Considerable increase in the industrial output to meet the demand for air compressors has supported growth trends in the global compressor oil market over the years. Moreover, the growing infrastructure development and commercial construction has also supported the demand for the compounds over time. The evident increase in purchasing power among people along with the consequent increase in the demand for various goods has led to rapid industrialization worldwide. This, along with the upscale in industrial production has led to the demand for air compressors.
Air compressors are integral equipment in many manufacturing sectors like plastic manufacturing, chemical, automobile, pharmaceutical, food, and beverage, among others. Developed regions like Europe and North America have showcased favorable trends in the manufacturing sector. According to the Bureau of Economic Analysis, the manufacturing sector is responsible for nearly 11.6% of the total U.S. economic output.
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Reports estimate that the global compressor oil market size could amass USD 6 billion through 2027. Centrifugal compressor oil has witnessed high demand over time and is projected to depict a promising outlook to volumetric growth. In centrifugal compressors, radial and thrust rolling element bearings, radial and thrust journal bearings, and others are lubricated using compressor oil.
Surging demand for centrifugal compressor oil from natural gas processing facilities, thermal plants, chemical plants, and oil refineries can be expected. Geographically speaking, Europe has emerged as a profitable revenue terrain for compressor oil over the years owing to the presence of various end-user industries like chemical, general manufacturing, and food and beverage.
The industries in the region are highly advanced and hence require advanced compressor oils that come with a longer operation cycle and helps in reducing the maintenance time. The rapid development in the regional chemical sector will also emerge as a significant contributing factor to the industry growth.
Rise in purchasing power, urbanization, and changing food demands has led to developments in the food and beverage sector. Manufacturing units that operate and deal with food and beverage components require contamination-free and consistent compressed air to operate, hence using air compressors to fulfill various production tasks.
Air compressors are used in the food and beverage market for packing the products, in closing and checking devices, in food and beverage filling machines, for the generation of nitrogen, and to freeze and cool the products. Compressors are also used in cold storage systems to provide cold air, driving compressor oil consumption.
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COVID-19 outbreak has largely affected many sectors of the economy such as construction, mining, and manufacturing to an extent. This is due to the restrictions in the gathering of people and the non-movement of raw materials in a bid to control the spread of the infection. It has impacted the production and demand for industrial fluids. However, with gradual relaxations announced by the governments to revive the economy, the functioning of industries is slowly getting back to normal. This will once again drive the consumption of compressor oils.
Compressor oil companies are inking partnerships, strategic alliances, and mergers and acquisitions to increase their production capacity in order to meet the escalating demand from various industries, as well as to enhance their global position. Notable market players include ENI S.P.A., Exxon Mobil Corporation, BASF SE, Royal Dutch Shell, and ENI S.P.A, to name a few.
Driven by the key application in construction, manufacturing, mining, power generation, and food and beverage sectors, the global compressor oil market is slated to witness substantial growth supported by rapid industrialization across emerging economies.
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