The compressor oil market size is projected to reach USD 13.2 billion by 2023 from USD 10.1 billion in 2018, at a CAGR of 5.6% between 2018 and 2023. Compressor oils are mixtures of base oils and additives. The additives help enhance, add, or suppress unwanted properties of the base oil. They are usually produced in a liquid or semi-solid state. Compressor oils are utilized to reduce friction between moving surfaces of the compressor. In addition, compressor oils also help reduce wear and tear of machinery and prevent overheating and corrosion, which increases the efficiency of the machine.
Based on base oil, the compressor oil market has been segmented into synthetic oil, mineral oil, semi-synthetic oil, and bio-based oil. The synthetic oil segment is estimated to grow at the second-highest CAGR and accounted for the largest share, in terms of value, of the overall compressor oil market in 2017. The dominance of synthetic oil is mainly due to various advantages such as high performance in extreme conditions; better viscosity index; higher thermal, oxidation, & shear stability; reduced maintenance and equipment downtime, and chemical resistance, which are driving the demand for synthetic oil.
Based on compressor type, the compressor oil market has been segmented into dynamic compressor and positive displacement compressor. The dynamic compressor segment accounted for the largest share and is the fastest-growing segment. The dominance of the dynamic compressor segment is expected to continue during the forecast period mainly because dynamic compressors consume compressor oil in larger quantity than the positive displacement compressors.
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Based on end-use industry, the compressor oil market has been segmented into general manufacturing, construction, mining, chemical & petrochemical, power generation, and others. The market in the chemical & petrochemical end-use industry segment is estimated to grow at the highest rate, in terms of value, during the forecast period. This high growth is owed to the increasing chemical production facilities and capacities across the globe.
APAC is estimated to be the fastest-growing market for compressor oil during the forecast period, in terms of value. The dominance of APAC is due to the high growth of the manufacturing and construction industries in emerging countries such as China, India, Japan, and South Korea. The domestic and foreign investments in the construction industry have been consistently growing over the past decade in this region. Moreover, the rising investment for infrastructure development in the developing countries of APAC is fueling the compressor oil market in the region.
Zinc is one of the key additives used as an anti-wear agent in compressor oils; however, it is harmful to the environment as it is toxic and non-biodegradable. The Environmental Protection Agency (EPA) in Australia, New Zealand, the UK, and the US enforces regulations to ensure that industries pre-treat used lubricants before releasing it into the environment, which is an expensive process. The development of zinc-free compressor oil in various industries will help reduce the cost involved in the pre-treatment of wastes. Players in the market can use zinc-free compressor oil to comply with environmental regulations and avoid the expensive process of pre-treatment before releasing.
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