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Compressor Oil Market Segments, Analysis, Overview, Outlook Report 2024-2033
Compressor Oil Market Segments
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According to The Business Research Company's, The compressor oil market size has grown strongly in recent years. It will grow from $9.04 billion in 2023 to $9.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to industrialization and manufacturing growth, rise in energy demand, manufacturing process optimization, maintenance and equipment longevity, stringent environmental regulations.
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.
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Market Drivers and Trends:
The expanding automotive industry is expected to propel the growth of the compressor oil market going forward. The automotive industry refers to a sector that involves various companies and organizations engaged in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. Compressor oil plays a crucial role in the automotive industry by lubricating and cooling air compressors within various vehicle systems, ensuring the efficient operation and longevity of critical components such as air conditioning compressors and pneumatic systems. For instance, in August 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, total vehicle production in the United States increased to 11.77 million units in July, up from 10.91 million units in June. Therefore, the expanding automotive industry is driving the growth of the compressor oil market.
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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• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Compressor Oil Market 2024 Key Insights:
• 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%.
• Petroleum And Natural Gas Sector Drive Surge In Compressor Oil Market
• Advancements In Compressor Oil Technology
• Asia-Pacific was the largest region in the compressor oil market in 2023 and is expected to be the fastest-growing region in the forecast period
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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