Global Compressor Oil Market Forecast 2019-2023 - Opportunities in the Development of Zinc-Free (Ashless) Compressor Oils
DUBLIN, Feb. 19, 2019 /PRNewswire/ -- The "Compressor Oil Market by Base oil, Compressor Type, Application, End-Use Industry - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The compressor oil market size is projected to grow from USD 10.1 billion in 2018 to USD 13.2 billion by 2023
Industrial growth in growing regions such as APAC and the Middle East & Africa coupled with rising automation in various end-use industries is expected to drive the demand for compressor oil during the forecast period. However, technological advancements and oil rejuvenation act as restraining factors for the growth of the compressor oil market.
The synthetic oil segment is expected to lead the compressor oil market, in terms of volume, during the forecast period.
The synthetic oil segment is expected to lead the compressor oil market, in terms of volume, from 2018 to 2023. The dominance of the synthetic oil segment is owing to its high performance in extreme conditions, high drain interval, better viscosity index, higher shear stability, and chemical resistance. Synthetic oils can perform at extreme temperatures; moreover, due to its low volatility, there is reduced oil consumption, oil residue, and deposit formation, which enhance the compressor performance.
The general manufacturing industry is projected to account for the largest share of the overall compressor oil market, in terms of volume, between 2018 and 2023.
General manufacturing is the largest end user of compressor oil. General manufacturing includes various small industries such as transportation equipment, metal production, commercial machinery, food & beverage, and rubber & plastic. These industries consume compressor oil during product manufacturing; hence, the use of compressor oil is important in these industries to ensure smooth functioning of the machine. The rapid growth of the manufacturing sector in the developing regions is expected to drive the compressor oil market during the forecast period.
APAC is expected to be the largest and fastest-growing compressor oil market during the forecast period, in terms of volume.
APAC is projected to be the largest and fastest-growing compressor oil market during the forecast period due to the high growth of the manufacturing and construction industries in the emerging countries such as China, India, Japan, and South Korea. The domestic and foreign investments in the construction industry have been consistently growing over the past decade in this region. Moreover, the rising investment for infrastructure development in the developing countries of APAC is fueling the compressor oil market in the region.
Market Dynamics
Drivers
- Massive Industrial Growth in APAC and the Middle East & Africa
- Growing Demand for High-Quality Compressor Oil
- Rise in Automation in Various Industries
Restraints
- Technological Advancements
- Oil Rejuvenation
Opportunities
- Development of Zinc-Free (Ashless) Compressor Oils
Porter's Five Forces Analysis
Industry Outlook
- Construction Industry
Companies Mentioned
- Addinol
- Amalie Oil Co.
- BP PLC
- Bel-Ray Company LLC.
- Bharat Petroleum
- British Petroleum (BP) PLC
- Chevron Corporation
- Croda International PLC.
- ENI SPA
- Engen Petroleum
- Exxonmobil Corporation
- Fuchs Group
- Idemitsu Kosan Co. Ltd.
- Indian Oil Corporation Ltd.
- Liqui Moly GmbH
- Lubrication Technologies Inc.
- Lukoil
- Morris Lubricants
- Peak Lubricants Pty Ltd.
- Penrite Oil
- Petro-Canada Lubricants Inc.
- Petroliam Nasional Berhad (Petronas)
- Phillips 66
- Rock Valley Oil and Chemical Co.
- Royal Dutch Shell PLC
- Sasol Limited
- Sinopec Limited
- The DOW Chemical Company
- Total SA
- Valvoline Inc.
For more information about this report visit https://www.researchandmarkets.com/research/2r5ccs/global_compressor?w=5
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