The compressor oils market size was USD 8.3 billion in 2020. The market is projected to grow from USD 8.7 billion in 2021 to USD 12.2 billion in 2028 at a CAGR of 5.0% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Compressor Oils Market, 2021-2028.” Factors such as the ability to grant reliable & efficient functioning of machinery & other plant equipment and reducing breakdowns will boost the growth of the market during the forecast period. Additionally, the integration of biodegradable lubricants will increase the footprint of the market.
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In the global market, chemical industry is the second largest manufacturing industry in Japan. In recent years, the Japanese chemical industry was the fourth largest industry globally following China, the United States, and Germany. Furthermore The Japanese chemical industry is dominated by a group of major corporations and tech Giants. The chemical industry is the backbone of Japan’s economy.
Decreased Industrial Activity & Production Losses to Led Towards a Negative Approach During Pandemic
The COVID-19 pandemic bought around several economic backlashes for various sectors worldwide and the sector of compressor oil was no different. Imposed lockdowns, the shutdown of various industries, and a faltering transport system ensured that the growth of the market would be reduced exponentially. Additionally, disruptions in various supply chains and volatility in raw material pricing will downgrade the growth of the market. The shutdown of laboratories & technological centers along with many business practices to curb the spread of the virus triggered an unprecedented slowdown of the market drivers.
Based on base oil, the market can be divided into mineral, synthetic and semi-synthetic.
With respect to end-use, the market can be broken down into manufacturing, oil & gas, power generation, automotive, and others.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The market report for compressor oils provides a detailed analysis of the market by encompassing critical aspects such as leading companies and their subsequent products, industry developments, and the ongoing market trends. Additionally, the report contains factors that are expected to affect the market in a positive/negative manner during the intended forecast duration. Strategies employed by the dominant players along with their market share have been mentioned.
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Drivers & Restraints
Increasing Demand from Petrochemical Sector to Augment Market Volume
Factors such as increased development of fuel-efficient vehicles, the rising popularity of electric vehicles, and reduction in crude oil prices will boost the compressor oils market growth during the forecast. Additionally, rising demand from the petrochemical industry will fuel the drive market growth. Also, increasing availability of raw materials & integration of new petrochemical facilities in an online format will further fuel the growth of the market.
However, stricter regulations in terms of rising environmental concerns will limit the growth of the market during the forecast.
Asia Pacific to Dominate Market due to Shifting Manufacturing Trends
The Asia Pacific will witness the largest compressor oils market share during the forecast period due to the region being the hub for major manufacturing centers and the rising of emerging economies including China, India, Indonesia, and Thailand to name a few. Increasing spending on automobiles and rapid industrialization will increase the footprint of the market. Favourable government policies and expanding the manufacturing sector will drive market growth.
North America will occupy a significant market share in terms of global contribution due to an emerging industry in the region of the U.S. and Canada along with increasing automobile electrification activities among others.
Europe will hold a considerable market share owing to the increasing modernization of industrial equipment and the presence of economies such as Germany, France and Spain, which are considered to be the hub of well-established industrial and automobile sectors.
Business Expansion & Product Launches to Push Dominant Players towards an Extended Growth
The market for compressor oils is considered to be an extremely competitive space with the presence of large oil companies coupled with SMEs and independent firms. Dominant players are occupying a lion’s share of the market by launching the next generation of products, mergers & acquisitions, and collaborations. For example, in October 2019, FUCHS announced acquiring a high-performance specialty synthetic lubricant producer for the region of the U.S. After this acquisition, the FUCHS product line will be extended further across several markets towards creating engineered solutions for high-end & critical applications. Others are focused on capturing a consistent consumer base by catering to the demand for compressor oils in various end-use industries.
- April 2020: Champion Oil announced the launch of Professional Grade Heavy Duty compressor oil for a blend of racing shops, heavy-duty repair shops, maintenance facilities, auto dealers, truck stops, and other commercial markets. This oil can be used for use in engines that feature a single-stage, two-stage, and multi-stage reciprocating air compressors (piston type) or rotary screw compressors that boast of an SAE 30 “non-detergent” 30 weight oil.
List of Key Players Present in the Market
- Royal Dutch Shell plc (The Hague, Netherlands)
- Chevron Corporation (California, U.S.)
- Exxon Mobil Corporation (Texas, U.S.)
- Repsol (Madrid, Spain)
- FUCHS (Mannheim, Germany)
- Indian Oil Corporation Ltd (Mumbai, India)
- Total SA (Paris, France)
- CASTROL LIMITED (Pangbourne, U.K.)
- HP Lubricants (Mumbai, India)
- Klüber Lubrication (Weinheim, Germany)
- Atlas Copco AB (Stockholm, Sweden)
- Morris Lubricants (Shrewsbury, U.K.)
- Penrite Oil (Melbourne, Australia)
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