Compressor Oil Market Worth $13.2 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 6, 2019 /PRNewswire/ --
According to the new research report "Compressor Oil Market by Base oil (Synthetic, Mineral, Semi-Synthetic, and Bio-based), Compressor Type (Dynamic, Positive Displacement), Application (Gas, Air), End-Use Industry (General Manufacturing, Construction, Oil & Gas) - Global Forecast to 2023", published by MarketsandMarkets™, the Compressor Oil Market is projected to reach USD 13.2 billion by 2023, at a CAGR of 5.6% from USD 10.1 billion in 2018. Compressor oils are widely used in the manufacturing sector such as transportation equipment manufacturing, metal production, commercial machinery manufacturing, food & beverage, and rubber & plastic industries. Hence, the rapid growth in these industries is expected to contribute to the growth of the Compressor Oil Market. Additionally, the growth in other industries such as construction, oil & gas, power generation, mining, and chemical & petrochemical is expected to fuel the Compressor Oil Market.
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General manufacturing was the largest end-use industry segment of the Compressor Oil Market in 2018.
The general manufacturing industry is estimated to account for the largest share of the Compressor Oil Market during the forecast period, in terms of value. General manufacturing includes various small industries such as transportation equipment, metal production, commercial machinery, food & beverage, and rubber & plastic. These industries consume compressor oil during product manufacturing; hence the use of compressor oil is important in these industries to ensure smooth functioning of the machine. The rapid growth of the manufacturing sector in the developing regions is expected to drive the Compressor Oil Market during the forecast period.
High-performance properties of synthetic oil to drive the market for compressor oil during the forecast period.
The dominance of the synthetic oil segment is projected to continue during the forecast period, owing to its high performance in extreme conditions, high drain interval, better viscosity index, higher shear stability, and chemical resistance. The increased consumer awareness regarding OEM recommendations and favorable properties of PAG, such as water solubility and high viscosity indexes are expected to drive the synthetic oil-based Compressor Oil Market during the forecast period.
APAC is estimated to be the largest market for compressor oil in 2018.
APAC is the largest Compressor Oil Market during the forecast period due to the high growth of the manufacturing and construction industries in emerging countries such as China, India, Japan, and South Korea. The domestic and foreign investments in the construction industry have been consistently growing over the past decade in this region. Moreover, the rising investment for infrastructure development in the developing countries of APAC is fueling the Compressor Oil Market in the region.
Key players profiled in the report include Royal Dutch Shell PLC (The Netherlands), ExxonMobil Corporation (US), British Petroleum Plc ((UK), Chevron Corporation (US), Total SA (France), Sinopec Limited (China), Lukoil (Russia), Indian Oil Corporation Ltd. (India), Fuchs Group (Germany), and Idemitsu Kosan Co. Ltd. (Japan).
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