Global Compressor Oil Market Overview:
According to the latest report by IMARC Group, titled “Compressor Oil Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global compressor oil market reached a value of US$ 6.11 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.92 Billion by 2027, exhibiting at a CAGR of 4.18% during 2022-2027.
A compressor oil refers to a form of lubricant that is required to cool, seal or grease internal components of air conditioning and refrigeration systems. It is a mixture of refined paraffinic base oils and high-performance additives that are used to ensure the continuous operational flow of distinctive machinery. It is generally produced in a semi-solid, liquid or viscous state and helps in increasing efficiency, preventing friction and heat dissipation, regulating energy consumption, and reducing wear and tear. In recent years, it has gained traction across the globe with its growing usage in heating, ventilation, and air conditioning (HVAC) systems, and cold chain logistics facilities.
As a result, compressor oil is extensively utilized in heating, ventilation, and air conditioning (HVAC) systems and cold chain logistics facilities.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic.
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Global Compressor Oil Market Trends:
Compressor oil assists in heat dissipation, maintains the temperature of the compressor, and facilitates smooth operations, thereby eliminating the additional maintenance and high repair costs. Consequently, the increasing usage of compressor oil in the chemicals and petrochemicals industry to ensure the proper functioning of the machine parts and extend their lifespan represents the primary factor driving the market growth. Besides this, the rising need for cost optimization is another major growth-inducing factor.
Additionally, the surging number of gas pipeline projects and the increasing establishment of gas compressor stations along the transportation pipelines for compressing the gas at a regulated pressure have augmented the product demand.
Furthermore, several key players are focusing on product innovations, such as the launch of environment-friendly compressor oils produced from natural ingredients like sunflower and rapeseed oil. Along with this, the growing popularity of bio-based compressor oil over petroleum-based product variants due to the rising environmental concerns has accelerated the product adoption rate.
Other factors, including the escalating product demand from the manufacturing sector, modernization of industrial machinery, rapid industrialization, and ongoing research and development (R&D) activities, are also providing a positive thrust to the market growth.
Global Compressor Oil Market 2022-2027 Analysis and Segmentation:
Competitive Landscape with Key Players:
- Royal Dutch Shell PLC
- ExxonMobil Corporation
- BP International Limited
- Chevron Corporation
- Total S.A.
- Sinopec Group
- The PJSC Lukoil Oil Company
- Indian Oil Corporation Ltd.
- The Fuchs Group
- Idemitsu Kosan Co. Ltd
- Petroliam Nasional Berhad (Petronas)
- DuPont de Nemours, Inc. (DuPont)
- Croda International PLC.Sasol Limited
- The Phillips 66 Company
- Bel-Ray Company LLC.
- Morris Lubricants Limited
- Penrite Oil Company.
Market Breakup by Compressor Type:
- Positive Displacement Compressor
- Dynamic Compressor
Market Breakup by Base Oil:
- Synthetic Oil
- Mineral Oil
- Semi-Synthetic Oil
- Bio-Based Oil
Market Breakup by Application:
- Gas Compressor
- Air Compressor
Market Breakup by End Use Industry:
- General Manufacturing
- Oil and Gas
- Chemical and Petrochemical
- Power Generation
Market Breakup by Region
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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Also Read: https://mind-drama.com/copper-pipes-and-tubes-market-report-2022-2027/
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