Compressor oil is a lubricant used in mechanical devices. It is manufactured using a blend of paraffinic base oil and various other additives. It is used to reduce friction between moving surfaces of the compressor. It is also used to reduce wear & tear of machinery and prevent overheating or corrosion, which increases the efficiency of the machine. The key advantages are included reduces energy consumption, corrosion resistance, high film strength, synthetic solvency, longer oil life and others.
According to study, “Global Compressor Oil Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global compressor oil market are Royal Dutch Shell PLC, BP International Limited, ExxonMobil Corporation, Chevron Corporation, Sinopec Group, Total S.A., The PJSC Lukoil Oil Company, The Fuchs Group, Idemitsu Kosan Co. Ltd., Indian Oil Corporation Ltd., Petroliam Nasional Berhad (Petronas), The Phillips 66 Company, DuPont de Nemours, Inc. (DuPont), Croda International PLC., Sasol Limited, Bel-Ray Company LLC., Penrite Oil Company, Morris Lubricants Limited.
Based on type of compressor, compressor oil market is segmented into positive displacement compressor and dynamic compressor. Positive displacement compressor is further sub-segmented into reciprocating compressor, rotary screw compressor and others. Dynamic compressor is further sub-segmented into axial compressor and centrifugal compressor. The segment is anticipated to exhibit higher growth rate owing to increase in need for gas turbine maintenance services and oil refinery processes during the forecast period. Based on type of base oil, market is segmented into synthetic oil, semi-synthetic oil, mineral oil and bio-based oil. Synthetic oil includes esters, Polyalphaolefin (PAO) and Polyalkylene Glycol (PAG). Synthetic oils are less expensive, last longer, cleaner, and less prone to contamination. Whereas, semi-synthetic oils are blend of mineral and synthetic oils. Based on application, market is segmented into air compreesor and gas compressor. In addition, based on end-use industry, market is segmented into mining industry, construction industry, chemical & petrochemical industry, general manufacturing industry, power generation industry and others. General manufacturing industry includes transportation equipment industry, rubber & plastic industry, metal production industry, transportation industry, food & beverage industry and commercial machinery industry.
The compressor oil market is driven by rise in automation in various industries, followed by huge industrial growth in Asian-Pacific and the Middle East & Africa regions, increase in need for cost optimization and growth in demand for high-quality compressor oil. However, rise in use of oil-free compressors in various industries and increase in prices of synthetic compressor oils may impact the market. Moreover, rise in development of zinc-free (ashless) compressor oils is a key opportunity for market.
Based on geography, the Asian-Pacific region dominates the compressor oil market owing to increase in manufacturing & construction sectors and growth in industrialization in the region. The North-American and European regions are estimated to witness higher growth rate due to growth in petrochemical industry and significant growth in the heating, ventilation, and air conditioning (HVAC) industry over the forecast period. In upcoming years, it is expected that the market will be reached at rapid pace on account of rise in investments in research and development (R&D) activities to develop better-quality product variants, such as environment-friendly compressor oil during the forecast period.
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Ankur Gupta, Head Marketing & Communications