The compressor oil market size is estimated to be USD 10.1 billion in 2018 and is projected to reach USD 13.2 billion by 2023, at a CAGR of 5.6% between 2018 and 2023. Industrial growth in growing regions such as APAC and the Middle East & Africa coupled with rising automation in various end-use industries is expected to drive the demand for compressor oil during the forecast period. However, technological advancements and oil rejuvenation act as restraining factors for growth of the compressor oil market.
APAC is the largest compressor oil market during the forecast period 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.
To know about the assumptions considered for the study download the pdf brochure
The key players in this market are Royal Dutch Shell PLC (The Netherlands), ExxonMobil Corporation (US), British Petroleum Plc ((UK), Chevron Corporation (US), Total SA (France), Sinopec Limited (China), Lukoil (Russia), Indian Oil Corporation Ltd. (India), Fuchs Group (Germany), and Idemitsu Kosan Co. Ltd. (Japan). These players have adopted various growth strategies to expand their presence and increase their shares in the compressor oil market. For instance, Fuchs Group acquired Ultrachem Inc. a-US based lubricants manufacturer. Ultrachem Inc. is a well-known producer of synthetic lubricants for compressor for over 40 years.
ExxonMobil Corporation is one of the largest market players and the second-largest publicly traded company, in terms of market capitalization. The company markets its products globally under the brands-Exxon, Mobil, and Esso. The company focuses on new product launch as the key strategy. ExxonMobil Corporation introduced new compressor oil called Mobil SHC Rarus, mainly for rotary screw and vane compressed air systems. This is a synthetic-based compressor oil, which provides protection against wear, rust, and corrosion.
Fuchs Group is one of the largest manufacturers of lubricants. The company offers a wide range of products such as automotive lubricants, industrial lubricants, lubricating greases, metal processing lubricants, and special application lubricants. It is another major player in the compressor oil market. The company is focusing on acquisition as the key strategy to strengthen its position in the market. For instance, the company acquired Ultrachem Inc. a US-based lubricants manufacturer known for producing synthetic lubricants for compressor for over 40 years.
Speak with Analyst to know more: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=193873333
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/compressor-oil-market-193873333.html