DUBAI, UAE, June 16, 2021 /PRNewswire/ -- The global compressor oil market is expected to reach a valuation of US$ 26.7 Bn in 2021, according to a study by Future Market Insights (FMI). The overall compressor oil market is expected to follow positive growth trajectory, expanding at a CAGR of 4.6% for forecast period of 2021- 2031.
Spike in consumer power requirements and increasing focus on sustainable electricity production have fueled the demand for compressors in oil & gas and other industries. Rapid urbanization and growing middle class population around the world will create novel growth opportunities for compressor oil market.
Growing investments towards developing environment friendly compressor oil which has high sustainability will propel the compressor oil market growth, finds ESOMAR-certified consulting firm Future Market Insights in this study.
Industrial compressors require oil lubed pimps which need frequent oil changes and good lubrication. Oil compressors have long life and oil plays an important role in improving the life of compressor.
Extensive research and development initiatives and heavy investment from leading market players have led to emergence of oil free compressors. This new range has a working life of 2000 hours thus giving more returns to both manufacturers and industrialists.
World is transitioning from mineral oil based compressor oils to organic and bio-based compressor oils. Bio-based compressor oils produce low carbon emission and amidst strict environmental regulations and policies, it is experiencing tremendous growth across wide range of industries.
The demand for bio-based compressor oils is expected to remain consistent in upcoming years on the backs of constant innovation and sustainable development.
"Increasing demand for consumer applications like refrigerators and air conditioners due to improved standard of living will directly fuel the compressor oil market demand throughout the forecast period," said FMI analyst.
About one-sixth of global demand of compressor oil comes from the U.S. Increasing demand of compressor in automobile, oil & gas, and power industry will fuel the compressor oil market demand in the U.S.
Rapid industrialization and thriving chemical, power, and automotive and transportation industry will drive the compressor oil market demand in China.
Presence of automotive giants in Germany and thriving end use industries will accelerate the compressor oil market growth in the country.
Growing electrification to accommodate the growing economy of India along with booming mining industry in the country has accelerated the compressor oil market demand.
Rising popularity of electric cars to reduce the environment pollution and uneven oil demands on global level will negatively influence the market growth in GCC countries.
Increasing production of automotives in U.K. will directly elevate the demand for compressors, leading to 6% y-o-y growth of compressor oil market in 2021.
Increasing demand of compressor in wide range of applications like power and energy sector is driving the compressor oil market growth.
Growing investment in research and development of eco-friendly compressor oil is further fuelling the market growth.
Elevated demand of uninterrupted and reliable electricity supply will magnify the compressor oil market demand.
Introduction of oil free compressors which provides better returns than oil based compressors is restricting the market growth.
High cost of bio-based and synthetic compressor oils hinders the market demand.
Stringent environment policies regarding manufacturing of mineral oil based compressor oil hampers market growth.
According to FMI, market players are working towards finding ways to produce high quality products are cheaper price and sustainable supply over long duration of time. Such approach will assist manufacturers to carry out their operations effectively.
Smaller market players are signing long term agreements with manufacturers to supply custom products at competitive pricing especially for end-use applications.
Leading players profiled by FMI operating in compressor oil market include:
Exxon Mobil Corporation
Royal Dutch Shell plc
Atlas Copco Group
British Petroleum plc
More Insights On FMI's Compressor Oil Market
The latest market study on global compressor oil market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of
Explore FMI's Extensive Coverage on Chemicals and materials Domain
Hydro fluorocarbon market: The global hydro fluorocarbon market report by FMI gives an in-depth insight on the future expansion prospects, trends and challenges that market is likely to face in the upcoming decade. Key statistics regarding key segments have been presented across prominent geographies, along with a detailed assessment of the market's competitive landscape.
Hydrotalcite market: The hydrotalcite market study published by FMI offers a comprehensive analysis and focused views on major trends expected to provide shape to future growth prospects. The report provides detailed analysis of the significant drivers, trends, challenges and opportunities prevailing for the forthcoming decade across key geographies along with competitive landscape of the upcoming decade.
Hydroxyapatite market: Future Market Insights gives a detailed segmentation on the global hydroxyapatite market with upcoming market trends, challenges and future growth dynamics across key geographies and prominent segments. The report provides a holistic approach, mapping the competitive landscape with detailed analysis on established players, new entrants, and opportunities likely to prevail across the 2021-2031 decade.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.