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
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.
No comments:
Post a Comment