LONDON–(BUSINESS WIRE)–Technavio estimates the global compressor oil market is expected to grow by USD 1.09 billion, progressing at a CAGR of about 2% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
The market is driven by increasing investments in oil and gas E&P activities. However, the availability of oil-free compressors might challenge growth.
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Compressor Oil Market: End-user Landscape
Based on the end-user, the market witnessed maximum demand for compressor oil from the industrial machinery segment. This can be attributed to the extensive use of compressors for industrial machinery in industries such as construction, chemical, food and beverages (F&B), mining, metalworking, and pulp and paper. The market growth in the segment will be significant over the forecast period.
Compressor Oil Market: Geography Landscape
57% of the market’s growth originated from APAC in 2019. Factors such as rapid industrialization and significant production of automobiles and industrial machinery are fueling the growth of the compressor oil market in APAC.
China, India, and Japan are the key markets for compressor oil in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Major Three Compressor Oil Market Vendors:
BP Plc
BP Plc operates its business through segments such as Upstream, Downstream, and Rosneft. The company offers Energol GE-C 220 and Energol RC-R compressor oil.
Chevron Corp.
Chevron Corp. operates its business through segments such as Upstream and Downstream. The company offers Capella P, CETUS HIPERSYN, and Cetus PAO compressor oil.
China Petrochemical Corp.
China Petrochemical Corp. operates its business through segments such as Exploration and Production, Refining, Marketing and Distribution, and Chemicals. The company offers SINOPEC 4502 Synthetic Compressor Oil, SINOPEC 4511-1 Ethene Compressor Oil, SINOPEC 4513 Synthetic Compressor Oil, and SINOPEC 4513-1 Synthetic Compressor Oil.
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Related Reports on Energy Include:
Global Turbine Oil Market – Global turbine oil market is segmented by product (mineral oil-based lubricants and synthetic oil-based lubricants) and geography (APAC, Europe, North America, MEA, and South America). Get a Free Sample Report to know more
Global Bunker Oil Market – Global bunker oil market is segmented by product (residual fuel and distillate fuel) and geography (APAC, Europe, North America, MEA, and South America). Get a Free Sample Report to know more
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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