An analysis of compressor oil market has been provided in the latest report introduced by Global Market Insights, Inc. that primarily focuses on the market trends, demand spectrum, and prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.
End-user segment comprises of manufacturing, oil & gas, power and automotive. Oil & gas segment is growing with a significant CAGR owing to growing compressor application for petroleum products processing. Automotive and power segment shall grow moderately, whereas manufacturing segment has witnessed exponential demand in recent years owing to surging need for energy efficient techniques.
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Compressor Oil Market size is likely to grow with prominent CAGR during the forecast timespan. Compressor oil is used in rotary vane and screw compressors. The main function of compressor oil is to enhance the operating power of air compressors by using splash lubrication technique. In this technique, the oil is thrown to the cylinder and bearings of the machine which helps to lubricate the machine making it more efficient than usual. It is significantly used for lubrication, sealing and eliminating heat. The properties of oil compressors are chemical stability, viscosity, and dielectric strength & moisture. It is majorly categorized as mineral and synthetic oil.
Global compressor oil market leaders are investing in R&D activities to improve oil free compressor energy efficiency. Due to environmental concerns regarding petrochemical based products and stringent regulations devised on manufacturing & handling process of oil compressor, bio-based oil compressors have started gaining attention across the globe. Bio-based compressor oil cost higher than conventional and synthetic compressor oil due to which certain manufacturers are shifting their focus toward developing energy efficient and oil free compressor that will fuel the global oil compressor market over the projected timeframe.
The compressor oil market is segmented into synthetic, semi-synthetic, mineral and bio-based. Synthetic compressor oil segment had higher market share over mineral in 2017 as it is cleaner, less expensive, long lasting and less prone to contamination. Mineral compressor oil is likely to grow at a steady rate over the forecast years owing to its environment friendly features.
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North America holds huge potential for overall compressor oil market size growth in the coming years. Growing demand in U.S. oil & gas industry is likely to propel regional product revenue by 2024. Asia Pacific shall be the fastest growing segment with significant CAGR owing to rising demand for automotive, manufacturing and power generation industries. Further, government initiative towards implementing energy competent techniques shall accelerate product demand in the region.
The major market players involved in compressor oil industry are ExxonMobil Corporation, Chevron Corporation, Sinopec Limited, Dow Chemical Company, BASF SE, Sasol Limited, etc. Other than these companies, there are few other market players, suppliers and distributors that play a vital role in industry’s value chain.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.