The global compressor oil market is expected to reach USD 97.15 billion by 2024, according to a new report by Grand View Research, Inc. Increasing industrialization in Asia Pacific and the Middle East is expected to remain a key driving factor for global compressor oil market over the forecast period.
Various attributes of compressor oil such as cooling, sealing and lubricating the internal components which ensure continuous operation and helps in reducing downtime and repair is also expected to drive its demand. Moreover, these lubricants maintain the equipment temperature and therefore keep them cool.
The equipment heating results in higher power consumption and wear & tear of the machine. Cost optimization practices adopted by various manufacturing companies are also expected to drive demand for compressor oil. It is observed that organizations have been implementing continuous improvement projects to reduce power consumption & maintain continuous operational flow undertake good lubrication practices.
Positive displacement based products are widely used in industries owing to their high performance and low maintenance cost. Therefore, the segment accounted for the majority of compressor oil consumed globally. Demand for positive displacement type is expected to develop at an approximate CAGR of 5.0% from 2016 to 2024.
Full Research Report On Global Compressor Oil Market Analysis:
www.grandviewresearch.com/industry-analysis/compressor-oil-market
Further key findings from the report suggest:
View more reports of this category by Grand View Research at:
www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand View Research has segmented the compressor oil market on the basis of compressor type, base oil, end-use and region:
Global Compressor Oil Compressor Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2024)
Global Compressor Oil Base Oil Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2024)
Global Compressor Oil End Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2024)
Global Compressor Oil Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2024)
View press release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-compressor-oil-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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