Compressor Oil Industry Size, Share, Demand & Growth by 2034
The sales of compressor oils market are poised to expand at a 5.4% CAGR during the forecast period, reaching a valuation of US$ 11,001.4 million by 2034. The global compressor oils are estimated to total US$ 6,513.7 million in 2024.
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.
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.
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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.
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.
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at Future Market Insights (FMI)
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