COMPRESSOR OIL MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 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).

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.

    The market for compressor oil is expected to grow at a CAGR of over 4% during the forecast period. The major factor driving the demand for compressor oils is the rapidly growing demand from the manufacturing segment. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.

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