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.
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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.
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