The global compressor oil market size exceeded USD 55.0 billion in 2015. Developing end-use industries including chemical, energy, petrochemical, food & beverage, mining equipment, metal production, power, automobile, agricultural equipment, aerospace, and construction is expected to drive the global compressor oil market.
Increasing domestic as well foreign investment initiatives to order to enhance energy and related industries including chemical, petrochemical and power infrastructure is anticipated to positively impact global volume over the forecast period.
Lack of development initiatives of bio based products resulting into higher prices is expected to restrain the product growth. In addition, the shift in focus towards oil-free compressors to increasing equipment efficiency, reduce environmental concerns and meet strict rules & regulations is anticipated to negatively impact industry growth in near future.
Industrialization in emerging regions including the Middle East & Africa and Asia Pacific is anticipated to significantly contribute towards global volume in the near future.
U.S. compressor oil market volume by compressor type, 2014 - 2024 (USD Million)
Compressor Type Insights
The division is segmented into positive displacement and dynamic. Positive displacement type consists of reciprocating and rotary screw compressors. Reduced energy consumption resulting in higher efficiency coupled with lower maintenance cost are the major factors responsible for positive displacement dominance.
Different dynamic compressor types include axial and centrifugal. The division is expected to grow at a CAGR of 4.8% from 2016 to 2024. Expanding application base on account of changing consumer requirements is expected to drive the sector demand over the forecast period.
Base Oil Insights
Synthetic base oil covered overall volume share of around 43% in the global market. There are different synthetic types which include polyalkylene glycol, esters, and polyalphaolefin. High preference for these types has resulted into synthetic segment dominance in the past years.
The segment also comprises of mineral, semi-synthetic and bio-based. Over the forecast period, strict environmental regulatory framework coupled with growing environmental concerns including global warming is anticipated to drive bio-based product demand in near future.
The manufacturing segment was the leading end-use on account of high demand in construction & mining equipment, food & beverage, chemicals & petrochemicals and metal production industries. The automotive sector is also expected to drive at a significant CAGR of 4.9% from 2016 to 2024. The product is also consumed by agricultural equipment and aerospace segments.
Asia Pacific compressor oil market led the global industry and accounted for the largest share in 2015. Industrialization coupled with increasing disposable income resulted into enhancing automobile demand in the region. Such increase in vehicles has augmented overall product demand in Asia Pacific.
On the other hand, continuous government initiatives to drive domestic as well as foreign investment activities in areas mainly automotive, energy, construction and manufacturing has significantly impacted regional demand in the recent years.
The Middle East is expected to develop at significant growth rate over the forecast period on account of increasing number of transportation vehicles coupled with the well-developed energy sector. The Middle East & Africa industry volume is anticipated to drive at a high CAGR of 5.4% from 2016 to 2022.
The global compressor oil market is fragmented in nature and is expected to witness the entry of new players on account of increasing environmental concerns coupled with the development of bio-based base items.
In addition, a stringent environmental regulatory framework is anticipated to increase demand for green and clean energy which in turn is expected to force manufacturers to shift their focus towards high efficiency and environment-friendly products.
Key companies include ExxonMobil Corporation, BASF, Royal Dutch Shell PLC, Sasol Limited, BP PLC, Croda International PLC, Chevron Corporation, The DOW Chemical Company, Total S.A., Fuchs Petrolub AG, Sinopec Limited, and Lukoil.
Other players include Ultrachem, Inc., Phillips 66 Lubricants, Indian Oil Corporation Ltd, Amsoil Inc., Quincy Compressor, Bel-Ray Co Inc., The Lubrizol Corporation, Morris Lubricant, Ingersoll Rand Inc., Bharat Petroleum Corporation Limited, Liqui Moly Gmbh, Pentrite Oil, Rock Valley Oil and Chemical Co., Valvoline, Peak Lubricant Pty Ltd and Vanair Inc.
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