Overview:
The global report on the compressor oil market has a chance to attain moderate market growth between 2018 and 2023. Market Research Future (MRFR) makes the discussion by having the time frame registered as the forecast period. Major features driving the market of compressor oil ahead are its ability to provide thermal stability, corrosive protection, and oxidation resistance. Its application in sectors involved with the construction hydraulics & mining equipment, power generation, petrochemical manufacturing, automotive engines, oil & gas machinery, food & beverage machines, and others. In addition, air compressor oils are getting substantial traction.
However, change in the pricing of synthetic and bio-based compressor oil can have an adverse impact on the market. In addition, the market is witnessing a hike in the intake of oil-free compressors, which can deter the growth process. But the scene may change with the growing industrial activities in the Middle East & Africa region.
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Regional Analysis:
Asia Pacific had generated the maximum amount of revenue in 2017 and is on a track to retain its previous dominance by expanding its control over booming industries. The regional market would benefit from the constant changes taking place in various industries like mining, oil & gas, construction, automotive, and petrochemical industries. Various industries are trying to expand their production facilities to tap the huge potentials that are driven by the massive population. Such actions are visible in the market performance of companies like India and China. The manufacturing sector is also promoting the intake of the product.
North America and Europe are on their track to make sure that their markets get benefitted from several industrial bases that are majorly driven by top-class market players. These players are trying to get their hands on advanced and high purity lubrication oil for several types of compressor applications. In North America, this endeavor is backed by countries like the US and Canada. In Europe, the same is happening in Russia, the UK, Germany, France, and others.
Segmentation:
The global report on the compressor oil market, as discussed by MRFR, can be segmented by types, base oil, and application. This would facilitate an easy understanding of the global market and influence various strategic outputs to ensure that the profit margin increases continuously.
By compressor types, the report covering the global compressor oil market can be segmented into sliding vane compressor, reciprocating compressor, screw (helical lobe) compressor, centrifugal compressor, and rotary lobe compressor.
By base oil, the report on the global compressor oil market comprises mineral oil, semi-synthetic oil, synthetic oil, and bio-based oil. The bio-based oil is making a significant impact as the demand for natural sources is getting traction.
By application, the global report comprising details of the compressor oil market can be segmented on the basis of power generation, construction hydraulics & mining equipment, petrochemical manufacturing, automotive engines, oil & gas machinery, food & beverage machines, and others. The power generation segment would propel growth as the growing industrialization and urbanization are increasing their impact on the sector.
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Competitive Analysis:
Sinopec Limited (China), ExxonMobil Corporation (US), BP PLC (UK), Total S.A (France), Royal Dutch Shell PLC (Netherlands), Croda International PLC (UK), Chevron Corporation (US), BASF SE (Germany), Fuchs Petrolub AG (Germany), Lukoil (Russia), Sasol Limited (South Africa), and Indian Oil Corporation Ltd (India) are some of the major companies trying to make changes in the market by launching their own strategies. MRFR makes it a point to track their latest proceedings and assess the market tendencies. This would help better in developing strategies for the global market and increase the level of competition.
In December 2019, India’s Elgi announced that they have taken over Michigan’s Air Solutions and is on a track to expand their North American presence, which would see a hike in the intake of compressor oil.
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