(MENAFN- GetNews) According to a report published by Grand View Research, the demand for the compressor oil market has witnessed an upsurge in the recent past owing to the usage of the product in end-use industries such as manufacturing, food processing, chemical, automotive, construction, and aerospace.
According to a report, ' Compressor Oil Market Size, Share & Trends Analysis Report By Base Oil (Synthetic, Mineral, Bio-Based), By Compressor Type (Positive Displacement, Dynamic), By End Use, And Segment Forecasts, 2018 - 2025 published by Grand View Research, Inc., the global compressor oil market size is estimated to reach USD 5.59 billion by 2025, progressing at a CAGR of 5.1% during the forecast period. The growing industrial sector in the Middle East and the Asia Pacific is anticipated to drive the demand for compressor oils over the forecast period.
Manufacturers have to comply with regulations and guidelines regarding the disposal of industrial compressor oils. Surging demand for bio-based products owing to rising environmental concerns is projected to play a vital role in market expansion. However, high costs associated with the production of bio-based product types are poised to remain a key challenge for market participants.
Compressor oils are largely used for industrial applications and companies follow the franchise model for establishing good distribution and sales network. These manufacturing companies are realizing the need to concentrate on core competencies by either outsourcing their retail distribution or establishing a subsidiary company.
Compressor oils are capable of performing several functions owing to their anti-wear performance, copper corrosion resistance, foam resistance, rust protection, hydrolytic stability, and oxidation stability properties. In order to achieve a particular performance parameter, compressor oil manufacturers have to invest heavily for experimentation and testing of the performance of particular chemical composition and thus, need to invest heavily in R & D activities.
Compressor Oil Market Report Highlights
On the basis of compressor type, the positive displacement compressors are used in various manufacturing industries including petrochemical, chemical, metal production, and construction & mining equipment. The dynamic compressors are commonly used in petroleum refining, mining, pulp & paper, food processing and the automobile industry. On the basis of end-use, the manufacturing sector held the largest user for compressors, and based on these facts, compressor oils are expected to witness the highest demand from this sector. On the basis of base oil, Synthetic base oil dominated the global compressor oil market with a revenue share of over 43.0% in 2017. Synthetic oils are preferred for compressors owing to their molecular makeup. Asia Pacific is likely to observe a remarkable CAGR of 4.9% in terms of volume during the forecast period, on account of abundant availability of raw materials and high rate of industrialization in the region. 'Would you Like/Try a Sample Report Click the link below :
Compressor Oil Market Segmentation
Grand View Research has segmented the global compressor oil market on the basis of compressor, base oil, end-use, and region:
Compressor Oil Compressor Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Positive Displacement Compressor Dynamic Compressor Compressor Oil Base Oil Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Synthetic Semi-Synthetic Mineral Bio-Based Compressor Oil End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Manufacturing Oil & Gas Power Generation Automotive Other Industries Compressor Oil Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
North America The U.S. Canada Mexico Europe Germany The U.K. France Spain Russia Asia Pacific China India Japan South Korea Australia Middle East & Africa Saudi Arabia South Africa Kuwait Iraq Central & South America Brazil Argentina Venezuela Key Players in the Compressor Oils Market
Chevron Corporation Royal Dutch Shell plc BASF SE Exxon Mobil Corporation Sasol Limited BP plc Croda International plc The Dow Chemical Co. Total S.A. Fuchs Group Sinopec Corp. Lukoil Phillips 66 Valvoline LLC The Lubrizol Corporation Penrite Oil Indian Oil Corporation Ltd. Motul Have Any Query? Ask Our Experts for More Details on Report :
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Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
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