SELBYVILLE, Del. - May 11, 2021 - (Newswire.com)
Based on Global Market Insights Inc.'s report, the global Compressor Oil Market was estimated at $5,437.5 million in 2020 and is slated to exceed $6 billion by 2027, registering a CAGR of 2.2% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Rapid industrialization, favorable economic trends, and huge investments will upscale industrial production globally, thereby triggering the demand for air compressors. Air compressors are key equipment in various manufacturing sectors such as automotive, plastic manufacturing, chemical, fabrication sector, food & beverages, pharmaceuticals, etc. Both North America and Europe will exhibit favorable trends in the manufacturing sector in the future. This outlook is observed throughout emerging and developed economies. For instance, the manufacturing sector accounted for approximately 11.6% of the total U.S. economic output as per the Bureau of Economic Analysis.
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Centrifugal compressor oil market size will witness around a 1% CAGR and is expected to showcase a promising outlook in terms of volumetric growth. In centrifugal compressors, radial and thrust journal bearings, radial and thrust rolling element bearings, etc., are lubricated with the help of compressor oil. Increasing demand from thermal power plants, natural gas processing facilities, oil refineries, and chemical plants will propel the growth of centrifugal compressors between 2021 and 2027. These trends will assist the growth of the compressor oil market in the future.
Food & beverage will witness around a 2.5% CAGR in the compressor oil market. Manufacturing plants operating and dealing with food & beverage components need contamination-free and consistent compressed air to run their operations and thus employ air compressors for a variety of production tasks.
Air compressors are used in the food & beverage industry for packing and pelleting products, closing and checking devices, in food & beverage filling equipment, for freezing & cooling products, for nitrogen generation, as a cleaning medium when cutting or peeling foods, and for mixing and movement. Air compressors are also extensively used in cold storage systems for supplying cold air. Thus, the food-grade compressor oils are developed to be used in such applications of food & beverage.
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Europe holds a 15% share in the compressor oil market due to the substantial presence of various end-user industries such as food & beverage, chemical, general manufacturing, etc. The industries in Europe are matured and advanced; thus, the demand for advanced compressor oils, which have a longer operating cycle is more in order to reduce the maintenance time. The promising growth of the chemical industry in the region will significantly increase compressor oil demand in the coming years.
Strategic mergers and acquisitions by manufacturers will expand regional & global presence. Major compressor oil industry players include Royal Dutch Shell, Tota S.A., Fuchs Group, Exxon Mobil Corporation, British Petroleum (BP), BASF SE, ENI S.P.A., Indian Oil Corporation, and Sinopec Group with many others.
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About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Original Source: The Compressor Oil Market Projected to Surpass $6 Billion by 2027, Says Global Market Insights Inc.
