The global compressor oil market is expected to reach USD 97.15
billion by 2024, according to a new report by Grand View Research, Inc.
Increasing industrialization in Asia Pacific and the Middle East is expected to
remain a key driving factor for global compressor oil market over the forecast
period.
Various attributes of compressor
oil such as cooling, sealing and lubricating the internal components which
ensure continuous operation and helps in reducing downtime and repair is also
expected to drive its demand. Moreover, these lubricants maintain the equipment
temperature and therefore keep them cool.
The equipment heating results in
higher power consumption and wear & tear of the machine. Cost optimization
practices adopted by various manufacturing companies are also expected to drive
demand for compressor oil. It is observed that organizations have been
implementing continuous improvement projects to reduce power consumption &
maintain continuous operational flow undertake good lubrication
practices.
Positive displacement based
products are widely used in industries owing to their high performance and low
maintenance cost. Therefore, the segment accounted for the majority of
compressor oil consumed globally. Demand for positive displacement type is
expected to develop at an approximate CAGR of 5.0% from 2016 to 2024.
Browse full research report on Compressor
Oil Market: http://www.grandviewresearch.com/industry-analysis/compressor-oil-market
Further key findings from the
report suggest:
- Global
compressor oil market demand was 6.80 million tons in 2015 and is expected
to reach 10.44 million tons by 2024, growing at a CAGR of 4.9% from 2016
to 2024
- Synthetic
was the leading base oil used in compressor oil and accounted for 43.2% of
global volume in 2015. High performance associated with synthetic oils are
expected to drive their demand over the forecast period.
- Increasing
global awareness with respect to environmental issues is anticipated to
drive the bio-based oil demand. The segment is anticipated to grow at an
estimated CAGR of 5.1% from 2016 to 2024.
- Manufacturing
and automotive sector together accounted for over half of the global
demand in 2015. Energy industry is expected to capture around one-fifth of
revenue share in 2024 with an approximate growth rate of 6% from 2016 to
2024.
- Asia
Pacific is expected to observe the highest regional growth at an
approximate CAGR of 5.6% owing to the rapid industrialization in emerging
economies including China, India, and South Korea.
- Key
players operating in the global industry are ExxonMobil, Royal Dutch
Shell, Total S.A, Lukoil, British Petroleum, Chevron Corporation, BASF,
The Dow Chemical, Sasol Limited, Sinopec Limited, Croda International and
Fuchs Petrolub.
Browse more reports of this
category by Grand View Research: http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand View Research has segmented the
compressor oil market on the basis of compressor type, base oil, end-use and
region:
Global Compressor Oil Compressor
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2024)
- Positive
Displacement Compressor
- Dynamic
Compressor
Global Compressor Oil Base Oil
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2024)
- Synthetic
- Semi-Synthetic
- Mineral
- Bio-Based
Global Compressor Oil End Use
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2024)
- Manufacturing
- Oil
& Gas
- Power
- Automotive
- Others
Global Compressor Oil Regional
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2024)
- North
America
- U.S
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Russia
- Asia
Pacific
- China
- India
- Japan
- South
Korea
- Australia
- Middle
East and Africa
- Saudi
Arabia
- South
Africa
- Kuwait
- Iraq
- Central
& South America
- Brazil
- Argentina
- Venezuela
Access press release of this
research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-compressor-oil-market
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information: www.grandviewresearch.com
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