The global compressor oil market was valued at over USD 55.0 billion in 2015. Emerging end use industries such as energy, food & beverage, chemical, petrochemical, mining equipment, power, agricultural equipment, metal production, automobile, construction, and aerospace are projected to trigger the global market.
The growth is primarily driven by the growing end use industries as well as the liberalization of foreign investments and foreign trade policies. Changing industrial policies to develop energy-related industries such as power infrastructure, chemical, and petrochemical is further expected to impact positively to the global volume over the forecast period.
Higher prices of the product owing to the lack of development activities of bio-based products are anticipated to hamper the product growth. Furthermore, the inclination towards oil free compressor in order to raise the equipment efficiency, decrease the environmental impacts and meet stringent government regulations norms is expected to negatively impact the market growth. However, rapid industrialization in the emerging economies such as China and India is expected to extensively trigger the global volume growth in the near future.
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Compressor Type Insights
The market is categorized as positive displacement and dynamic compressors. The market is dominated by positive displacement compressor owing to its high performance, low maintenance cost coupled with lower energy consumption. Reciprocating and rotary screw are part of positive displacement compressors. As the positive displacement ones are the primary applications for product, rising demand for this product triggers the overall market.
Dynamic compressor type includes axial and centrifugal compressors. The segment is projected to grow at a CAGR of 4.8% from 2016 to 2024. Changing consumer needs owing to the increasing application base is anticipated to drive the demand for the sector over the forecast period.
Base Oil Insights
Synthetic base oil dominates the global compressor oil market and accounts for about 43% of the total volume share. Ester, Polyalkylene glycol and polyalphaolefin are other synthetic base oils types. Preference for synthetic types over the traditional ones has contributed to the dominance of this segment in the recent past.
The segments also include minerals, bio-based and semi-synthetic oils. Rising environmental concerns coupled with strict government regulatory frameworks related to the environment is expected to drive the bio-based product demand over the forecast period.
Owing to the high demand for food & beverages, construction & mining equipment, metal production industries and petrochemicals the manufacturing segment is the largest end-use sector. The automotive industry is also anticipated to gain traction at a CAGR of 4.9% from 2016 to 2024. The compressor oil also finds application in the aerospace segment and agricultural equipment.
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In 2015, Asia Pacific accounted for a prominent share in the global market. Speedy industrialization coupled with rising disposable income has led to massive automobile demand in the region. Hence, increasing vehicle demand has fueled the overall product demand in the region.
Additionally, the ongoing government initiatives to increase foreign as well as domestic investments in sectors such as energy, manufacturing, construction and automotive are expected to have a positive impact on the regional demand during the forecast period. The strongly developed energy sector in the Middle East coupled with the rising number of transportation vehicles is expected to drive the market in the region. The Middle East & Africa is projected to grow at a high CAGR of 5.4% by industry volume from 2016 to 2022.
The global compressor oil market is highly fragmented and is likely to experience the entry of some new players due to the rising environmental concerns combined with the growth of bio-based base items. On the other hand, strict government regulations are expected to increase the demand for clean and green energy which in turn is anticipated to stimulate the manufacturers to incline their focus towards environment-friendly and high-efficiency products.
Key market players include Royal Dutch Shell PLC, ExxonMobil Corporation, Sasol Limited, Croda International PLS, The Dow Chemical Company, BASF, BP PLC, Chevron Corporation, Lukoil, Fuchs Petrolub AG and Sinopec Limited. Other notable players include Valvoline, Phillips 66 Lubricants, Ultrachem Inc., Indian Oil Corporation Ltd, Quincy Compressor, The Lubrizol Corporation, Bharat Petroleum Corporation Limited, Morris Lubricant, Amsoil Inc., Bel-Ray Co Inc., Rock Valley Oil Chemical Co., Vanair Inc., Peak Lubricant Pty Ltd, and Ingersoll Rand Inc.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals
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