Compressor oil is a mixture of specially formulated fluids such as base oil (extracted from crude oil in various plants) and additives. The performance of compressor oil is mostly dependent on base oil characteristics. Compressor oil is a lubricant used for proper working of metal parts and for lubrication purpose involved in variety of reciprocating and rotary gas compressors. It serves as a sealing fluid, as protective surface film to decrease friction, and for performance improvement of compressor.
Increasing demand for compressor oil from marine, refrigeration, and automotive industry is expected to boost growth of the compressor oil market during the forecast period. Moreover, refilling of compressor oil in end-use industries such as power generation, oil & gas, and others during maintenance period also helps to boost the compressor oil market growth.
Among product type, the dynamic displacement compressor segment is expected to hold dominant position in the compressor oil market during the forecast period. Dynamic displacement compressors find applications in mining, food processing, petroleum refining, pulp and paper, and other industries. Compressor oils are used by these industries for in maintenance of equipment as they offer smooth functioning of equipment.
However, increasing demand for oil-free compressors is expected to adversely affect growth of the compressor oil market. Oil-free compressor offer some advantages such as, efficient operation at lower costs, retrofitting of existing systems, rising adoption of variable-speed compressors, and low maintenance costs.
Asia Pacific holds dominant position in the compressor oil market and is the fastest growing market during the forecast period. Increasing demand for automobiles in the region is expected to boost growth of Asia Pacific compressor oil market over the forecast period. Compressor oil is used for removal of heat, for sealing, and for lubrication purposes in air condition systems in the automobile industry. Furthermore, increasing government initiatives for rapid growth of manufacturing industries is expected to support the market growth in the region.
According to Global Trade Atlas, MIIT, China Association of Automobile Manufacturers, China continues to be the world’s largest vehicle market with sales of over 28 million units in 2016, and is expected to reach 30 million units by 2020 and 35 million units by 2025.
Major players operating in the global compressor oil market include, Fuchs Petrolub AG, Exxon Mobil Corporation, Total S.A., Royal Dutch Shell plc, Sinopec Limited, The Dow Chemical Company, Chevron Corporation, Lukoil, BP plc., BASF SE, Sasol Limited, Croda International plc., and others.
On the basis of compressor type, the global compressor oil market is segmented into:
On the basis of base oil type, the global compressor oil market is segmented into:
On the basis of end-use industry, the global compressor oil market is segmented into:
On the basis of region, the global compressor oil market is segmented into:
Compressor Oil Market Key Developments: