North America holds huge potential for overall compressor oil market size growth in the coming years. Growing demand in U.S. oil & gas industry is likely to propel regional product revenue by 2024. Asia Pacific shall be the fastest growing segment with significant CAGR owing to rising demand for automotive, manufacturing and power generation industries. Further, government initiative towards implementing energy competent techniques shall accelerate product demand in the region.
Compressor Oil Market size is likely to grow with prominent CAGR during the forecast timespan. Compressor oil is used in rotary vane and screw compressors. The main function of compressor oil is to enhance the operating power of air compressors by using splash lubrication technique. In this technique, the oil is thrown to the cylinder and bearings of the machine which helps to lubricate the machine making it more efficient than usual. It is significantly used for lubrication, sealing and eliminating heat. The properties of oil compressors are chemical stability, viscosity, and dielectric strength & moisture. It is majorly categorized as mineral and synthetic oil.
Mineral oils are mixture of hydrocarbons, derived from crude oils through distillation, cracking and solvent extraction techniques. It is available throughout the world at reasonable prices. Conventional mineral oil often fails to meet the requirement during low or high temperatures whereas synthetic oil offers better performance at extreme temperatures. Synthetic oil is a preferred choice for lubricating cargo gas compressors. It is a complex mixture of hydrocarbon which is comparatively expensive than mineral oil.
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Increasing application of oil compressors in automotive, power generation and oil & gas industries shall accelerate the product demand over the next few years. For instance, reciprocating air compressors, centrifugal compressor, gas compressors are used in oil & gas industry for petroleum refining, petrochemical synthesis, pipeline transportation, gas injection, etc. To meet the consumer demand for energy sources with growing needs for petroleum products, oil compressor has become an essential element in oil & gas industry.
Screw compressor can withstand extreme weather conditions and fluctuations and delivers consistent output during harsh weather. It is significantly used for industrial applications owing to its simple maintenance system, minimum heat generation, light & portable mechanism, less noise explosion and ability to function at rough & tough weather. Increasing demand for screw compressors in end-user industries will positively influence the compressor oil market during the forecast timeframe.
Global compressor oil market leaders are investing in R&D activities to improve oil free compressor energy efficiency. Due to environmental concerns regarding petrochemical based products and stringent regulations devised on manufacturing & handling process of oil compressor, bio-based oil compressors have started gaining attention across the globe. Bio-based compressor oil cost higher than conventional and synthetic compressor oil due to which certain manufacturers are shifting their focus toward developing energy efficient and oil free compressor that will fuel the global oil compressor market over the projected timeframe.
The compressor oil market is segmented into synthetic, semi-synthetic, mineral and bio-based. Synthetic compressor oil segment had higher market share over mineral in 2017 as it is cleaner, less expensive, long lasting and less prone to contamination. Mineral compressor oil is likely to grow at a steady rate over the forecast years owing to its environment friendly features.
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Compressor oil market is further segmented based on compressor type such as positive displacement and dynamic. Positive displacement works by capturing volume of air in chamber and then reduces the volume of chamber to compress air. Dynamic displacement compressor avoids physical activity of reducing the air, instead it allows air process to speed up and later restrict the air flow which reduces velocity creating a pressure. The Positive displacement compressor have witnessed substantial growth in recent years and is likely to grow at remarkable pace over the forecast timespan.
End-user segment comprises of manufacturing, oil & gas, power and automotive. Oil & gas segment is growing with a significant CAGR owing to growing compressor application for petroleum products processing. Automotive and power segment shall grow moderately, whereas manufacturing segment has witnessed exponential demand in recent years owing to surging need for energy efficient techniques.
The major market players involved in compressor oil industry are ExxonMobil Corporation, Chevron Corporation, Sinopec Limited, Dow Chemical Company, BASF SE, Sasol Limited, etc. Other than these companies, there are few other market players, suppliers and distributors that play a vital role in industry’s value chain.
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