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Compressor Oil Market Rising Manufacturing Output in Developing Countries Forecast To 2023
Lubricants development enables the machineries to run efficiently. Compressor oil is used to reduce heat and cool down the compressors. It improves the machinery performance and offer anti-rust properties. The excellent oxidation stability and low carbon forming benefits in saving the maintenance cost and downtime.
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The global compressor oil market has been segmented on the basis of compressor types, base oil, application, and region.
By compressor types, the global compressor oil market has been divided into reciprocating compressor, sliding vane compressor, centrifugal compressor, screw (helical lobe) compressor, and rotary lobe compressor. screw (helical lobe) compressor and roatry lobe compressor accounted for the major demand for the product due to high performance fluid and offer super anti-rust protection.
Based on base oil, the global compressor oil market has been categorized as synthetic oil, semi-synthetic oil, mineral oil, and bio-based oil. Synthetic oil leading the demand in compressor industry due to beneficial properties and longer time durability.
On the basis of application, the global compressor oil market has been segmented as petrochemical manufacturing, construction hydraulics and mining equipment, oil & gas machinery, automotive engines, power generation, and food & beverage machines among others. construction hydraulics and mining equipment accounted for the largest market demand and is projected to lead the market growth over the assessment period. Infrastructural development and mining extraction increase the demand for hydraulic machines owing to the increase of compressor oil.
Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa are the five key regions studied for the global compressor oil market. In 2017, Asia-Pacific accounted for the largest market share of the global compressor oil market. China is the leading producer and consumer of the product. Sinopec is one of the largest Chinese producers of the product which supply across the country to fulfill the customer demand. India is the fastest growing nation in rising the demand for the product during the forecast period.
North America and Europe are the other significant regional markets for compressor oil. Long–term investments and development of high–grade compressor oil are the major driving factors in this region.
Some of the prominent players in the global compressor oil market are Exxonmobil Corporation (US), Sinopec Limited (China), Royal Dutch Shell PLC (Netherlands), BP PLC (UK), Total S.A (France), Chevron Corporation (US), Croda International PLC (UK), Fuchs Petrolub AG (Germany), BASF SE (Germany), Sasol Limited (South Africa), Lukoil (Russia), and Indian Oil Corporation Ltd (India) among others are some of the key players in the global compressor oil market.
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