Future Market Insights (FMI), in its latest research study, delineates the growth trail of compressor oil market from 2019 to 2029 and underlines the key aspects upholding growth. According to the report findings, compressor oil sales reached ~ 1,092 thousand tons in 2018, and are likely to grow by ~ 5.5% Y-o-Y in 2019.
As lubrication continues to be at the epicenter of equipment efficiency across industrial domains, the demand for effective compressor oil formulations is likely to see an ascending outlook through 2029. While compressor oil continues to play a crucial role in a spectrum of post-sales services, such as repairs, installation upgrades, equipment reconditioning, inspections, and routine maintenance, FMI’s analysis expects a massive window of opportunities facing the key players active in compressor oil market space.
Opportunities galore for manufacturers in compressor oil market in parallel with the ‘never-seen-before’ growth of the aftermarket space. As aftermarket has outgrown the phase of being an ‘afterthought’ and is being perceived as a profitable arm of the market, key players operating in the compressor oil market are focused on offering spare parts and enhancing their after-sales service offerings.
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End user requirements for lubrication may considerably vary based on the type of compressor and gas, in addition to the environment in which it is used. Manufacturers are, accordingly, vying to showcase a vast portfolio, featuring compressor oils formulated for a range of compressor types, including reciprocating, rotary, dry screw, centrifugal, or sliding vane compressors.The report opines that end users will continue to show high preference for synthetic compressor oil, followed by the mineral and semi-synthetic variants. Synthetic compressor oil offers unmatched compatibility in comparison to its counterparts and meets the demand for severe service conditions, which is a key reason for it being the top-selling category. Synthetic oil also provides higher storage stability, high efficiency, less wear, enhanced oxidation stability, better film strength, and lower volatility-features that match majority of the lubrication requirements put forth by various end-user applications.
Manufacturers Prioritizing Product Innovations and Strategic Collaborations
Manufacturers are focusing on aggressive and influential marketing tactics across the key countries of Latin America and MEA, wherein the emerging opportunities in these regions could be of greater significance for them. Uninterrupted and consistent supply of certified products continues to be a key cornerstone for manufacturers to retain their market standing. Compressor oil manufacturers are also counting on product innovations as a catalyst for sustained growth in the compressor oil industry, unveils the report. For instance, in June 2019, Total S.A declared the official launch of its newest addition i.e. Planetelf PAG K 40, a high performance lubricant meant for use in automotive air compressors.
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Although strategic part Compressor Oil Market
Although strategic partnerships and collaborations have been the strategic priorities of compressor oil manufacturers, the combination of the two offers a dual benefit, including extension of the existing customer base and enhancement of geographical reach. For instance, in 2018, the Atlas Copco Group announced acquisition of Reno A/S, a Denmark-based air compressor manufacturer, to uphold its shares in the global compressor oil market. In 2018, Exxon Mobil Corporation made an official announcement of its collaboration with Burckhardt Compression, a leading Switzerland-based manufacturer of compressors. This collaboration was aimed at fine-tuning product development processes of both the companies and building-up strong portfolios of high-performance lubricants.
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