Compressor Oil Market to Reach US$ 8.3 Billion by 2028 | CAGR of 4.05 %

According to the latest report by IMARC Group, titled "Compressor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", the global compressor oil market size reached US$ 6.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.05% during 2023-2028.

Compressor oil is a formulated lubricant that is widely utilized for decreasing heat and cooling down the compressors in refrigeration and air conditioning systems. It is a form of base oil that is extracted from crude oil in various plants. It is determined by the characteristics of numerous types of base oil, including mineral, bio-based, synthetic, and semi-synthetic oil. It ensures the effective functioning of the metal components while enhancing the machinery's performance with its anti-rust properties. It has exceptional oxidation stability and leaves a low-carbon residue that minimizes the maintenance and operation costs for the user. Besides this, it is also adopted as a sealing fluid and a protective surface film to reduce friction across several industries.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally-our estimates about the latest market trends and forecast values after considering the impact of this pandemic.

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Global Compressor Oil Market Trends:

The escalating demand for compressor oil from the industrial sector majorly drives the global market. This can be attributed to the extensive product application across manufacturing, power generation, petrochemical, construction, mining, and chemical industries. Since compressor oil aids in maintaining the temperature of the compressor and heat dissipation, there has been a significant increase in its demand across the globe. The escalating adoption of compressor oil for decreasing the chances of wear and tear on the compressor in order to avoid high repair costs, this is also contributing to the market. Furthermore, the advent of zinc-free compress oils and the rising adoption of heating, ventilation, and air conditioning (HVAC) systems are creating a positive market outlook. Some other factors driving the market include rapid industrialization and growing investments in plant development.

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Key Segmentation:

Competitive Landscape with Key Players:

• Royal Dutch Shell PLC
• ExxonMobil Corporation
• BP International Limited
• Chevron Corporation
• Total S.A.
• Sinopec Group
• The PJSC Lukoil Oil Company
• Indian Oil Corporation Ltd.
• The Fuchs Group
• Idemitsu Kosan Co. Ltd
• Petroliam Nasional Berhad (Petronas)
• DuPont de Nemours, Inc. (DuPont)
• Croda International PLC.Sasol Limited
• The Phillips 66 Company
• Bel-Ray Company LLC.
• Morris Lubricants Limited
• Penrite Oil Company.

Breakup by Compressor Type:

• Positive Displacement Compressor
• Dynamic Compressor

Breakup by Base Oil:

• Synthetic Oil
• Mineral Oil
• Semi-Synthetic Oil
• Bio-Based Oil

Breakup by Application:

• Gas Compressor
• Air Compressor

Breakup by End-Use Industry:

• General Manufacturing
• Construction
• Oil and Gas
• Mining
• Chemical and Petrochemical
• Power Generation
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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