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.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/compressor-oil-market
Further key findings from the report suggest:
·
Global compressor oil market demand was 6.80
million tons in 2015 and is expected to reach 10.44 million tons by 2024,
growing at a CAGR of 4.9% from 2016 to 2024
·
Synthetic was the leading base oil used in
compressor oil and accounted for 43.2% of global volume in 2015. High
performance associated with synthetic oils are expected to drive their demand
over the forecast period.
·
Increasing global awareness with respect to
environmental issues is anticipated to drive the bio-based oil demand. The
segment is anticipated to grow at an estimated CAGR of 5.1% from 2016 to 2024.
·
Manufacturing and automotive sector
together accounted for over half of the global demand in 2015. Energy
industry is expected to capture around one-fifth of revenue share in 2024 with
an approximate growth rate of 6% from 2016 to 2024.
·
Asia Pacific is expected to observe the highest
regional growth at an approximate CAGR of 5.6% owing to the rapid
industrialization in emerging economies including China, India, and South
Korea.
·
Key players operating in the global industry are
ExxonMobil, Royal Dutch Shell, Total S.A, Lukoil, British Petroleum, Chevron
Corporation, BASF, The Dow Chemical, Sasol Limited, Sinopec Limited, Croda
International and Fuchs Petrolub.
Browse
more reports of this category by Grand View Research: http://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)
·
Positive Displacement Compressor
·
Dynamic Compressor
Global Compressor Oil Base Oil Outlook (Volume, Kilo Tons; Revenue,
USD Million, 2016 - 2024)
·
Synthetic
·
Semi-Synthetic
·
Mineral
·
Bio-Based
Global Compressor Oil End Use Outlook (Volume, Kilo Tons; Revenue,
USD Million, 2016 - 2024)
·
Manufacturing
·
Oil & Gas
·
Power
·
Automotive
·
Others
Global Compressor Oil Regional Outlook (Volume, Kilo Tons; Revenue,
USD Million, 2016 - 2024)
·
North America
o
U.S
o
Canada
o
Mexico
·
Europe
o
Germany
o
UK
o
France
o
Spain
o
Russia
·
Asia Pacific
o
China
o
India
o
Japan
o
South Korea
o
Australia
·
Middle East and Africa
o
Saudi Arabia
o
South Africa
o
Kuwait
o
Iraq
·
Central & South America
o
Brazil
o
Argentina
o
Venezuela
For press release of this report - http://www.grandviewresearch.com/press-release/global-compressor-oil-market
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