Rise In Automation For Various Industries Coupled with Massive Industrial Growth to Drive the Global Compressor Oil Market Over the Forecast Period: Ken Research
Compressor oil is one of the important components for all air conditioning system. The compressor oil manufactured from paraffinic base oil and used for decreasing the downtime, reducing heat, lubrication, and in repairing of the machines. The continuous operations of compressor lead to heat generated and wear & tear of machines. Compressor oils are proficient of performing various functions due to their anti-wear performance, foam resistance, hydrolytic stability, copper corrosion resistance, rust protection, and oxidation stability properties. The advantages of the compressor oil include reduction of friction, improve in the overall performance of equipment, protection from surface films, serving as a sealing fluid, decrease deposition of harmful compounds and reduce energy consumption. Easy availability, low-cost maintenance, and high-performance capability of compressor oils influence the use of compressor oils market globally. In addition, the reasonable cost practice is a major factor fueling the growth of compressor oils market globally.
According to study, “Global Compressor Oil Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” some of the major companies that are currently working in the global compressor oil market are IndiaOil, Bharat Petroleum, Hindustan Petroleum, Ashland (Valvoline), BP (Castrol), Apar Industries, Shell, Gulf, Raj Petro Specialities, Savita Chemicals, Chevron, ExxonMobil, Total, Dow Cornning, FUCHS, IR,BASF, Amsoil, Kluber Lubrication, JX, ENEOS, Palco, Eastern Petroleum, IDEMITSU, PETRO-CANADA, AVI-OIL, Novvi, ULTRACHEM. The DOW Chemical Company, Croda International PLC., Phillips 66, Sasol Limited, Bel-Ray Company LLC., Penrite Oil, Liqui Moly GmbH, Morris Lubricants, Rock Valley Oil and Chemical Co., Valvoline Inc., Bharat Petroleum, Peak Lubricants Pty Ltd., Addinol, Amalie Oil Co., Lubrication Technologies Inc., ENI SPA, Engen Petroleum, Petro-Canada Lubricants Inc. These manufacturing players are realizing the need to focus on core competencies by outsourcing the trade & distribution establishing a contributory company.
Based on compressor types, global compressor oil market is segmented into positive displacement compressor and dynamic compressor. These types include reciprocating, centrifugal, rotary lobe compressor, sliding vane and screw (helical lobe). The positive displacement compressor confines a volume of air into the chamber & decreases the volume of chamber to compress the air. Based on base oil, market is segmented into mineral oil, bio-based oil, semi-synthetic oil and synthetic oil (Polyalkylene Glycol (PAG), Polyalphaolefin (PAO), &esters). Semi-synthetic oils are the mixture of synthetic & mineral oils the key properties associated with the synthetic oils last longer, cleaner, less expensive, and less prone to contamination. Based on sales channel, market is segmented into aftermarket and OEM. Based on application, market is segmented into reciprocating compressor, centrifugal compressor, sliding vane compressor, screw (helical lobe) compressor and rotary lobe compressor. In addition, based on end-use industry, market is defined as construction, mining, general manufacturing, oil & gas, power generation, chemical & petrochemical and others.
The global compressor oil is driven by rise in automation for various industries followed by the massive industrial growth in APAC and the Middle East & Africa regions, the easy availability, high-performance capability, low-cost maintenance, rising environmental concerns and growing demand for high-quality compressor oil to drive the demand. Apart from benefits, few of the restraints include oil rejuvenation, followed by technological advancements. Additionally, the major opportunity of this market is development of zinc-free compressor oils.
Asia-Pacific region is expected to lead the global compressor oils market followed by Europe and North-America owing to the augmenting the demand of compressor oils by end user industries for instance oil & gas, automotive, power, and manufacturing industry and increase in growth of industrialization. Increase in number of planned & under construction pipeline projects are expected to boost the market over the estimated period.
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Ankur Gupta, Head Marketing & Communications