Home About Us Services Industry Research Store Resources Contact us

Compressor Oil Market

Published Date : Jul 2024 | Forecast Year : 2019

UP TO 30 % OFF

Single User License

10% OFF

Team License

15% OFF

Corporate License

30% OFF
Book before: 31st Mar 2024

Compressor Oil Market Size, Share, Industry Trends Segmentation Analysis, By Type (Reciprocating Compressors, Rotary Screw Compressors, Centrifugal Compressors, Others), By Application (Manufacturing, Oil and Gas, Automotive, Power Generation, Food and Beverage, Others) Growth, Demand, Regional Outlook, and Forecast 2024- 2032

Report ID: AG1006

Published : Jul 2024

Pages : 158

Category : Energy & Power

Format : Compressor Oil Market

REPORT ATTRIBUTEDETAILS
MARKET SIZE (2032)USD 10,000 Million
MARKET SIZE (2023)USD 6,500 Million
CAGR (2023-2029)5.4%
HISTORIC YEAR2019
BASE YEAR2023
FORECAST YEAR2032
BY TYPEReciprocating Compressors
Rotary Screw Compressors
Centrifugal Compressors
Others
BY APPLICATIONManufacturing
Oil and Gas
Automotive
Power Generation
Food and Beverage
Others
GEOGRAPHIC ANALYSISNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
KEY PLAYERSExxonMobil Corporation, Royal Dutch Shell plc, Chevron Corporation, BP plc, Total S.A., Fuchs Petrolub SE, Sinopec Limited, Lukoil, Klüber Lubrication, The Lubrizol Corporation, Idemitsu Kosan Co., Ltd., Petro-Canada Lubricants Inc., Amsoil Inc., Castrol Limited, Phillips 66, Valvoline Inc., PetroChina Company Limited, BASF SE, Dow Inc., Eastman Chemical Company.

Introduction

The market for compressor oil plays a vital role in the industrial lubricants sector, offering specialized oils that are specifically formulated to lubricate and cool compressors utilized in a wide range of industrial settings. These oils are essential in ensuring the efficiency, dependability, and durability of compressors by minimizing friction, preventing wear and tear, and dissipating heat effectively. This market consists of a diverse range of oil varieties that are customized to suit different types of compressors, operating conditions, and industry-specific requirements.

Global Market Overview

The global compressor oil market size reached US$ 6,500 million in 2023. Over the forecast period, global demand for compressor oils is poised to rise at 5.4% CAGR. Total market value is predicted to grow from US$ 6,700 million in 2024 to US$ 10,000 million in 2032.

The worldwide compressor oil market is currently witnessing consistent growth, primarily fueled by the increasing pace of industrialization, the expansion of manufacturing industries, and the growing need for efficient and dependable compressor operations. Key sectors such as automotive, construction, food and beverage, and oil and gas heavily rely on compressors for various functions, thereby driving the demand for top-notch compressor oils. The market growth is further accelerated by advancements in compressor technology and the introduction of synthetic oils that offer enhanced performance characteristics. North America, Europe, and Asia-Pacific are the key regions steering the market forward, with notable contributions from countries like the United States, Germany, China, and India.

Key Players

  • ExxonMobil Corporation
  • Royal Dutch Shell plc
  • Chevron Corporation
  • BP plc
  • Total S.A.
  • Fuchs Petrolub SE
  • Sinopec Limited
  • Lukoil
  • Klüber Lubrication
  • The Lubrizol Corporation
  • Idemitsu Kosan Co., Ltd.
  • Petro-Canada Lubricants Inc.
  • Amsoil Inc.
  • Castrol Limited
  • Phillips 66
  • Valvoline Inc.
  • PetroChina Company Limited
  • BASF SE
  • Dow Inc.
  • Eastman Chemical Company

    Compressor Oil Market

    Size, by Product, - (USD Billion)

    Reciprocating Compressors

    Rotary Screw Compressors

    Centrifugal Compressors

    Others

    Other Products

    18 16 14 12 10 8 6 4 2 0

    The Market will Grow

    At the CAGR of:

    5.4%

    The Forecast Market

    Size for in USD:

    $10,000 MillionB

    b0d51e3055fd6f23ff6a384a6e091406.svg

Market Segmentation

By Base Oil

Mineral Oil

Synthetic Oil

Semi-Synthetic Oil

Bio-Based Oil

By Compressor Type

Reciprocating Compressors

Rotary Screw Compressors

Centrifugal Compressors

Others

By Application

Manufacturing

Oil and Gas

Automotive

Power Generation

Food and Beverage

Others

By Region

North America

Europe

Asia-Pacific

Latin America

Middle East & Africa

Market Dynamics

Trends

The compressor oil market is experiencing a shift towards the utilization of synthetic and semi-synthetic oils due to their exceptional performance, extended service life, and environmental advantages. Moreover, there is a growing focus on energy-efficient and eco-friendly products, which is propelling innovation in oil formulations.

Restraints

Market expansion is hindered by fluctuating raw material prices and strict environmental regulations related to the disposal and recycling of used compressor oils. These factors have the potential to raise operational expenses and compliance obligations for manufacturers and end-users.

Opportunities

Emerging markets, particularly in Asia-Pacific and Latin America, present substantial growth prospects due to rapid industrialization, expanding manufacturing sectors, and increased investment in infrastructure projects. Progress in nanotechnology and the advancement of bio-based oils also offer new pathways for market expansion.

Challenges

The main challenges in the compressor oil market include the high cost of synthetic oils, competition from alternative lubrication technologies, and the necessity for continuous innovation to meet evolving industry standards and customer demands. Additionally, educating end-users about the benefits of high-performance oils over conventional ones remains a significant challenge.

Value Chain

The value chain of the compressor oil market involves several stages, including supply of raw materials, manufacturing, distribution and end use. Raw materials such as base oils and additives are sourced from chemical suppliers and refined to produce compressor oils. The producers then package and distribute these oils through a network of distributors, wholesalers and retailers to various end users in various industries.

Compressor Oil Market

Share, by end user, (USD Billion)

Analytica Global 6,500 Million%

Manufacturing

Oil and Gas

Automotive

Power Generation

Other End-Users

b0d51e3055fd6f23ff6a384a6e091406.svg

10,000 Million

Total Market Size

USD (Billion),

5.4%

CAGR

-

Supply Chain 

The supply chain includes raw material suppliers, oil producers, logistics providers and end users. Effective supply chain management ensures timely procurement of quality materials, efficient manufacturing processes and reliable distribution networks. Collaboration between stakeholders is essential to meet market needs, ensure product availability and maintain competitive pricing.

Porter's Five Forces Analysis

Threat of New Entrants:

The threat of new entrants is moderate due to the high initial capital investment required for production facilities, established brand reputations of key players, and stringent regulatory requirements.

Bargaining Power of Suppliers:

Suppliers of raw materials, such as base oils and additives, have moderate bargaining power, influenced by the availability and pricing of raw materials. However, diversified sourcing options reduce dependency.

Bargaining Power of Buyers:

Buyers have significant bargaining power due to the competitive nature of the market, which offers numerous suppliers and products to choose from based on performance, price, and quality.

Threat of Substitute Products:

The threat of substitutes is low to moderate, as alternative lubrication technologies exist but often lack the specific performance benefits provided by compressor oils.

Industry Rivalry:

Industry rivalry is high, driven by the presence of numerous global and regional players competing on product performance, price, and customer service. Continuous innovation and strategic partnerships are common competitive strategies.

Recent Development

In August 2023, BP moved a step closer to boosting oil and gas production at its flagship Azeri-Chirag-Gunashli (ACG) field in Azerbaijan’s sector of the Caspian Sea after a 20,000-ton deck for the Azeri Central East (ACE) platform left a local shipyard.

In May 2023, Saudi Aramco Base Oil Company - Luberef signed a Memorandum of Understanding (MOU) with APAR Industries Limited to build a Compressor Oil/White Oil plant at the LubeHub, which will support localization of specialty products in Kingdom of Saudi Arabia.

In November 2022, The Department of the Treasury’s Office of Foreign Assets Control (OFAC) circulated Venezuela General License (GL) 41, authorizing Chevron Corporation (Chevron) to resume limited natural resource extraction operations in Venezuela

Compressor Oil Market

Size, by Product, - (USD Billion)

NORTH AMERICA $ 24

The Market will Grow

At the CAGR of:

5.4%

The Forecast Market

Size for in USD:

$10,000 MillionB

b0d51e3055fd6f23ff6a384a6e091406.svg

Conclusion

The market for compressor oil is set to experience ongoing expansion, fueled by the growth of industrialization, advancements in technology, and the growing need for effective and dependable compressor operations. Despite facing obstacles like fluctuating prices of raw materials and strict regulations, there are opportunities in developing markets and advancements in oil formulations that offer substantial potential for market growth. It is crucial for major players to concentrate on improving product performance, sustainability, and educating customers to stay competitive and capitalize on growth opportunities in the changing industrial environment.

FAQs

What is compressor oil?

Compressor oil is a specialized lubricant used to reduce friction, prevent wear, and dissipate heat in compressors, ensuring efficient and reliable operation.

Why is compressor oil important?

Compressor oil is crucial for maintaining the efficiency, reliability, and longevity of compressors by lubricating moving parts, preventing wear, and cooling the system.

What are the different types of compressor oil?

Compressor oils include mineral oil, synthetic oil, semi-synthetic oil, and bio-based oil, each offering specific performance characteristics for various applications.

Which industries use compressor oil?

Key industries using compressor oil include manufacturing, oil and gas, automotive, power generation, food and beverage, and construction.

What are the benefits of synthetic compressor oil?

Synthetic compressor oils offer benefits such as longer service life, better thermal stability, superior oxidation resistance, and enhanced performance under extreme conditions.

How do raw material prices affect the compressor oil market?

Fluctuations in raw material prices can impact manufacturing costs, product pricing, and profitability, influencing market dynamics and competitive strategies.

What are the environmental considerations for compressor oil?

Environmental considerations include the development of eco-friendly and bio-based oils, proper disposal and recycling of used oils, and compliance with environmental regulations.

What trends are shaping the compressor oil market?

Trends include the adoption of synthetic and semi-synthetic oils, innovations in oil formulations, emphasis on energy efficiency, and the development of environmentally friendly products.

Compressor Oil Market TO (USD BN)

Compressor Oil Market

CAGR OF

5.4%

Compressor Oil Market

b0d51e3055fd6f23ff6a384a6e091406.svg
Analytica Global 10,000 Million%

Compressor Oil Market - Global Outlook & Forecast 2024-2029

Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global

License Type

Single User

US$ 3350

Multi User

US$ 4950

Corporate User

US$ 6950

Get Sample to Email

SPEAK WITH OUR ANALYST

Want to know more about the report or any specific requirement?

WANT TO CUSTOMIZE THE REPORT?

Our Clients Speak

We asked them to research ‘Ag equipment market’ all over the world, and their whole arrangement was helpful to us. Mordor Intelligence’s insightful analysis and reports contributed to our current analysis and in creating a future strategy. Besides, the te

Yosuke Mitsui

Senior Associate Construction Equipment Sales & Marketing

We asked them to research ‘Ag equipment market’ all over the world, and their whole arrangement was helpful to us. Mordor Intelligence’s insightful analysis and reports contributed to our current analysis and in creating a future strategy. Besides, the te

Yosuke Mitsui

Senior Associate Construction Equipment Sales & Marketing

Why choose us

Proactive

We manage our resources 24/7 to identify issues and address them before they become problems

Quality & Reliability

We are committed to providing reliable and highly accurate data with an excellent quality control system

Global Outreach

6 Major regions and 40+ countries level analysis accomplished

Competitive Pricing

Our pricing strategy is highly competitive in the market, without compensating on the quality and the timeline of project delivery