™ Elite synthetic compressor oil in 2023, to meet demands in high temperature service. This new product has a specially improved oxidation and thermal stability leading to longer oil drain interval and better energy conservation. It is made to scale down the formation of varnish that hampers compressors’ effectiveness at work at all times. To be used in rotary screw as well as the reciprocating compressor services, Mobil SHC™ Elite seeks to reduce service time and expenses as it offers enhanced protection at high temperatures in addition to aggressive loading, making the Mobil SHC™ Elite a great innovation that addresses the compressor oil market.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 5.0% CAGR (2024-2032)
Unit Value (USD Billion)
Segmentation By Base Oil
- Mineral
- Synthetic
- Semi-synthetic
- Manufacturing
- Oil & Gas
- Power Generation
- Automotive
- Others
- North America (By Base Oil, By End-use Industry, By Country)
- U.S. (By End-use Industry)
- Canada (By End-use Industry)
- Europe (By Base Oil, By End-use Industry, By Country)
- Germany (By End-use Industry)
- U.K. (By End-use Industry)
- France (By End-use Industry)
- Italy (By End-use Industry)
- Spain (By End-use Industry)
- Russia & CIS (By End-use Industry)
- Rest of Europe (By End-use Industry)
- Asia Pacific (By Base Oil, By End-use Industry, By Country)
- China (By End-use Industry)
- Japan (By End-use Industry)
- India (By End-use Industry)
- South Korea (By End-use Industry)
- Rest of Asia Pacific (By End-use Industry)
- Latin America (By Base Oil, By End-use Industry, By Country)
- Brazil (By End-use Industry)
- Mexico (By End-use Industry)
- Rest of Latin America (By End-use Industry)
- The Middle East & Africa (By Base Oil, By End-use Industry, By Country)
- GCC (By End-use Industry)
- South Africa (By End-use Industry)
- Rest of the Middle East & Africa (By End-use Industry)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Trends
- 4.2. Key Developments
- 4.3. Insights on Sustainability
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Market
- 5. Global Compressor Oil Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. By Base Oil (Value)
- 5.2.1. Mineral
- 5.2.2. Synthetic
- 5.2.3. Semi-synthetic
- 5.3. By End-use Industry (Value)
- 5.3.1. Manufacturing
- 5.3.2. Oil & Gas
- 5.3.3. Power Generation
- 5.3.4. Automotive
- 5.3.5. Others
- 5.4. By Region (Value)
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Compressor Oil Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. By Base Oil (Value)
- 6.2.1. Mineral
- 6.2.2. Synthetic
- 6.2.3. Semi-synthetic
- 6.3. By End-use Industry (Value)
- 6.3.1. Manufacturing
- 6.3.2. Oil & Gas
- 6.3.3. Power Generation
- 6.3.4. Automotive
- 6.3.5. Others
- 6.4. By Country (Value)
- 6.4.1. U.S.
- 6.4.1.1. By End-use Industry (Value)
- 6.4.1.1.1. Manufacturing
- 6.4.1.1.2. Oil & Gas
- 6.4.1.1.3. Power Generation
- 6.4.1.1.4. Automotive
- 6.4.1.1.5. Others
- 6.4.2. Canada
- 6.4.2.1. By End-use Industry (Value)
- 6.4.2.1.1. Manufacturing
- 6.4.2.1.2. Oil & Gas
- 6.4.2.1.3. Power Generation
- 6.4.2.1.4. Automotive
- 6.4.2.1.5. Others
- 7. Europe Compressor Oil Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. By Base Oil (Value)
- 7.2.1. Mineral
- 7.2.2. Synthetic
- 7.2.3. Semi-synthetic
- 7.3. By End-use Industry (Value)
- 7.3.1. Manufacturing
- 7.3.2. Oil & Gas
- 7.3.3. Power Generation
- 7.3.4. Automotive
- 7.3.5. Others
- 7.4. By Country (Value)
- 7.4.1. Germany
- 7.4.1.1. By End-use Industry (Value)
- 7.4.1.1.1. Manufacturing
- 7.4.1.1.2. Oil & Gas
- 7.4.1.1.3. Power Generation
- 7.4.1.1.4. Automotive
- 7.4.1.1.5. Others
- 7.4.2. U.K.
- 7.4.2.1. By End-use Industry (Value)
- 7.4.2.1.1. Manufacturing
- 7.4.2.1.2. Oil & Gas
- 7.4.2.1.3. Power Generation
- 7.4.2.1.4. Automotive
- 7.4.2.1.5. Others
- 7.4.3. France
- 7.4.3.1. By End-use Industry (Value)
- 7.4.3.1.1. Manufacturing
- 7.4.3.1.2. Oil & Gas
- 7.4.3.1.3. Power Generation
- 7.4.3.1.4. Automotive
- 7.4.3.1.5. Others
- 7.4.4. Italy
- 7.4.4.1. By End-use Industry (Value)
- 7.4.4.1.1. Manufacturing
- 7.4.4.1.2. Oil & Gas
- 7.4.4.1.3. Power Generation
- 7.4.4.1.4. Automotive
- 7.4.4.1.5. Others
- 7.4.5. Spain
- 7.4.5.1. By End-use Industry (Value)
- 7.4.5.1.1. Manufacturing
- 7.4.5.1.2. Oil & Gas
- 7.4.5.1.3. Power Generation
- 7.4.5.1.4. Automotive
- 7.4.5.1.5. Others
- 7.4.6. Russia & CIS
- 7.4.6.1. By End-use Industry (Value)
- 7.4.6.1.1. Manufacturing
- 7.4.6.1.2. Oil & Gas
- 7.4.6.1.3. Power Generation
- 7.4.6.1.4. Automotive
- 7.4.6.1.5. Others
- 7.4.7. Rest of Europe
- 7.4.7.1. By End-use Industry (Value)
- 7.4.7.1.1. Manufacturing
- 7.4.7.1.2. Oil & Gas
- 7.4.7.1.3. Power Generation
- 7.4.7.1.4. Automotive
- 7.4.7.1.5. Others
- 8. Asia-Pacific Compressor Oil Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Base Oil (Value)
- 8.2.1. Mineral
- 8.2.2. Synthetic
- 8.2.3. Semi-synthetic
- 8.3. By End-use Industry (Value)
- 8.3.1. Manufacturing
- 8.3.2. Oil & Gas
- 8.3.3. Power Generation
- 8.3.4. Automotive
- 8.3.5. Others
- 8.4. By Country (Value)
- 8.4.1. China
- 8.4.1.1. By End-use Industry (Value)
- 8.4.1.1.1. Manufacturing
- 8.4.1.1.2. Oil & Gas
- 8.4.1.1.3. Power Generation
- 8.4.1.1.4. Automotive
- 8.4.1.1.5. Others
- 8.4.2. India
- 8.4.2.1. By End-use Industry (Value)
- 8.4.2.1.1. Manufacturing
- 8.4.2.1.2. Oil & Gas
- 8.4.2.1.3. Power Generation
- 8.4.2.1.4. Automotive
- 8.4.2.1.5. Others
- 8.4.3. Japan
- 8.4.3.1. By End-use Industry (Value)
- 8.4.3.1.1. Manufacturing
- 8.4.3.1.2. Oil & Gas
- 8.4.3.1.3. Power Generation
- 8.4.3.1.4. Automotive
- 8.4.3.1.5. Others
- 8.4.4. South Korea
- 8.4.4.1. By End-use Industry (Value)
- 8.4.4.1.1. Manufacturing
- 8.4.4.1.2. Oil & Gas
- 8.4.4.1.3. Power Generation
- 8.4.4.1.4. Automotive
- 8.4.4.1.5. Others
- 8.4.5. Rest of Asia Pacific
- 8.4.5.1. By End-use Industry (Value)
- 8.4.5.1.1. Manufacturing
- 8.4.5.1.2. Oil & Gas
- 8.4.5.1.3. Power Generation
- 8.4.5.1.4. Automotive
- 8.4.5.1.5. Others
- 9. Latin America Compressor Oil Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. By Base Oil (Value)
- 9.2.1. Mineral
- 9.2.2. Synthetic
- 9.2.3. Semi-synthetic
- 9.3. By End-use Industry (Value)
- 9.3.1. Manufacturing
- 9.3.2. Oil & Gas
- 9.3.3. Power Generation
- 9.3.4. Automotive
- 9.3.5. Others
- 9.4. By Country (Value)
- 9.4.1. Brazil
- 9.4.1.1. By End-use Industry (Value)
- 9.4.1.1.1. Manufacturing
- 9.4.1.1.2. Oil & Gas
- 9.4.1.1.3. Power Generation
- 9.4.1.1.4. Automotive
- 9.4.1.1.5. Others
- 9.4.2. Mexico
- 9.4.2.1. By End-use Industry (Value)
- 9.4.2.1.1. Manufacturing
- 9.4.2.1.2. Oil & Gas
- 9.4.2.1.3. Power Generation
- 9.4.2.1.4. Automotive
- 9.4.2.1.5. Others
- 9.4.3. Rest of Latin America
- 9.4.3.1. By End-use Industry (Value)
- 9.4.3.1.1. Manufacturing
- 9.4.3.1.2. Oil & Gas
- 9.4.3.1.3. Power Generation
- 9.4.3.1.4. Automotive
- 9.4.3.1.5. Others
- 10. Middle East & Africa Compressor Oil Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. By Base Oil (Value)
- 10.2.1. Mineral
- 10.2.2. Synthetic
- 10.2.3. Semi-synthetic
- 10.3. By End-use Industry (Value)
- 10.3.1. Manufacturing
- 10.3.2. Oil & Gas
- 10.3.3. Power Generation
- 10.3.4. Automotive
- 10.3.5. Others
- 10.4. By Country (Value)
- 10.4.1. South Africa
- 10.4.1.1. By End-use Industry (Value)
- 10.4.1.1.1. Manufacturing
- 10.4.1.1.2. Oil & Gas
- 10.4.1.1.3. Power Generation
- 10.4.1.1.4. Automotive
- 10.4.1.1.5. Others
- 10.4.2. GCC
- 10.4.2.1. By End-use Industry (Value)
- 10.4.2.1.1. Manufacturing
- 10.4.2.1.2. Oil & Gas
- 10.4.2.1.3. Power Generation
- 10.4.2.1.4. Automotive
- 10.4.2.1.5. Others
- 10.4.3. Rest of Middle East & Africa
- 10.4.3.1. By End-use Industry (Value)
- 10.4.3.1.1. Manufacturing
- 10.4.3.1.2. Oil & Gas
- 10.4.3.1.3. Power Generation
- 10.4.3.1.4. Automotive
- 10.4.3.1.5. Others
- 11. Competitive Analysis
- 11.1. Global Compressor Oil Market Share/Ranking Analysis, 2023
- 11.2. Company Profiles
- 11.2.1. Royal Dutch Shell plc
- 11.2.1.1. Overview
- 11.2.1.2. Description
- 11.2.1.3. Product Portfolio
- 11.2.1.4. Financials (As per Availability)
- 11.2.1.5. Recent Developments
- 11.2.2. Chevron Corporation
- 11.2.2.1. Overview
- 11.2.2.2. Description
- 11.2.2.3. Product Portfolio
- 11.2.2.4. Financials (As per Availability)
- 11.2.2.5. Recent Developments
- 11.2.3. Exxon Mobil Corporation
- 11.2.3.1. Overview
- 11.2.3.2. Description
- 11.2.3.3. Product Portfolio
- 11.2.3.4. Financials (As per Availability)
- 11.2.3.5. Recent Developments
- 11.2.4. Repsol
- 11.2.4.1. Overview
- 11.2.4.2. Description
- 11.2.4.3. Product Portfolio
- 11.2.4.4. Financials (As per Availability)
- 11.2.4.5. Recent Developments
- 11.2.5. FUCHS
- 11.2.5.1. Overview
- 11.2.5.2. Description
- 11.2.5.3. Product Portfolio
- 11.2.5.4. Financials (As per Availability)
- 11.2.5.5. Recent Developments
- 11.2.6. Indian Oil Corporation Ltd
- 11.2.6.1. Overview
- 11.2.6.2. Description
- 11.2.6.3. Product Portfolio
- 11.2.6.4. Financials (As per Availability)
- 11.2.6.5. Recent Developments
- 11.2.7. Total SA
- 11.2.7.1. Overview
- 11.2.7.2. Description
- 11.2.7.3. Product Portfolio
- 11.2.7.4. Financials (As per Availability)
- 11.2.7.5. Recent Developments
- 11.2.8. CASTROL LIMITED
- 11.2.8.1. Overview
- 11.2.8.2. Description
- 11.2.8.3. Product Portfolio
- 11.2.8.4. Financials (As per Availability)
- 11.2.8.5. Recent Developments
- 11.2.9. HP Lubricants
- 11.2.9.1. Overview
- 11.2.9.2. Description
- 11.2.9.3. Product Portfolio
- 11.2.9.4. Financials (As per Availability)
- 11.2.9.5. Recent Developments
- 11.2.10. Klüber Lubrication
- 11.2.10.1. Overview
- 11.2.10.2. Description
- 11.2.10.3. Product Portfolio
- 11.2.10.4. Financials (As per Availability)
- 11.2.10.5. Recent Developments
- 11.2.11. Atlas Copco AB
- 11.2.11.1. Overview
- 11.2.11.2. Description
- 11.2.11.3. Product Portfolio
- 11.2.11.4. Financials (As per Availability)
- 11.2.11.5. Recent Developments
- 11.2.12. Morris Lubricants
- 11.2.12.1. Overview
- 11.2.12.2. Description
- 11.2.12.3. Product Portfolio
- 11.2.12.4. Financials (As per Availability)
- 11.2.12.5. Recent Developments
- 11.2.13. Penrite Oil
- 11.2.13.1. Overview
- 11.2.13.2. Description
- 11.2.13.3. Product Portfolio
- 11.2.13.4. Financials (As per Availability)
- 11.2.13.5. Recent Developments
- 12. Strategic Recommendations
- 13.
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