Press release
Compressor Oil Market Size & Share Outlook up to 2024
The compressor oils are formulated with superior hydro-treated base stocks and additives that provide very high lubrication even in high temperature and load conditions. The compressor oil has a number of applications in the automotive, food and beverages, mining, manufacturing, oil and gas, and other industries. The properties such as corrosion and oxidation resistance, thermal stability, lifetime durability and low-maintenance cost of the compressor oil fuel its demand.
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Global Compressor Oil Market: Growth Factors
The increasing number of manufacturing companies in the developing countries boosts the global compressor oil market growth. The low cost of maintenance and high-performance capability has fueled the demand for compressor oil products in the compressor oil market throughout the globe. The easy availability of the compressor oil in the various regions drives the global market growth. The application of the compressor oil in the various end-use industries such as automobiles, power, manufacturing, foods and beverages, oil and gas, and others help escalate the growth of compressor oil market. The rising liberalization of the foreign trades, higher investments, change in the industrial policies, and the rising demand for automobiles in the various regions is expected to trigger the compressor oil market growth.
Global Compressor Oil Market: Segmentation
The compressor oil market is bifurcated on the basis of end-use industries, compressor type, base oil type, and region. The end-use industries segment is further categorized into metal production, chemical and petrochemical, automotive, manufacturing, food and beverages, construction and mining equipment, oil and gas, and power industries. The compressor type segment is divided into rotary screw compressor, axial compressor, centrifugal compressor, reciprocating compressor, dynamic and positive displacement compressor. The base oil type segment is categorized into bio-based, synthetic, PAG, PAO, mineral, ester, and semi-synthetic base oil type. The regional segmentation includes Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific.
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Global Compressor Oil Market: Regional Analysis
The high growth in the end-use industries in the Asia-pacific region is the major reason for the region to dominate the global compressor oil market. The growing population along with the demand for automobiles is fueling the global market growth in regions such as India, China, and Japan. The massive industrial development in the Middle East and African region drives the market growth in those regions. North America is also expected to be the second region with highest compressor oil market growth.
Global Compressor Oil Market: Competitive Players
The major compressor oil manufacturers in the market include Sinopec Limited, Royal Dutch Shell plc, Exxon Mobil Corporation, Total S.A., Lukoil, BP plc., and The Dow Chemical Company. The other key players in the market are Fuchs Petrolub AG, Chevron Corporation, Croda International plc, Sasol Limited, and BASF SE. These competitors adopt strategies such as partnerships, advanced technological development, new product development, contracts, agreements, and expansion in order to dominate the global compressor oil market.
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Global Compressor Oil Market: Regional Segment Analysis
North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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