Compressor Oil Market
The global compressor oil market size will expand at an annual rate of 2.2% from 2021 to 2027. Compressor oils help to lubricate the compressors to certify their dependence and maintain their functional efficiency. The market is steered by their increasing usage in applications such as production industry.
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Compressor Oil Market Dynamics
Compressor oil ensures the proper functioning of the metal equipment and enhances machinery performance with its anti-rust properties. The market growth is driven by the rapid industrialization and the growing industrial output. With the surge in industrial production, the demand for compressor oil is likely to increase as several companies are incorporating the equipment in their production. The advantages of compressor oils, such as rust and corrosion resistance, rapid discharge of foam and air release control, and reduced formation of sludge in coolers to reduce the wear and tear. This is projected to bolster the market size. Further, as per the compressor oil market report, the augmenting demand for petroleum-acquired products, such as LPG, gasoline, diesel, propane, and waxes is projected to expand the production of compressor oil because of the growing usage of compressor oil in the chemical & petrochemicals sector.
However, the growing prominence of oil-free compressors in industries, such as food & beverages, textile, and pharmaceutical to eliminate the contamination risk of the end product is likely to restrain the compressor oil market growth.
Regional Drivers
Asia Pacific is projected to expand at a remarkable CAGR during the forecast period. This is because of the growing economy, rising industries, such as oil & gas, automotive, power, and aviation, and surging demand for compressors in the production sector. In addition, the Made in China 2025, Make in India initiative by the Indian Government; and Manufacture Innovation 3.0 in South Korea has proliferated the manufacturing industry, and will positively impel the market growth. Also, the compressor oil market research asserts that the existence of leading including Indian Oil Corporation Ltd., China Petroleum & Chemical Corporation, and Idemitsu Kosan Co. Ltd. is further encouraging the market growth.
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