Rising Demand for Energy-Efficient Solutions Boosts Compressor Oil Market Growth Worldwide | Future Market Insights
NEWARK, Del, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The compressor oil market is experiencing significant growth, driven by rapid industrialization and the increasing adoption of compressors across various sectors. Compressor oils are essential lubricants that enhance the efficiency and longevity of compressors by reducing friction, dissipating heat, and preventing wear and tear. Industries such as manufacturing, automotive, and oil & gas heavily rely on compressors for operations, thereby fueling the demand for high-quality compressor oils.
As of 2023, the global compressor oil market is valued at approximately USD 6,233.0 million. Projections indicate that this market will grow at a Compound Annual Growth Rate (CAGR) of 5.4% from 2024 to 2034, reaching an estimated USD 11,001.4 million by 2034. This growth is attributed to the escalating need for energy-efficient compressors and the expansion of end-use industries.
How Is Increasing Demand For Reliable Power Supply Affecting Compressor Oil Sales?
The power and energy sector is one of the most prominent and rapidly growing industrial sectors in the globe. Rapid growth in the industrialization supported by economic growth across nations and growing population has fueled the demand for continuous power supply.
Electricity is one of the key aspects of the energy and power sector and the electrification of several industries is a pathway for the sustainable growth. Electricity today accounts for a significant share of the total final consumption of energy, a share that is set to increase as the demand for electricity outpaces all other fuels.
Implementation of new policies and swift industrial growth are expected to result in the electricity accounting for nearly 25% share in the energy and power sector in the forthcoming years. The rising demand for reliable & uninterrupted power supply is anticipated to result in the growth of the energy and power industry. Increasing energy/power generation activities are expected to drive the demand for compressor oils in the future.
"The compressor oil market is poised for substantial growth, driven by the increasing demand for energy-efficient compressors and the expansion of end-use industries. The shift towards bio-based oils and the emphasis on preventive maintenance are key trends that will shape the market's future," says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Is The Penetration Of Oil Free Compressors A Key Challenge?
Compressors used by industries had to utilize oil-lubed pumps, which use lubrication and regular change of oils. Oil compressors are preferred by industries since these compressors have long life and oil enhances the life of compressors. However, with the growing investment in research and development, innovative compressors are emerging into markets that also include oil free compressors. These oil free compressors have working life of about 2000 hours which results in more returns for the manufacturers and industrialists.
For instance, Campbell Hausfeld, which manufactures compressors, had developed an oil free air compressor with a capacity of 6 gallon, which also has an extended product life and further provides maintenance operations. The design of oil free compressors requires self-lubricating materials and parts which allow the piston to freely move in the cylinder. Oil free compressors are being modified continuously with investment by key manufacturers to cater the growing demand from the end use industries. Some designs of oil-free compressors also utilize water instead of oil for cooling and lubrication purposes.
These alternate solutions protect the pump and also allows the piston to move smoothly without the need for any oil-based or synthetic lubrication. Oil free compressors are used in food and beverage, brewery, medical, pharmaceutical, and other industries. This however doesn’t bode well for compressor oil producers.
Key Takeaways from Compressor Oil Market Study
- Market Expansion: The compressor oil market is projected to grow from USD 6,513.7 million in 2024 to USD 11,001.4 million by 2034, at a CAGR of 5.4%.
- Synthetic Oil Dominance: The synthetic oil segment is expected to maintain its market dominance through 2034, exhibiting a CAGR of 4.9%.
- Bio-based Oil Growth: The bio-based compressor oil category is set to grow at a higher CAGR of 5.1% during the assessment period.
- Regional Insights: East Asia is anticipated to hold around 24.9% of the global market share by 2034, driven by rapid industrial growth and increased compressor usage.
Compressor Oil Market Future Trends
Several key trends are shaping the future of the compressor oil market:
- Shift Towards Bio-based Oils: There is a growing preference for environmentally friendly, bio-based compressor oils, driven by stringent environmental regulations and sustainability initiatives.
- Preventive Maintenance Focus: Industries are increasingly adopting preventive maintenance practices, leading to a higher demand for high-performance compressor oils that enhance equipment reliability and lifespan.
- Technological Advancements: The development of advanced lubricating solutions tailored for specific compressor types and applications is on the rise, aiming to improve efficiency and performance.
- HVAC System Adoption: The increasing use of heating, ventilation, and air conditioning (HVAC) systems across residential, commercial, and industrial sectors is boosting the demand for specialized compressor oils.
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Rising Application across Diverse Sectors Remains Key Growth Driver
Increasing demand in oil & gas, power, automotive, and other industries has resulted due to a number of factors such as increasing consumer power, focus on sustainability, urbanization, consolidation, and a growing middle class population. These changes are propelling the demand for investments and economies of scale, which is creating up significant opportunities for compressor oil.
Compressor oil is characterized by rising living standards of people across the globe and increasing household investment in several appliances like refrigerators, AC, and others. These appliances require compressors. Thus, the sales of compressors are anticipated to rise significantly in the near future which will boost the demand of compressor oil. Hence, the rising demand for consumer appliances and increasing industrial infrastructure across the globe are creating significant opportunities for compressor oil manufacturers.
Competitive Landscape in the Compressor Oil Market
The compressor oil market is characterized by intense competition among key players striving to innovate and expand their market share. Major companies are focusing on developing high-performance, energy-efficient, and environmentally friendly compressor oils to meet evolving industry demands. Strategic partnerships, mergers, and acquisitions are common as companies aim to enhance their product portfolios and global reach.
Key Players in the Compressor Oil Market
- ExxonMobil Corporation
- Quaker Chemical Corporation
- Fuchs Petrolub SE
- BP plc
- TotalEnergies SE
- Apar Industries Ltd.
- Calumet Specialty Products Partners, L.P.
- Chevron Corporation
- China Petroleum & Chemical Corp (Sinopec Corporation)
- Repsol SA
- Philips 66
- Raj Petro Specialities Pvt. Ltd
- Nynas AB
- Valvoline, Inc.
- Shell plc.
- Savita Oil Technologies Ltd.
- The Dow Company
Recent Developments
Several notable developments have occurred in the compressor oil market:
- Product Launches: Companies are introducing new compressor oil formulations with enhanced properties, such as extended service intervals and improved efficiency, to cater to diverse industrial needs.
- Strategic Partnerships: Collaborations between compressor oil manufacturers and end-user industries are facilitating the development of customized lubricating solutions.
- Sustainability Initiatives: Manufacturers are investing in research and development to create bio-based and environmentally friendly compressor oils, aligning with global sustainability goals.
Scope of Report:
- Comprehensive analysis of product types (synthetic, mineral, semi-synthetic, bio-based oils).
- Detailed segmentation based on end-use industries (manufacturing, automotive, oil & gas, power generation, food & beverage, and others).
- Key metrics include market size, projected growth, and CAGR for the forecast period of 2024 to 2034.
- In-depth insights into market drivers, challenges, and opportunities, with a focus on advancements in sustainable and high-performance lubricants.
Compressor Oil Market Segmentation
By Oil Type:
- Synthetic Oil
- Mineral Oil
- Semi Synthetic Oil
- Bio-based Oil
By End-use:
- Oil & Gas
- Automotive
- Power
- HVAC-R
- Manufacturing & Others
By Sales Channel:
- OEM
- Aftermarket
By Compressors:
- Air Compressors
- Reciprocating
- Rotary Screw
- Vane Type
- Centrifugal
- Axial
- Refrigeration
- Reciprocating
- Scroll
- Screw
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
Czech Translation -
Trh s kompresorovými oleji zažívá významný růst, který je poháněn rychlou industrializací a rostoucím zaváděním kompresorů v různých odvětvích. Kompresorové oleje jsou základní maziva, která zvyšují účinnost a životnost kompresorů tím, že snižují tření, odvádějí teplo a zabraňují opotřebení. Průmyslová odvětví, jako je výroba, automobilový průmysl a ropný a plynárenský průmysl, se při provozu silně spoléhají na kompresory, což zvyšuje poptávku po vysoce kvalitních kompresorových olejích.
Od roku 2023 je globální trh s kompresorovým olejem oceněn na přibližně 6 233,0 milionů USD. Projekce naznačují, že tento trh poroste v letech 2024 až 2034 5,4% složeným ročním růstovým tempem (CAGR) a do roku 2034 dosáhne odhadovaných 11 001,4 milionů USD. Tento růst je přičítán rostoucí potřebě energeticky účinných kompresorů a rozšiřování odvětví konečného použití.
"Trh s kompresorovými oleji je připraven k podstatnému růstu, který je poháněn zvyšující se poptávkou po energeticky účinných kompresorech a expanzí koncových průmyslových odvětví. Posun k olejům na bio bázi a důraz na preventivní údržbu jsou klíčové trendy, které budou utvářet budoucnost trhu,“ říká Nikhil Kaitwade , Associate Vice President ve Future Market Insights (FMI).
Klíčové poznatky ze studie trhu s kompresorovým olejem
- Expanze trhu: Očekává se, že trh s kompresorovým olejem vzroste z 6 513,7 milionů USD v roce 2024 na 11 001,4 milionů USD do roku 2034 při CAGR 5,4 %.
- Dominance syntetických olejů: Očekává se, že segment syntetických olejů si udrží svou dominanci na trhu do roku 2034 a bude vykazovat CAGR 4,9 %.
- Růst bio oleje: Kategorie kompresorových olejů na biologické bázi má během posuzovaného období růst vyšší CAGR o 5,1 %.
- Regionální statistiky: Očekává se, že východní Asie bude do roku 2034 držet přibližně 24,9 % podílu na celosvětovém trhu, a to díky rychlému průmyslovému růstu a zvýšenému používání kompresorů.
Budoucí trendy na trhu s kompresorovým olejem
Několik klíčových trendů utváří budoucnost trhu s kompresorovými oleji:
- Posun směrem k olejům na biologické bázi: Rostoucí preference ekologických kompresorových olejů na biologické bázi, tažené přísnými ekologickými předpisy a iniciativami udržitelnosti.
- Zaměření na preventivní údržbu: Průmyslová odvětví stále více přijímají postupy preventivní údržby, což vede k vyšší poptávce po vysoce výkonných kompresorových olejích, které zvyšují spolehlivost a životnost zařízení.
- Technologický pokrok: Vývoj pokročilých řešení mazání přizpůsobených konkrétním typům kompresorů a aplikacím je na vzestupu s cílem zlepšit účinnost a výkon.
- Přijetí systému HVAC: Rostoucí používání systémů vytápění, ventilace a klimatizace (HVAC) v obytných, komerčních a průmyslových odvětvích zvyšuje poptávku po specializovaných kompresorových olejích.
Konkurenční prostředí na trhu kompresorových olejů
Trh kompresorových olejů se vyznačuje intenzivní konkurencí mezi klíčovými hráči, kteří se snaží inovovat a rozšiřovat svůj podíl na trhu. Velké společnosti se zaměřují na vývoj vysoce výkonných, energeticky účinných a ekologických kompresorových olejů, aby vyhověly vyvíjejícím se požadavkům průmyslu. Strategická partnerství, fúze a akvizice jsou běžné, protože společnosti chtějí zlepšit svá produktová portfolia a globální dosah.
Klíčoví hráči na trhu kompresorových olejů
- Korporace ExxonMobil
- Společnost Quaker Chemical Corporation
- Fuchs Petrolub SE
- BP plc
- TotalEnergies SE
- Apar Industries Ltd.
- Partneři speciálních produktů Calumet, LP
- Chevron Corporation
- China Petroleum & Chemical Corp (Sinopec Corporation)
- Společnost Repsol S.A
- Philips 66
- Raj Petro Specialties Pvt. Ltd
- Nynas AB
- Valvoline, Inc.
- Společnost Shell plc.
- Společnost Savita Oil Technologies Ltd.
- Společnost Dow
Nejnovější vývoj
Na trhu s kompresorovým olejem došlo k několika významným změnám:
- Uvedení produktů na trh: Společnosti zavádějí nové složení kompresorového oleje s vylepšenými vlastnostmi, jako jsou prodloužené servisní intervaly a zlepšená účinnost, aby uspokojily různé průmyslové potřeby.
- Strategická partnerství: Spolupráce mezi výrobci kompresorových olejů a průmyslovými odvětvími koncových uživatelů usnadňuje vývoj přizpůsobených řešení mazání.
- Iniciativy udržitelného rozvoje: Výrobci investují do výzkumu a vývoje, aby vytvořili kompresorové oleje na biologické bázi a šetrné k životnímu prostředí, v souladu s globálními cíli udržitelnosti.
Rozsah zprávy :
- Komplexní analýza typů produktů (syntetické, minerální, polosyntetické, bio oleje).
- Detailní segmentace na základě koncových odvětví (výroba, automobilový průmysl, ropa a plyn, výroba elektřiny, potravinářství a další).
- Mezi klíčové metriky patří velikost trhu, předpokládaný růst a CAGR pro prognózované období 2024 až 2034.
- Hloubkový přehled o hnacích silách trhu, výzvách a příležitostech se zaměřením na pokrok v oblasti udržitelných a vysoce výkonných maziv.
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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