The market size for compressor oil in the United States is anticipated to achieve a substantial figure, reaching US$ 1,409.9 million by the year 2034. Global demand for petroleum-derived products is escalating and the production capacity is also gradually increasing. Chemical & Petrochemicals sector is one of the largest consuming industries where compressor oils find their extensive usage.
NEWARK, Del, Jan. 29, 2024 (GLOBE NEWSWIRE) — Global sales of compressor oils are estimated to total US$ 6,513.7 million in 2024. The market is poised to expand at a 5.4% CAGR during the forecast period, reaching a valuation of US$ 11,001.4 million by 2034.
Synthetic oils remain a widely consumed oil type in the market. This is due to their excellent heat and wear resistance. The target segment is poised to expand at a CAGR of 4.9% during the assessment period.
East Asia is expected to dominate the global compressor oil market during the forecast period. It will likely hold 24.9% of the global market share in 2034. This is due to rapid industrial growth in countries like Japan, South Korea, and China.
The compressor oil industry is poised to exhibit steady growth during the assessment period. This is attributable to factors like:
- Booming industrial sector
- Rising adoption of HVAC systems in residential and industrial sectors
- Increasing focus on energy efficiency
- Growing popularity of bio-based compressor oils
- Expanding infrastructure globally
Get an Exclusive Sample Copy of the Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-4871
The growing manufacturing and industrial sectors are leading to increased adoption of compressors and, consequently, compressor oils. Compressors are integral to various processes in industries such as automotive, electronics, and heavy machinery manufacturing, creating a consistent demand for high-quality compressor oils.
The growing adoption of HVAC systems in residential, commercial, and industrial sectors is another prominent factor impacting compressor oil sales. This is because HVAC systems require the use of compressors and compressor oils essential for the proper lubrication and functioning of compressors.
The market is witnessing a gradual shift toward bio-based compressor oils due to growing environmental concerns and a rising need for environmentally friendly lubricants. Similarly, the development of advanced compressor oils with improved performance and better stability will benefit the market.
Key Takeaways from the Report:
- The global market for compressor oils is projected to total US$ 11,001.4 million in 2034.
- Based on oil type, the synthetic oil segment is estimated to account for about 57.9% of the overall market size.
- By end-use industry, manufacturing & others segment is set to grow at a CAGR of 5.6%.
- China’s market value is anticipated to total US$ 1,652.1 million in 2034.
- Demand for compressor oils in India is poised to grow with a CAGR of 5.3% through 2034.
- Total compressor oil revenue in the United States is set to reach US$ 1,409.9 million by 2034.
“Compressor oil is essential for lubricating the moving parts of a compressor. Thus, growing usage of compressors across industries like manufacturing, automotive, and oil & gas will likely boost sales of compressor oils through 2034,” Opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Buy this Exclusive Report: https://www.futuremarketinsights.com/checkout/4871
Who is Winning?
Leading compressor oil manufacturers listed in the report include
- ExxonMobil Corporation
- Quaker Chemical Corporation
- Fuchs Petrolub SE
- BP plc
- TotalEnergies SE
- Apar Industries Ltd.
- Calumet Specialty Products Partners, L.P.
- Chevron Corporation
- China Petroleum & Chemical Corp (Sinopec Corporation)
- Repsol SA
- Philips 66
- Raj Petro Specialities Pvt. Ltd
- Nynas AB
- Valvoline, Inc.
- Shell plc.
- Savita Oil Technologies Ltd.
- The Dow Company
Key companies are concentrating on developing high-performance and environmentally friendly compressor oils to meet the evolving needs of end-use industries. They also use tactics like acquisitions, distribution agreements, facility expansions, partnerships, and mergers to strengthen their global footprint.
- In May 2023, Luberef signed a Memorandum of Understanding (MOU) with APAR Industries Limited to build a Compressor Oil/White Oil plant at the LubeHub, supporting the localization of specialty products in KSA.
- In 2020, APAR introduced POWEROIL Press C 220 compounded compressor oil to provide optimal resistance to water washing while lubricating compressors handling wet gasses.
Market Segmentation
By Oil Type:
- Synthetic Oil
- Mineral Oil
- Semi-Synthetic Oil
- Bio-based Oil
By End-use:
- Oil & Gas
- Automotive
- Power
- HVAC-R
- Manufacturing & Others
By Sales Channel:
By Compressors:
- Air Compressors
- Reciprocating
- Rotary Screw
- Vane Type
- Centrifugal
- Axial
- Refrigeration
- Reciprocating
- Scroll
- Screw
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
Request Report Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-4871
More Insights into the Compressor Oil Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global compressor oil market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the global market potential, growth, and scope, the market is segmented based on oil type, compressor, sales channel, end-use industry, and region.
About Future Market Insights (FMI) – Chemicals and Materials
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as reference points for market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing ‘The Way Forward’.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Have a Look at Related Research Reports of Chemicals & Materials Domain
The current market valuation of PAG compressor oil on a global scale stands at US$ 1.4 Billion as of 2023, with a projected Compound Annual Growth Rate (CAGR) of 8.7%. This growth trajectory is expected to be driven by a rising demand and widespread application in various end-use industries. Industry forecasts suggest that the market is poised to witness significant expansion, reaching an estimated US$ 3.22 billion by the year 2033.
The castor oil derivatives market is poised for steady growth, with an anticipated average Compound Annual Growth Rate (CAGR) of 4.9% throughout the forecast period. As of 2023, the market is projected to generate a revenue of US$ 1.37 billion, and industry analyses predict a substantial increase, surpassing a value of US$ 2.21 billion by the year 2033.
The refrigeration oil market is anticipated to witness substantial growth, with a projected value of US$ 1,425.9 million in 2023, and an estimated increase to US$ 2,332.9 million by 2033. The sales of refrigeration oil are expected to experience a noteworthy Compound Annual Growth Rate (CAGR) of 4.9% throughout the forecast period.
The hydraulic fluids and process oil market, valued at $9.59 billion in 2022, is poised for substantial growth with a projected Compound Annual Growth Rate (CAGR) of 7% during the forecasted period. Industry expectations foresee the market reaching a significant milestone, with an estimated value of USD 18.55 billion by the year 2032.
In 2022, the global transformer oil market achieved a size of US$ 4,015.2 million. Projections for the forecast period spanning from 2023 to 2033 indicate a substantial increase in global transformer oil demand, with an expected Compound Annual Growth Rate (CAGR) of 8.8%. Forecasts suggest that the overall market value is poised to grow from US$ 4,348.8 million in 2023 to a noteworthy US$ 10,140.8 million by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
Originally published at https://www.einpresswire.com/article/684764581/compressor-oil-market-value-to-reach-us-11-001-4-million-by-2034-amid-robust-industrial-growth-globally-future-market-insights-inc