Compressor Oil Market Size, Share, Trends, Application Analysis and Growth by Forecast to 2021-2031 | FMI
2021 Analysis and Review: Compressor Oil Market by Oil Type – Synthetic Oil, Semi Synthetic Oil, Mineral Oil, and Bio Based Oil for 2021 – 2031
Dubai, United Arab Emirates – July 12, 2021 /MarketersMedia/ —
The global compressor oil market is expected to reach a valuation of US$ 26.7 Bn in 2021, according to a study by Future Market Insights (FMI). The overall compressor oil market is expected to follow positive growth trajectory, expanding at a CAGR of 4.6% for forecast period of 2021- 2031.
Spike in consumer power requirements and increasing focus on sustainable electricity production have fueled the demand for compressors in oil & gas and other industries. Rapid urbanization and growing middle class population around the world will create novel growth opportunities for compressor oil market.
Growing investments towards developing environment friendly compressor oil which has high sustainability will propel the compressor oil market growth, finds ESOMAR-certified consulting firm Future Market Insights in this study.
To Get Sample Copy of Report Visit @ https://www.futuremarketinsights.com/reports/sample/rep-gb-4871
Industrial compressors require oil lubed pimps which need frequent oil changes and good lubrication. Oil compressors have long life and oil plays an important role in improving the life of compressor.
Extensive research and development initiatives and heavy investment from leading market players have led to emergence of oil free compressors. This new range has a working life of 2000 hours thus giving more returns to both manufacturers and industrialists.
Rising adoption of such products will negatively influence the market growth of compressor oils. Despite this, the demand of synthetic oil is predicted to increase throughout the forecast period owing to its versatility in terms of use in wide range of compressors.
World is transitioning from mineral oil based compressor oils to organic and bio-based compressor oils. Bio-based compressor oils produce low carbon emission and amidst strict environmental regulations and policies, it is experiencing tremendous growth across wide range of industries.
The demand for bio-based compressor oils is expected to remain consistent in upcoming years on the backs of constant innovation and sustainable development.
“Increasing demand for consumer applications like refrigerators and air conditioners due to improved standard of living will directly fuel the compressor oil market demand throughout the forecast period,” said FMI analyst.
Key Takeaways
About one-sixth of global demand of compressor oil comes from the U.S. Increasing demand of compressor in automobile, oil & gas, and power industry will fuel the compressor oil market demand in the U.S.
Rapid industrialization and thriving chemical, power, and automotive and transportation industry will drive the compressor oil market demand in China.
Presence of automotive giants in Germany and thriving end use industries will accelerate the compressor oil market growth in the country.
Growing electrification to accommodate the growing economy of India along with booming mining industry in the country has accelerated the compressor oil market demand.
Rising popularity of electric cars to reduce the environment pollution and uneven oil demands on global level will negatively influence the market growth in GCC countries.
Increasing production of automotives in U.K. will directly elevate the demand for compressors, leading to 6% y-o-y growth of compressor oil market in 2021.
For More Details, Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-4871
Prominent Drivers
Increasing demand of compressor in wide range of applications like power and energy sector is driving the compressor oil market growth.
Growing investment in research and development of eco-friendly compressor oil is further fuelling the market growth.
Elevated demand of uninterrupted and reliable electricity supply will magnify the compressor oil market demand.
Key Restraints
Introduction of oil free compressors which provides better returns than oil based compressors is restricting the market growth.
High cost of bio-based and synthetic compressor oils hinders the market demand.
Stringent environment policies regarding manufacturing of mineral oil based compressor oil hampers market growth.
Competitive Landscape
According to FMI, market players are working towards finding ways to produce high quality products are cheaper price and sustainable supply over long duration of time. Such approach will assist manufacturers to carry out their operations effectively.
Smaller market players are signing long term agreements with manufacturers to supply custom products at competitive pricing especially for end-use applications.
Leading players profiled by FMI operating in compressor oil market include:
Exxon Mobil Corporation
Total S.A.
Sinopec group
Royal Dutch Shell plc
Atlas Copco Group
BASF SE
British Petroleum plc
Dow
Croda International
Sasol Limited
FUCHS
Chevron Corporation
More Insights On FMI’s Compressor Oil Market
The latest market study on global compressor oil market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of
Download Complete TOC of this Report @ https://www.futuremarketinsights.com/toc/rep-gb-4871
By Oil Type
Synthetic Oil
Mineral Oil
Semi Synthetic Oil
Bio Based Oil
By Compressor
Reciprocating Compressors
Sliding Vane Compressors
Centrifugal Compressors
Screw Compressors
Rotary Compressors
By End Use
Oil & Gas
Automotive
Power
Manufacturing and Others
By Sales Channel
OEM
Aftermarket
Region
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)
Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/compressor-oil-market
Source: MarketersMedia
Release ID: 89035349
Copyright © 1999-2013 SproutNews.com
