Global Synthetic Air Compressor Oil Market Overview
Synthetic air compressor oil market accounted for USD 3.4 Billion in 2020 and is estimated to be USD 5.2 Billion by 2029 and is anticipated to register a CAGR of 4.7%.
The air compressor oil is utilized for lubrication in air compressors to enhance and improve their service life and prevent wear and tear. The synthetic oil undergoes multiple refining processes compare to standard compressor oil which makes it more suitable for industrial or continuous working purposes. The synthetic air compressor oil market has witnessed an upsurge owing to the increased demand from end-use industries including aerospace, automotive, chemical, construction, food processing, and manufacturing.
Global Synthetic Air Compressor Oil Market Drivers & Restraints
The demand for synthetic air compressor oil is likely to increase due to its higher shear stability, high drain interval, better viscosity index, chemical resistance, and high performance in extreme conditions. Moreover, the ability of synthetic air compressor oil to maintain the temperature of equipment in heat dissipation is anticipated to boost the target market growth.
The growth and development of the construction and mining sector are anticipated to boost the growth of the synthetic air compressor oil market owing to the usage of the compressor to operate hammers, pneumatic drills, etc.
The availability of substituents such as hydraulic oil, automatic transmission fluid, and motor oil is expected to hamper the growth of the synthetic air compressor oil market. Moreover, the high cost of synthetic oil compares to standard compressor oil light to medium duty compressor work is expected to hinder the target market growth during the forecast period.
Global Synthetic Air Compressor Oil Market Segmentations & Regional Insights
Synthetic air compressor oil market is segmented based on compressor type, end-use industry, and region.
On the basis of compressor type, the synthetic air compressor oil market is segmented into axial, reciprocating, centrifugal, and rotary screw. On the basis of the end-use industry, the target market is segmented into general manufacturing, construction, oil & gas, food & beverage, mining, chemical, and others.
In the region, the synthetic air compressor oil market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific synthetic air compressor oil market is expected to dominate in terms of revenue across the globe, due to the high growth of major end-use industries such as manufacturing, textiles, food processing, and others.
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Attribute |
Details |
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The base year for estimation |
2020 |
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Forecast period |
2020 – 2029 |
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Market representation |
Revenue in USD Billion & CAGR from 2020 – 2029 |
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Market Segmentation |
By Compressor Type – Axial, Reciprocating, Centrifugal and Rotary Screw By End Use Industry – General Manufacturing, Construction, Oil & Gas, Food & Beverage, Mining, Chemical and Others |
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Regional Scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2029. For the purpose of this study, has segmented the synthetic air compressor oil market report based on compressor type, end use industry, and region.
Synthetic Air Compressor Oil Market, By Compressor Type:
- Axial
- Centrifugal
- Reciprocating
- Rotary Screw
Synthetic Air Compressor Oil Market, By End Use Industry:
- General Manufacturing
- Construction
- Oil & Gas
- Food & Beverage
- Mining
- Chemical
- Others
Synthetic Air Compressor Oil Market, By Region:
- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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Global Synthetic Air Compressor Oil Market Competitive Landscape & Key Players
The key players operating in the synthetic air compressor oil market include Atlas Copco, Chevron Corporation, China Petrochemical Corporation (Sinopec Group), East Asia Petrochemical, Eni S.p. A, Exxon Mobil Corporation, Fuchs Group (Fuchs Petrolub SE), Hailian Lubrication, Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation Limited, Lukoil, Penrite Oil, Sinopec Lubricant Company, The Phillips 66 Company, Unity Petrochemical Co., Ltd. and many other players. The major players are focused to adopt various strategies for the expansion of business across emerging geographies. Moreover, the merger and acquisition policy of market players is projected to play a key role in the expansion of global presence and gaining revenue share.
Global Synthetic Air Compressor Oil Market Company Profile
- Atlas Copco *
- Chevron Corporation
- China Petrochemical Corporation (Sinopec Group)
- East Asia Petrochemical
- Eni S.p.A
- Exxon Mobil Corporation
- Fuchs Group (Fuchs Petrolub SE)
- Hailian Lubrication
- Hindustan Petroleum Corporation Limited (HPCL)
- Indian Oil Corporation Limited
- Lukoil
- Penrite Oil
- Sinopec Lubricant Company
- The Phillips 66 Company
- Unity Petrochemical Co., Ltd.
Global Synthetic Air Compressor Oil Market Highlights
FAQs
The synthetic air compressor oil market accounted for US$ 3.4 billion in 2020 and is estimated to be US$ 5.2 billion by 2029 and is anticipated to register a CAGR of 4.7%.
The synthetic air compressor oil market is segmented based on the compressor type, end-use industry, and region.
The Synthetic Air Compressor Oil Market is experiencing trends such as the shift towards energy-efficient and high-performance compressor oils, the increasing demand from various industries for oil-free air compressors, and the development of bio-based synthetic oils.
Key factors driving the Synthetic Air Compressor Oil Market include the need for enhanced compressor efficiency, the rise in industrial activities requiring reliable lubrication, and the growing awareness of the benefits of synthetic oils, such as extended equipment life and reduced maintenance costs.
Asia-Pacific is expected to dominate the Synthetic Air Compressor Oil Market, driven by rapid industrialization, infrastructure development, and increasing demand for high-quality compressor oils in countries like China and India.
The prominent player operating in the global synthetic air compressor oil market includes Atlas Copco, Chevron Corporation, China Petrochemical Corporation (Sinopec Group), East Asia Petrochemical, Eni S.p.A, Exxon Mobil Corporation, Fuchs Group (Fuchs Petrolub SE), Hailian Lubrication, Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation Limited, Lukoil, Penrite Oil, Sinopec Lubricant Company, The Phillips 66 Company, Unity Petrochemical Co., Ltd. and many other players.