In 2023, the global compressor oil market attained a size of US$ 6,233.0 million, marking a significant presence in the industry. Anticipated to maintain a robust growth trajectory, the demand for compressor oils is expected to exhibit a Compound Annual Growth Rate (CAGR) of 5.4% over the forecast period. Projections indicate a substantial expansion in market value, with an estimated increase from US$ 6,513.7 million in 2024 to a noteworthy US$ 11,001.4 million by the year 2034. This upward trend underscores the escalating significance of compressor oils in various industrial applications, reflecting a promising outlook for the market's future dynamics.
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.
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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
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,” Says an Analyst at Future Market Insights (FMI).
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 of the Compressor Oil Market
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