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Compressor Oil Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments | Royal Dutch Shell plc, Chevron Corporation, Exxon Mobil Corporation, Fuchs Group, Total S.A
Compressor Oil Global Market Report 2024
The compressor oil market size is expected to see strong growth in the next few years. It will grow to $12.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to globalization of trade, expansion of the renewable energy sector, advancements in synthetic compressor oils, focus on sustainable lubricants, expansion of chemical processing plants. Major trends in the forecast period include technological advancements in lubrication technology, adoption of hvac systems, integration of iot and condition monitoring, refrigeration systems, adoption of variable speed compressors.
Market Overview -
Compressor oil is a fluid composed of refined paraffinic base oils and additives that provide excellent lubrication for a wide range of rotary and reciprocating air compressors. The fluids' thermal stability and oxidation resistance can help keep compressors cleaner, allowing for longer periods between scheduled maintenance and oil changes.
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Petroleum And Natural Gas Sector Drive Surge In Compressor Oil Market
Growing demand from the petroleum and natural gas industry is expected to propel the compressor oil market going forward. Petroleum and natural gas refer to nonrenewable sources of energy. Petroleum is a liquid mixture found underground that can be used to make gasoline and diesel fuel, whereas natural gas is a fossil fuel energy source. Compressor oil is used in the petrochemical industry to prevent premature wear and tear in air compressors, that are necessary to increase the pressure of the gas being transported as it travels through the pipes to the source. For instance, in 2021, according to the US Energy Information Administration, a principal agency of the US Federal Statistical System, annual Natural gas plant liquids (NGPLs) production reached a record of nearly 5.4 million barrels per day. Therefore, the growing demand from the petroleum and natural gas industry is driving the growth of the compressor oil market.
Competitive Landscape -
Major companies operating in the compressor oil market report are Royal Dutch Shell plc, Chevron Corporation, Exxon Mobil Corporation, Fuchs Group, Total S.A., British Petroleum Public Limited Company, JXTG Nippon Oil & Energy Corporation, BASF SE, Showa Shell Sekiyu K.K., Croda International, Valvoline Cummins Inc., CASTROL Limited, Sasol Limited, Pennzoil, HP Lubricants, Morris Lubricants, Idemitsu Kosan Co. Ltd., Repsol S.A., Lubrizol Corporation, Lukoil, Phillips Petroleum Company, Quaker Chemical Corporation, Petro-Canada Lubricants Inc., Gulf Oil Corporation Limited, ENEOS Corporation, Klüber Lubrication, Indian Oil Corporation Limited, Sinopec Group, Cosmo Oil Marketing Co. Ltd., National Petroleum Limited- Petronas
Advancements In Compressor Oil Technology
Product innovation is a key trend in the compressor oil market. Major companies operating in the compressor oil market are focused on developing innovative products to strengthen their position in the market. For instance, in October 2021, Anderol B.V., a Netherlands-based chemical manufacturer, introduced a hazard-free compressor oil, Anderol Syncomp DE HSL 100, a high-performance synthetic di-ester-based compressor and vacuum pump oil that is hazard-free. It has been approved by the German Federal Institute for Materials Research and Testing (BAM), meets vacuum pump safety criteria, and has great thermal oxidation stability, resulting in extended oil life and excellent control over deposit formation.
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Key Segments -
The compressor oil market covered in this report is segmented -
1) By Base Oil: Mineral, Synthetic, Semi-Synthetic
2) By Compressor Type: Positive Displacement, Reciprocating, Rotary Screw, Other Compressors, Dynamic, Radial Flow, Axial Flow
3) By End-Use Industry: Manufacturing, Oil And Gas, Power Generation, Automotive, Other End-Use Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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