The Compressor Oil Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Compressor Oil Global Market Report 2024, The compressor oil market size has grown strongly in recent years. It will grow from $9.04 billion in 2023 to $9.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to industrialization and manufacturing growth, rise in energy demand, manufacturing process optimization, maintenance and equipment longevity, stringent environmental regulations..
The compressor oil market size is expected to see strong growth in the next few years. It will grow to $12.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to globalization of trade, expansion of the renewable energy sector, advancements in synthetic compressor oils, focus on sustainable lubricants, expansion of chemical processing plants.. Major trends in the forecast period include technological advancements in lubrication technology, adoption of hvac systems, integration of iot and condition monitoring, refrigeration systems, adoption of variable speed compressors..
Growing demand from the petroleum and natural gas industry is expected to propel the compressor oil market going forward. Petroleum and natural gas refer to nonrenewable sources of energy. Petroleum is a liquid mixture found underground that can be used to make gasoline and diesel fuel, whereas natural gas is a fossil fuel energy source. Compressor oil is used in the petrochemical industry to prevent premature wear and tear in air compressors, that are necessary to increase the pressure of the gas being transported as it travels through the pipes to the source. For instance, in 2021, according to the US Energy Information Administration, a principal agency of the US Federal Statistical System, annual Natural gas plant liquids (NGPLs) production reached a record of nearly 5.4 million barrels per day. Therefore, the growing demand from the petroleum and natural gas industry is driving the growth of the compressor oil market.
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The compressor oil market covered in this report is segmented –
1) By Base Oil: Mineral, Synthetic, Semi-Synthetic
2) By Compressor Type: Positive Displacement, Reciprocating, Rotary Screw, Other Compressors, Dynamic, Radial Flow, Axial Flow
3) By End-Use Industry: Manufacturing, Oil And Gas, Power Generation, Automotive, Other End-Use Industries
Product innovation is a key trend in the compressor oil market. Major companies operating in the compressor oil market are focused on developing innovative products to strengthen their position in the market. For instance, in October 2021, Anderol B.V., a Netherlands-based chemical manufacturer, introduced a hazard-free compressor oil, Anderol Syncomp DE HSL 100, a high-performance synthetic di-ester-based compressor and vacuum pump oil that is hazard-free. It has been approved by the German Federal Institute for Materials Research and Testing (BAM), meets vacuum pump safety criteria, and has great thermal oxidation stability, resulting in extended oil life and excellent control over deposit formation.
The compressor oil market report table of contents includes:
1. Executive Summary
2. Compressor Oil Market Characteristics
- Compressor Oil Market Trends And Strategies
- Compressor Oil Market – Macro Economic Scenario
5. Global Compressor Oil Market Size and Growth
…..
31. Global Compressor Oil Market Competitive Benchmarking
32. Global Compressor Oil Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Compressor Oil Market
34. Compressor Oil Market Future Outlook and Potential Analysis
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