Global Compressor Oil Market Projected to Reach USD 83.97 Billion by 2021
“Compressor oil market projected to register a CAGR of 6.1%”
The market size of compressor oil is expected to reach USD 83.97 billion by 2021, registering a CAGR of 6.1% between 2016 and 2021. The growth is primarily triggered by its huge demand from the Asia-Pacific region and growing end-use industries, such as manufacturing, power, metal production, oil & gas, food & beverages, and automotive. Moreover, the liberalization of foreign trade and investments and change in industrial policies have triggered rapid industrialization in China, for the past three decades. This, in turn, is contributing to the increasing demand for compressor oil in the Asia-Pacific region.
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“Positive displacement compressors expected to dominate the market”
Positive displacement compressor led the global compressor oil market in 2015. The reduced maintenance cost, high performance, and lower energy consumption contribute to the increasing demand for positive displacement compressors. Since positive displacement compressor is the major application for compressor oil, growing demand for them drives the compressor oil market.
“Asia-Pacific projected to be fastest-growing market during the forecast period”
Asia-Pacific is projected to be the largest market for compressor oil, globally. Domestic and foreign investments in the key sectors such as energy, manufacturing, construction, and automotive have been consistently growing for the past decade. The increasing disposable income of people and industrial growth in the Asia-Pacific region led to the increasing demand of automobiles. As a result, there has been a consistent rise in number of vehicles in the region for the past decade, which is ultimately fueling the demand for compressor oil in the region. In addition, the presence of the key market players drives the compressor oil market in Asia-Pacific.
Some of the major companies profiled in this report are Royal Dutch Shell plc (Netherlands), Exxon Mobil Corporation (U.S.), Sinopec Limited (China), Total S.A. (France), Lukoil (Russia), BP plc (U.K.), Chevron Corporation (U.S.), Fuchs Petrolub AG (Germany), the Dow Chemical Company (U.S.), Croda International plc (U.K.), BASF SE (Germany), Sasol Limited (South Africa), and others.
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