The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Compressor Oil Market.
It was estimated prior to this unanticipated outbreak that the Compressor Oil Market was expected to grow at a CAGR of 5.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Compressor oils are fluids that help maintain cleaner compressors. The oil is designed to provide long service life to the compressors. The oil is made in three types, oil base synthetic oil, mineral oil, semi-synthetic oil, and bio-based oil.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the compressor type, the market is segmented as dynamic compressor and positive displacement compressor. The dynamic compressor segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. Dynamic compressors convey a huge volume of air by quickening it to high speed with the assistance of rotating blades and limit the air to decelerate under extension to increase pressure.
Based on the base oil type, the compressor oil market is segmented as synthetic oil, mineral oil, semi-synthetic oil, and bio-based oil. The synthetic oil segment leads the market owing to its excellent properties such as chemical resistance, better viscosity index, higher shear stability, and higher performance in extreme conditions. Compressor Oil Market Share: By End-User Industry Type
Based on the end-user industry type, the market is segmented as general manufacturing, construction, oil & gas, mining, chemical & petrochemical, power generation, and others. The general manufacturing segment is expected to remain dominant, whereas chemical & petrochemical is likely to be the fastest-growing market during the forecast period.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing compressor oil market during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. The growth of the market is owing to the increasing investment in the infrastructure development and continuously growing manufacturing and construction sectors in the developing countries.
Some of the major compressor oil manufacturers are-