Future Market Insights
Compressor oil is a lubricant used for lubrication and proper working of metal parts involved in air/gas compressors. It is designed to deliver long life service in most compressor applications. Moreover, compressor oil is used to formulate lubricants for vane-type, reciprocating, and rotary-screw compressors where compressed oil and gas are in direct contact. This requires exceptional gas/oil separation capabilities and oxidation stability, on top of lubricating and anti-wear qualities. Compressor oil is the combination of base oil and additives where base oil is extracted from crude oil in various plants. Its performance is mainly dependent on base oil characteristics. Therefore base oil characters should encounter all performance demands, permitting formulators to create distinguished compressor lubricants that enhance performance and reduce environmental impact.
Many plants and manufacturing industries uses compressed air systems where compressor oil has wide range of applications to keep the whole operation running. Moreover to this, appropriate lubrication will ensure that the compressor will continue operating and the plant will escape costly interruption and repairs. Also suitable compressor oil will help compressor function cooler and consume less electrical power. Therefore for reducing energy consumption, better compressor oil should be used. Hence increasing concerns for low power consumption in many manufacturing industries is outgoing to drive the compressor oil market in the forecasted period.
Global Compressor Oil Market: Dynamics
The demand from automotive, marine and refrigeration industries are expected to show healthy growth of the global compressor oil market in the forecasted period. Moreover, refilling of the compressor oil during maintenance period in all end use industries is another key factor driving the compressor oil market in the near future.
The growth of compressor oil market is mainly affected by the introduction of oil-free compressors. These compressor are operated without the usage of compressor oil. Owing to the requirement of superior quality of air for special applications. Additionally, oil-free compressors are light weight and are economical as compared with the conventional one and therefore affection the growth of compressor oil market. In terms of trends, the preference of bio-based oils is expected to influence the existing consumption rate of the synthetic based compressor oil market with regulations and industry norms deemed to be mandatory in the forecast period.
Global Compressor Oil Market: Segmentation
Segmentation of global compressor oil market can be done on the basis of compressor type, base oil type, end use and region.
On the basis of application, global compressor oil market can be segmented into
On the basis of base oil type, global compressor oil market can be segmented into
On the basis of end use, global compressor oil market can be segmented into
On the basis of sales channel, global compressor oil market can be segmented into
Global Compressor Oil Market: Regional Outlook
Asia-Pacific is projected to be the leading market for compressor oil in the forecasted period. As domestic and foreign investments in the key segments such as manufacturing, energy, automotive and construction have been constantly growing for the past decade. Moreover, the increase in vehicle fleet in the Asia-Pacific region led to the growing demand of automobiles. As a result, there has been a constant rise in automotive industries in the region, which is eventually driving the demand for compressor oil in the region. Since automobile industry consumes compressor oil for lubrication and heat reduction of compressors used in this industry. Similarly industrialization in emerging region namely Middle East & Africa is expected to show significant growth in the near future.
Global Compressor Oil Market: Market Participants
Some of the main market participants of global compressor oil market are
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