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The growing end-use industries such as oil & gas, general manufacturing, and chemical & petrochemical drive the demand for compressor oil as well as growth of petrochemical, mining, marine and power generation companies drives the growth of demand.
JERSEY CITY, N.J. , Sept. 22, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Compressor Oil Market" By Base Oil (Synthetic, Mineral, and Bio-Based), By Compressor Type (Centrifugal, Rotary, and Reciprocating), and By Geography.
According to the extensive research done by Verified Market Research experts, the Compressor Oil Market size was valued at USD 11.14 Billion in 2019 and is projected to reach USD 16.98 Billion by 2027, growing at a CAGR of 5.43 % from 2020 to 2027.
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Browse in-depth TOC on "Compressor Oil Market"
Global Compressor Oil Market Overview
Compressor oil is a specially formulated fluid mixture that includes base oil (extracted from crude oil in various processes) and additives. The performance of compressor oil is mostly determined by the qualities of the base oil. Compressor oil is a lubricant used in a range of reciprocating and rotary gas compressors to ensure the proper operation of metal parts. It acts as a sealing fluid, as a protective surface film to reduce friction, and to increase compressor performance. Compressor oils ensure a smoother task and help to reduce downtime and machine repair.
Increasing demand for compressor oil from the marine, refrigeration, and automotive industries is likely to drive market expansion during the forecast period. Modern compressors are expected to work in harsh environments, bearing more loads and providing higher performance. Consumers seek high-quality lubricants that can withstand excessive temperature and pressure due to the increased durability and shelf life and enhanced performance of machinery and equipment.
As a result, some producers have developed single compressor oil with anti-foaming, anti-oxidant, waterproofing, and rust prevention qualities. Furthermore, the replenishing of compressor oil in end-use sectors such as power generation, oil & gas, and others during maintenance periods contributes to the growth of the compressor oil market. Rising need for cost advancement is expected to be one of the most important growth drivers for the compressor oil market.
The major players in the market are Royal Dutch Shell PLC., Exxonmobil Corporation, BP PLC., Chevron Corporation, Total S.A., Sinopec Limited, Lukoil, Fuchs Petrolub AG, The Dow Chemical Company, Croda International PLC., Sasol Limited and BASF.
Verified Market Research has segmented the Global Compressor Oil Market On the basis of Base Oil, Compressor Type, and Geography.
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