Kenneth Research recently added a report on the Compressor Oil Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
The global compressor oil was valued at $7.2 billion in 2018 owing to the increasing adoption of these oils from several industrial domains. Moreover, vacuum pump and air compressor requires compressor oil to attain maximum performance, uptime and for longer duration. Compressor oil is a considered to be crucial constituent for any air conditioning structure and is further used for reducing heat, repairing machines, lubrication and reduced downtime. Furthermore, the various advantages associated with the adoption of compressor oil include refining the inclusive performance of equipment, decreasing friction and further protecting surface films.
Furthermore, low maintenance cost, high performance capability of compressor oils, cost optimization, and easy accessibility of these oils are key factors strengthening the growth of the compressor oil market globally.
Increasing requirement among manufacturers pertaining to cost optimization is the key factor driving the growth of the global compressor oil market. Lubricating is considered to be a crucial method in execution of cost optimization methods and there are several shut down being witnessed form the rotary screw gas compressor owing to wear in the gas solubility and viscosity. Furthermore, adoption of lubricants in sealing and cooling of internal components of appliance thus eliminates the risk of wear and tear and thereby promotes effective functioning of equipment. However, use of oil-free compressors in several industries is the key factor hindering the growth of the global compressor oil market significantly.
Compressor oil market forecast 2019 – 2029 estimates the historical market size in terms of consumption as well as revenue generated by the industry players across the globe. It offers the opportunity analysis along the value chain for the compressor oil manufacturers. Also, the report offers the vendor analysis along with price trend which provides an edge to the stakeholders especially manufacturers to create a better understanding of the market. oil & gas, manufacturing, automotive, power generation, chemical and petrochemical, and other industry players benefit from the product benchmarking and matrix helping them to take right decision in choosing the right product with optimum prices suited for their end use applications.
The reports provide the analysis based on compressor, base oil, and end user segment. On the basis of compressor, the global compressor oil market is segmented into dynamic and positive displacement. Among the two compressors, positive displacement is anticipated to generate larger revenue throughout the estimated period owing to extensive acceptance of positive displacement compressor from several manufacturing domains such as petrochemical, construction & mining, metal production, and chemical. A positive displacement compressor performs functioning in an efficient manner regardless of outlet compression and thereby ensures persistent flow.
Based on base oil, the global compressor oil market is categorized into semi-synthetic, mineral, bio-based, and synthetic. Among all these segments, synthetic oil segment is anticipated to hold the largest share in the global compressor oil market in terms of revenue between 2019 – 2029. Synthetic oil provides improved performance and protection efficiency as compared to other conventional blend oils. Moreover, ability to reduce tear, shielding against high temperatures, battling deposit build up, and sludge along with controlling oil breakdown are key features rendered by synthetic oils that thereby make them popular for increasing uses and acceptance in several industry domains.
On the basis of end user, the global compressor oil market is classified into oil & gas, manufacturing, automotive, power generation, chemical and petrochemical, and others. Among these segments, chemical and petrochemical sector is estimated to be the fastest growing end user industry in terms of volume during the forecast period. The growth of this segment is attributed towards extensive amount of manufacturing capacities being undertaken worldwide.
Asia-Pacific is the largest revenue holder in the compressor oil market owing to rampant urbanization and industrialization along with extensive adoption of compressor oil from several industry domains in the region such as construction and manufacturing domain. Moreover, extensive investment for infrastructure development in the emerging countries in Asia-Pacific is escalating the growth of compressor oil market in this region.
The report also offers the insights for the North American, European, Latin American, and Middle East and African Market. A detail analysis of historic and forecast consumption data, revenue in the market and competitive analysis for major competitors in each region is also provided.
The eminent key players in the global compressor oil market are entering into strategic alliances and mergers & acquisitions in order to expand their product portfolio and increase their market base. Some of the players having prominent presence in the global compressor oil market include Exxon Mobil Corporation, BP Plc, Croda International Plc, Sasol Limited, Chevron Corporation, Fuchs Petrolub SE, Lukoil Oil Company, Royal Dutch Shell Plc, China Petrochemical Corporation (Sinopec Group), DowDuPont, BASF SE, and Total SA.
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