Compressor Oil Market Size To Reach $97.15 Billion By 2024 Compressor Oil Market | Page 2

The equipment heating results in higher power consumption and wear & tear of the
machine. Cost optimization practices adopted by various manufacturing companies are
also expected to drive demand for compressor oil. It is observed that organizations have
been implementing continuous improvement projects to reduce power consumption &
maintain continuous operational flow undertake good lubrication practices.
Positive displacement based products are widely used in industries owing to their high
performance and low maintenance cost. Therefore, the segment accounted for the
majority of compressor oil consumed globally. Demand for positive displacement type is
expected to develop at an approximate CAGR of 5.0% from 2016 to 2024.
Further key findings from the report suggest:
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Global compressor oil market demand was 6.80 million tons in 2015 and is
expected to reach 10.44 million tons by 2024, growing at a CAGR of 4.9% from
2016 to 2024
Synthetic was the leading base oil used in compressor oil and accounted for 43.2%
of global volume in 2015. High performance associated with synthetic oils are
expected to drive their demand over the forecast period.
Increasing global awareness with respect to environmental issues is anticipated to
drive the bio-based oil demand. The segment is anticipated to grow at an estimated
CAGR of 5.1% from 2016 to 2024.
Manufacturing and automotive sector together accounted for over half of the global
demand in 2015. Energy industry is expected to capture around one-fifth of
revenue share in 2024 with an approximate growth rate of 6% from 2016 to 2024.
Asia Pacific is expected to observe the highest regional growth at an approximate
CAGR of 5.6% owing to the rapid industrialization in emerging economies including
China, India, and South Korea.
Key players operating in the global industry are ExxonMobil, Royal Dutch Shell,
Total S.A, Lukoil, British Petroleum, Chevron Corporation, BASF, The Dow
Chemical, Sasol Limited, Sinopec Limited, Croda International and Fuchs
Petrolub.
Read our blog on bulk chemicals industry:
http://www.grandviewresearch.com/blogs/bulk-chemicals
Table of content of global compressor oil market research report:
Chapter 1 Methodology & Scope
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