San Francisco, Nov 13 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.
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: 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
Browse press release of this report
by Grand View Research: 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.
For more information:
www.grandviewresearch.com
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