Compressor oils are lubricants that are primarily used in mechanical devices where the oil helps reduce the volume and enhance the pressure of gases for use in various applications. These oils constitute petroleum-based mineral
oils or synthetic materials, including esters, poly-olefins, and polyalkylene glycols.
In home appliances, compressor oil is particularly crucial in air conditioning systems that use compressors in the compression system. Compressor oils serve three main purposes in these systems, viz., lubrication, sealing, and heat removal.
The recent research report published by Market Study Report, has provided detailed insights into the market size and growth trends of the Compressor Oil industry. It has evaluated many key aspects of the market in terms of the demand landscape, driving factors and growth strategies adopted by market players.
Growing application needs
In order to keep the entire operation running, it is vital that air compressors remain operational. Compressors typically require some type of lubricant to seal, lubricate, or cool internal components.
Effective lubrication helps continual operation of equipment, thereby preventing the plant from incurring any costly downtime or repairs. Moreover, proper lubrication with compressor oils also help compressors consume less power and run cooler.
According to the report, increasing demand for compressor oils in several end-use industries, particularly in the construction sector and consumer products, such as household appliances, is expected to foster market outlook over the analysis timeframe (till 2027).
In the report, the compressor oil market has been segmented based on compressor type, base oil, end-use, and region. Based on compressor type, the market has been categorized into reciprocating, centrifugal, rotatory screw, and others.
The other sub-segments are projected to exhibit steady growth at a CAGR of 2.0% through the assessment period owing to wide-scale applications of other compressor technologies, such as scroll, liquid piston axial, and straight lobe compression.
Significant consumption areas
In terms of end-use, the compressor oil market has been bifurcated into general manufacturing, food & beverage, construction, mining, power generation, chemical, and others.
The construction sub-segment is anticipated to witness substantial growth through the assessment period owing to surging product application in the construction industry. Most manufacturing facilities utilize compressed gas systems for a plethora of wide-ranging applications.
The construction sector employs air compressors to power pneumatic tools and drilling equipment. Subsequently, there is significant product demand across the construction industry, which is foreseen to boost segmental growth in the future.
Other sub-segments are estimated to grow at a CAGR of 2.5% over 2021 and 2027. Other end-uses of compressor oils include home appliances, such as refrigeration & freezing units. Growing urban population is expected to boost product demand, thereby
fostering industry growth in the forthcoming years.
(For further information: https://www.marketstudyreport.com/reports/compressor-oil-market?utm_source=marketwatch.com&utm_medium=AG)