COMPRESSOR OIL MARKET ANALYSIS
Compressor Oil Market, by Compressor Type (Dynamic Displacement, and Positive Displacement), by Base Oil Type (Synthetic, Mineral, Semi-synthetic, and Bio-based), by End-use Industry (Industrial Machinery, Oil & Gas, Power Generation, Automotive, and Others), and by Region (Europe, North America, Latin America, Middle East & Africa, and Asia Pacific) – Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
Compressor oil is a mixture of specially formulated fluids such as base oil (extracted from crude oil in various plants) and additives. The performance of compressor oil is mostly dependent on base oil characteristics. Compressor oil is a lubricant used for proper working of metal parts and for lubrication purpose involved in variety of reciprocating and rotary gas compressors. It serves as a sealing fluid, as protective surface film to decrease friction, and for performance improvement of compressor.
Market Dynamics:-
Increasing demand for compressor oil from marine, refrigeration, and automotive industry is expected to boost growth of the compressor oil market during the forecast period. Moreover, refilling of compressor oil in end-use industries such as power generation, oil & gas, and others during maintenance period also helps to boost the compressor oil market growth.
Among product type, the dynamic displacement compressor segment is expected to hold dominant position in the compressor oil market during the forecast period. Dynamic displacement compressors find applications in mining, food processing, petroleum refining, pulp and paper, and other industries. Compressor oils are used by these industries for in maintenance of equipment as they offer smooth functioning of equipment.
However, increasing demand for oil-free compressors is expected to adversely affect growth of the compressor oil market. Oil-free compressor offer some advantages such as, efficient operation at lower costs, retrofitting of existing systems, rising adoption of variable-speed compressors, and low maintenance costs.
Market Outlook:-
Asia Pacific holds dominant position in the compressor oil market and is the fastest growing market during the forecast period. Increasing demand for automobiles in the region is expected to boost growth of Asia Pacific compressor oil market over the forecast period. Compressor oil is used for removal of heat, for sealing, and for lubrication purposes in air condition systems in the automobile industry. Furthermore, increasing government initiatives for rapid growth of manufacturing industries is expected to support the market growth in the region.
According to Global Trade Atlas, MIIT, China Association of Automobile Manufacturers, China continues to be the world’s largest vehicle market with sales of over 28 million units in 2016, and is expected to reach 30 million units by 2020 and 35 million units by 2025.
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Key Players:-
Major players operating in the global compressor oil market include, Fuchs Petrolub AG, Exxon Mobil Corporation, Total S.A., Royal Dutch Shell plc, Sinopec Limited, The Dow Chemical Company, Chevron Corporation, Lukoil, BP plc., BASF SE, Sasol Limited, Croda International plc., and others.
Market Taxonomy:-
On the basis of compressor type, the global compressor oil market is segmented into:
· Dynamic Displacement
· Positive Displacement
On the basis of base oil type, the global compressor oil market is segmented into:
· Synthetic
· Mineral
· Semi-synthetic
· Bio-based
On the basis of end-use industry, the global compressor oil market is segmented into:
· Industrial Machinery
· Power Generation
· Oil and Gas
· Automotive
· Others
On the basis of region, the global compressor oil market is segmented into:
· North America
o U.S.
o Canada
· Latin America
o Brazil
o Argentina
o Mexico
· Europe
o U.K.
o Germany
o Italy
o Spain
o France
o Poland
o Russia
o Rest of Europe
· Asia Pacific
o China
o India
o New Zealand
o Japan
o ASEAN
o Australia
· Middle East and Africa
Compressor Oil Market Key Developments:
· In April 2016, Exxon Mobil Corporation introduced its new lubricant ‘Mobil SHC Gargoyle 80 POE’. This is a lubricant intended for use in refrigeration compressors. This lubricant oil is formulated using polyol ester technology (POE) and is specifically designed for reciprocating compressors using carbon dioxide as a refrigerant.
· In August 2016, Fuchs Petrolub SE, a global leader in lubricants industry, announced that it has acquired a Delaware based company Ultrachem Inc. Ultrachem Inc is a producer and supplier of specialty synthetic lubricants for the compressor (Original equipment manufacturer) OEM. This acquisition is expected to strengthen Fuchs’ product portfolio.
· In June 2019, Total Lubrifiants SA launched ‘Planetelf PAG K 40’ which is a high performance lubricant for automotive air conditioning compressors. Planetelf PAG K 40 meet the requirements of both R134a and HFO-1234yf refrigerant gases which are present in the automotive air-conditioners. Planetelf PAG K 40 is expected to offer good miscibility, and reduce wear on compressors.
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