The surge in demand for synthetic compressor oil from the power generation industry is expected to contribute significantly towards the growth of the compressor oil market, finds Future Market Insights (FMI) in a study. According to the report, the market is forecast to exhibit a CAGR of 4.6% by 2031.
Growth will continue, especially as the demand for an uninterrupted power supply leads to increased spending on power infrastructure. As per FMI, synthetic oil will account for over 50% of sales in 2021. Bullish growth is on cards despite a period of a temporary lull following curbs imposed amid COVID-19.
Moreover, the steady recovery of the oil gas industry from the downturn is likely to augment sales in the global compressor oil market. The oil gas industry was heavily impacted owing to muted demand from end-use industries amid the ongoing pandemic.
Recovering oil gas demand owing to the return of industrial activity is likely to help the global compressor oil market grow during the forecast period. Compressor oil is a highly formulated refined base oil, which contains relatively high-performer additives to promote lubrication in various types of compressors.
“Compressor oil market has a consolidated vendor landscape, primarily dominated by the manufacturers of synthetic oil. Competition however is likely to increase and to gain edge market players are expected to focus on expanding their production capacity. Besides this, some are even undertaking strategic collaborations to expand their footprint globally,” said a lead analyst at FMI.
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Compressor Oil Market by Category
By Oil Type
- Synthetic Oil
- Mineral Oil
- Semi-Synthetic Oil
- Bio-Based Oil
By Compressor
- Reciprocating Compressors
- Sliding Vane Compressors
- Centrifugal Compressors
- Screw Compressors
- Rotary Compressors
By End Use
- Oil Gas
- Automotive
- Power
- Manufacturing and Others
By Sales Channel
- OEM
- Aftermarket
Compressor Oil Market: Participant Insights
Key manufacturers in the Compressor Oil market, like ExxonMobil Corporation, Royal Dutch Shell Plc., BP Plc, Chevron, Total SA, Sinopec, DOW Inc., Fuchs Petrolub AG, BASF SE, Atlas Copco Ltd., Croda International plc, Sasol Limited, UltraChem Inc., Castral, The Refrigerant Oil Company Pty Ltd, Petro‐Canada Lubricants Inc., Carol Petroleum Pvt Ltd, The United Oil Company Inc., Carol Petroleum Pvt Ltd, Kluber Lubrication, ICHIRO CORPORATION CO LTD, JAPAN and others are focused on strengthening their product portfolio and expanding their market footprint through the acquisition of smaller companies in the market.
