Rapid Industrialization and Urbanization across Developing Countries Is Expanding the Size of Compressor Oils Market

 

Compressor Oil Market

Compressor oils help to improve the performance of the compressor and thus it is used to protect the machine parts. Some of the common types of compressor oils that you can select from include; Synthetic Organic Condensation (SOC), Oil-based Compression (OCC), Synthetic Gas Compression (GNC), and Motor Oils for Piston Makers. All these types of oils are made to give high-pressure protection to the engine parts from damage caused by compression wear and tear. Compressors are highly useful equipment, which is designed in such a way that it increases the efficiency of the working of a machine, making it highly economical.

Increasing demand for compressor oil from manufacturing, oil & gas, and chemical & petrochemical is predominantly fueling the growth of the market. High use of synthetic oil as it offers high performance in extreme conditions, higher shear stability,  better viscosity index,  and chemical resistance is again projected to foster the growth of the compressor oil market. Rapid growth in the construction and mining industry is also projected to propel the growth of compressor oil market. The rise in investment in the development of infrastructure coupled with the expansion of the energy sector is further anticipated to accelerate the growth of the market.

The Asia Pacific is projected to gain significant growth over the forecast period and this is attributed to the rapid industrialization and urbanization in the region. According to the World Economic Forum, in 2020 Asia’s GDP will overtake the GDP of the rest of the world combined. By 2030, the region is expected to contribute roughly 60% of global growth. Asia-Pacific will also be responsible for the overwhelming majority (90%) of the 2.4 billion new members of the middle class entering the global economy.

Key Developments:

1.     In June 2019, Total recently launched a new polyalkylene-glycol (PAG) lubricant for car air-conditioning compressors. Planetelf PAG K40 is designed to meet the requirements of both refrigerant gases (R134a and HFO-1234yf) commonly present in the automotive air-conditioning industry

2.     In August 2019, Atlas Copco, the home of industrial ideas, has launched five new specially designed products in the air compressor segment for the Indian market, providing an edge to small and medium-scale business units

3.     In June 2020, Elgi Equipments, the air compressor manufacturer launched the ‘LD Series’ range of lubricated direct drive reciprocating air compressors

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