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.
Access Research Report of 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 at: 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
Access Press Release of
Compressor Oil Market@: www.grandviewresearch.com/press-release/global-compressor-oil-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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