What is the current Compressor Oil Market size?

The Compressor Oil Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029) Read More

Who are the key players in Compressor Oil Market?

Exxon Mobil Corporation, Chevron U.S.A. Inc, HP Lubricants, Royal Dutch Shell plc and Total are the major companies operating in the Compressor Oil Market. Read More

Which is the fastest growing region in Compressor Oil Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Compressor Oil Market?

In 2024, the Asia Pacific accounts for the largest market share in Compressor Oil Market. Read More

What years does this Compressor Oil Market cover?

The report covers the Compressor Oil Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Compressor Oil Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Compressor Oil Market Trends

Statistics for the 2023 & 2024 Compressor Oil market trends, created by Mordor Intelligence™ Industry Reports. Compressor Oil trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Compressor Oil Industry

This section covers the major market trends shaping the Compressor Oil Market according to our research experts:

High Consumption from the Chemical & Petrochemicals Industry

The use of compressor oils in the chemical and petrochemicals industry is to guarantee the untroubled functioning of the machine parts and also help in minimizing the expenses and increasing the lifetime of the machine.
Furthermore, compressor oils also serve in dissipating the heat generated by the compressors during operations thus reducing the overall power consumption and also from the wear and tear of the machine.
The global chemical market is anticipated to grow at a CAGR of 4.3% between 2020 and 2025.
In 2019, the global chemical production rate was 1.8 % with the Asia-Pacific region accounting for the highest rate at 4% (excluding Japan).
In 2020, global demand for the derivatives of crude oil is projected to be 112 million barrels per day. By 2025, it is forecasted to reach 106.7 million barrels per day thereby increasing demand for the lubricants.
The market value of the global petrochemical industry is estimated to be USD 441 billion in 2019 and is expected to reach a gigantic value of USD 651.1 billion by the end of 2027.
All the aforementioned factors are expected to drive the Compressor Oil market during the forecast period.

Compressor Oil Market, Revenue (%), by End-user Industry, Global, 2019

Understand The Key Trends Shaping This Market

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Asia-Pacific Region to Dominate Compressor Oil Market

Asia-Pacific region holds the largest share in the compressor oil market globally and is expected to grow at the fastest rate over the forecast period.
Asia-Pacific has the largest market globally for petroleum-based products and the region also has the world's largest refinery located in Jamnagar, India. Jamnagar refinery has a capacity of 1.24 million barrels per day.
In 2020, oil demand from the Asia-Pacific region is projected to account for the largest share in the world amounting to be about 36.7 million barrels per day.
The refining capacity of China is also on the gradual rise. For instance, a recent contract for 1 MTA ethylene and refinery expansion project of Sinochem Quanzhou Petrochemical was announced.
Thus, rising demand from various industries coupled with government support is expected to drive the market studied in the region during the forecast period.