This market research report segments the market by type (PD compressors and centrifugal compressors), by oil (mineral-based oil, synthetic oil and bio-based oil), by end-users (manufacturing, oil and gas, power and others) and by geography (APAC, EMEA and Americas). Top vendors in the market include BP, Castrol, CNPC, ExxonMobil, Dow, Royal Dutch Shell and Total.
Technavio’s market research analystestimates the compressor oil market to grow at a CAGR of around 5% between 2015 and 2019, driven by the marked-up demand for compressors across the globe. Compressors have found extensive applications in the manufacturing, oil and gas, power, chemical, pharmaceutical, and food and beverage industries.
Compressor oils act as a sealing fluid, and are direct contact coolants for compressors. They provide a protective film over metal parts to reduce friction and protect exposed parts, thus lowering harmful deposits, and ensuring improved performance of compressors.
APAC dominates the global compressor oil market with around 41% of the market share, followed by EMEA and Americas. Increased industrialization in APAC has resulted in heightened demand from oil and gas, mining, and manufacturing industries, thus propelling forward the market growth. The region is witnessing a huge rise in manufacturing utilities, and is a key provider of raw materials and labor pool at reasonable prices, which is intensifying the growth of this market. India, China, Japan, and South Korea are the major contributors of this market in this region.
Compressor oil market in APAC 2014-2019 (million metric tons)
Source: Technavio Research
“Vendors are developing advanced energy-efficient compressors intended to provide energy savings of more than 50%. Of late, the use of compressed air to develop renewable energy is gaining momentum, with increased R&D investments. Manufacturers are aiming to develop more customized compressor solutions to meet end-users’ requirements in terms of design and eco-friendliness, which will result in increased demand for customized compressor oils,” says Navin Rajendra, Lead Analyst, Energy, Technavio Research.
Key vendors in the market include BP, Castrol, CNPC, ExxonMobil, Dow, Royal Dutch Shell and Total. The market comprises international, regional, and local vendors. APAC vendors are dominating the market, thanks to the rising demand for compressor oils and low-cost production in the region.
This report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. There are many key drivers, challenges, and opportunities that are discussed in detail.
More detailed analysis is available in the Technavio report global compressor oil market.
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