Compressor Oil Global Market Report 2024

The global compressor oil market has grown strongly in recent years. It will grow from $9.04 billion in 2023 to $9.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period of the compressor oil market can be attributed to factors such as industrialization and manufacturing growth, an increase in energy demand, optimization of manufacturing processes, emphasis on maintenance and equipment longevity, and compliance with stringent environmental regulations.

The global compressor oil market is expected to see strong growth in the next few years. It will grow to $12.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The forecasted growth in the compressor oil market can be attributed to factors such as the globalization of trade, expansion of the renewable energy sector, advancements in synthetic compressor oils, a focus on sustainable lubricants, and the expansion of chemical processing plants. Major trends in the forecast period include technological advancements in lubrication technology, the adoption of HVAC systems, integration of IoT and condition monitoring, use in refrigeration systems, and the adoption of variable speed compressors.

The increasing demand from the petroleum and natural gas industry is set to drive the compressor oil market in the foreseeable future. Petroleum and natural gas, as essential nonrenewable energy sources, play a vital role in various industries. Compressor oil, a critical component in the petrochemical sector, is utilized to prevent premature wear and tear in air compressors. These compressors are integral for elevating the pressure of transported gas through pipelines. The surge in annual Natural Gas Plant Liquids (NGPLs) production in 2021, reaching nearly 5.4 million barrels per day, as reported by the US Energy Information Administration, underscores the growth impetus within the compressor oil market.

The burgeoning automotive industry is anticipated to be a significant driver of growth in the compressor oil market. The automotive sector encompasses a spectrum of activities related to the design, development, manufacturing, and maintenance of motor vehicles. Compressor oil assumes a crucial role in this industry, ensuring the efficient functioning and longevity of critical components such as air conditioning compressors and pneumatic systems by providing lubrication and cooling for air compressors. The surge in total vehicle production in the United States, reaching 11.77 million units in July 2023, according to the Board of Governors of the Federal Reserve System, exemplifies the positive impact of the expanding automotive industry on the compressor oil market.

A noteworthy trend in the compressor oil market is the emphasis on product innovation by major industry players. Companies are strategically developing innovative compressor oil products to fortify their market positions. A case in point is Anderol B.V., a Netherlands-based chemical manufacturer, which introduced a hazard-free compressor oil, Anderol Syncomp DE HSL 100, in October 2021. This high-performance synthetic di-ester-based compressor and vacuum pump oil, approved by the German Federal Institute for Materials Research and Testing (BAM), stands out for its hazard-free composition. With excellent thermal oxidation stability, the innovative oil contributes to extended oil life and effective control over deposit formation in compressors and vacuum pumps.

Prominent players in the compressor oil market are strategically emphasizing the introduction of high-quality synthetic compressor oils to enhance their competitive position. Notable among these is Valvoline Cummins Private Ltd., an India-based oil company, which, in November 2022, unveiled Valcomp Compressor Oil Synth 68. This premium synthetic compressor oil, formulated with polyalphaolefin (PAO), is engineered to deliver optimal lubrication and performance in industrial compressors operating under challenging conditions. The innovative product stands out with ashless zinc-free additives that extend drain intervals up to 8,000 hours in stationary electric-powered compressors. It adheres to stringent standards, including ISO 6743-3A-DAB, DAJ, and DIN 51506 VDL, and incorporates an advanced additive system ensuring superior anti-oxidant, anti-corrosion, and anti-foam performance. Suitable for rotary and reciprocating air compressors, Valcomp Compressor Oil Synth 68 offers comprehensive lubrication solutions.

In May 2023, AMSOL Inc., a prominent US-based fuel company, completed the acquisition of Benz Oil for an undisclosed amount. This strategic move is aimed at expanding AMSOIL's industrial business unit, providing a substantial boost to its capabilities and expertise in the domain of industrial fluids. The acquired entity, Benz Oil, is recognized for its specialization in the development, manufacturing, and supply of industrial and metalworking fluids. This strategic acquisition aligns with AMSOIL's broader objective of strengthening its position in the industrial fluids market, leveraging the unique capabilities and offerings of Benz Oil to enhance its portfolio and cater to a wider range of customer needs.

Major companies operating in the compressor oil market report are Royal Dutch Shell PLC, Chevron Corporation, Exxon Mobil Corporation, Fuchs Group, Total S.A., British Petroleum Public Limited Company, JXTG Nippon Oil & Energy Corporation, BASF SE, Showa Shell Sekiyu K.K., Croda International, Valvoline Cummins Inc., CASTROL Limited, Sasol Limited, Pennzoil, HP Lubricants, Morris Lubricants, Idemitsu Kosan Co. Ltd., Repsol S.A., Lubrizol Corporation, Lukoil, Phillips Petroleum Company, Quaker Chemical Corporation, Petro-Canada Lubricants Inc., Gulf Oil Corporation Limited, ENEOS Corporation, Klüber Lubrication, Indian Oil Corporation Limited, Sinopec Group, Cosmo Oil Marketing Co. Ltd., and National Petroleum Limited- Petronas.

Asia-Pacific was the largest region in the compressor oil market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the compressor oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the compressor oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The compressor oil market features base oils such as mineral, synthetic, and semi-synthetic. Mineral oil, high-performance compressor oil, is known for its superior lubrication, excellent low-foaming properties, outstanding oxidation and thermal stability, impressive rust and corrosion resistance, and efficient water separation properties. The compressor types involved in this market include positive displacement, reciprocating, rotary screw, and other types like centrifugal, dynamic, radial flow, and axial flow. Various end-uses for compressor oil include manufacturing, oil and gas, power generation, automotive applications, and other industrial purposes.

This report provides compressor oil market statistics, including compressor oil industry global market size, regional shares, competitors with a compressor oil market share, detailed compressor oil market segments, market trends and opportunities, and any further data you may need to thrive in the compressor oil industry. This compressor oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The compressor oil market consists of sales of lubrication base oils, aromatic amine, alkylphenol, and tri-ester of dithiophosphoric acid. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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