SAN FRANCISCO, April 30, 2019 /PRNewswire/ -- The global compressor oil market size is estimated to reach USD 5.59 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 5.1% during the forecast period. Growing industrial sector in the Middle East and Asia Pacific is anticipated to drive the demand for compressor oils over the forecast period.
Key suggestions from the report:
- Synthetic base oil dominated the global compressor oil market with a revenue share of over 43.0% in 2017. Synthetic oils are preferred for compressors owing to their molecular makeup
- Asia Pacific is likely to observe a remarkable CAGR of 4.9% in terms of volume during the forecast period, on account of abundant availability of raw materials and high rate of industrialization in the region
- Large industrial base is expected to augment the market in North America
- Some of the key participants present in the market are Royal Dutch Shell; ExxonMobil; Lukoil; Total S.A; Chevron Corporation; British Petroleum; The Dow Chemical; BASF; Sinopec Limited; Sasol Limited; Fuchs Petrolub; and Croda International
Read 163 page research report with TOC on "Compressor Oil Market Size, Share & Trends Analysis Report By Base Oil (Synthetic, Mineral, Bio-Based), By Compressor Type (Positive Displacement, Dynamic), By End Use, And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/compressor-oil-market
Manufacturers have to comply with regulations and guidelines regarding disposal of industrial compressor oils. Surging demand for bio-based products owing to rising environmental concerns are projected to play a vital role in market expansion. However, high costs associated with production of bio-based product type are poised to remain a key challenge for market participants.
Bio-based compressor oils have significantly shown an increase in terms of market share. Croda International Plc aims at competing with major synthetic lubricant manufacturers by introducing bio-based lubricants. In 2014, the U.S Department of Agriculture approved four Bio-based lubricants of Croda. The bio content in each of the products varies from 70.0% to 90.0%.
Compressor oils are largely used for industrial applications and companies follow the franchise model for establishing good distribution and sales network. These manufacturing companies are realizing the need to concentrate on core competencies by either outsourcing their retail distribution or establishing a subsidiary company.
Compressor oils are capable of performing several functions owing to their anti-wear performance, copper corrosion resistance, foam resistance, rust protection, hydrolytic stability, and oxidation stability properties. In order to achieve a particular performance parameter, compressor oil manufacturers have to invest heavily for experimentation and testing of performance of a particular chemical composition and thus, need to invest heavily in R&D activities.
Grand View Research has segmented the global compressor oil market on the basis of compressor, base oil, end use, and region:
- Compressor Oil Compressor Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- Positive Displacement Compressor
- Dynamic Compressor
- Compressor Oil Base Oil Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- Compressor Oil End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- Oil & Gas
- Power Generation
- Other Industries
- Compressor Oil Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- Central & South America
Find more research reports on Petrochemicals Industry, by Grand View Research:
- Benzene And Its Derivatives Market – Global benzene and its derivatives market is expected to witness strong growth over the forecast period owing to increasing demand in coating & paints and automotive industries.
- Propanol Market – Global propanol market is expected to augment over the forecast period, owing to rising demand from end-use industries.
- Vinyl Chloride Monomer (VCM) Market – Global vinyl chloride monomer (VCM) is expected to grow positively owing to growing construction industry coupled with piping industry over the forecast period.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.