North America Compressor Oil Market Synopsis:
North America Compressor Oil Market Size Was Valued at USD 960 Million in 2023, and is Projected to Reach USD 1,299.31 Million by 2032, Growing at a CAGR of 3.42% From 2024-2032.
The North America Compressor Oil Market refers to the industry focused on producing and supplying lubricants specifically designed for compressors. These oils ensure efficient operation by reducing friction, wear, and heat generation, extending equipment lifespan.
The major forces driving the market are the increasing private sector investments in the oil and gas industry in the region, increasing the demand for plant utilities such as compressors, which directly impacts the demand for oil for these systems., The growing popularity of oil-free compressors, which are required for cleaner and drier air, is limiting the demand. Additionally, R&D on the use of bio-based compressor oil, in line with sustainability, offers growth opportunities. In the United States, the market is expected to be high in demand
The rise in refinery projects driven by private investments is set to boost compressor oil demand in North America. According to the U.S. Energy Information Administration, crude oil production in the U.S. is projected to average 12.4 million barrels per day in 2023 and 12.8 million in 2024, surpassing the 2019 record of 12.3 million. This production increase signals heightened refinery operations needing efficient equipment, supporting market demand. North America compressor oils are crucial in industries like automotive, oil & gas, and food & beverage for applications such as air conditioning and gas compression.
North America Compressor Oil Market Trend Analysis:
Increasing Demand for High-Quality Compressor Oil
- Advancements in compressor designs due to technology have improved efficiency and performance in challenging conditions. Precision engineering necessitates high-quality oils that provide excellent lubrication to minimize friction and wear on compressor parts. Synthetic and semi-synthetic oils provide better thermal stability and longer lifespan than traditional mineral oils. High-quality compressor oils are boosted by advanced additives such as anti-wear agents and rust inhibitors for improved performance.
- Utilizing top-notch oils in compressors can result in prolonged equipment lifespan through decreased wear and tear, decreased downtime, and enhanced efficiency. Cost savings are realized through increased compressor performance due to the oils, leading to energy savings. Continuous and ideal performance is sustained, guaranteeing maximum effectiveness in industrial operations on a large scale. The demand for high-performance compressors and quality compressor oils is being driven by growing awareness and adoption in end-user industries, especially in the manufacturing, processing, and automotive sectors.
- Preventive maintenance is given importance to prevent expensive breakdowns and guarantee uninterrupted operation. Businesses are prioritizing the overall cost of owning a product, realizing that putting money into top-notch oils can result in reduced expenses and improved operation effectiveness. High-quality oils aid in reducing buildup and emissions. Increasing worries about the environment are spurring the need for environmentally friendly compressor oils. Food-safe oils are essential in sectors such as food manufacturing to fulfil safety requirements. Non-harmful oils are essential for ensuring worker safety and environmental protection across multiple sectors.
Advancements in Bio-Based Lubricant Technology
- Environmentally friendly lubricant technology is transforming the compressor oil sector by concentrating on sustainable practices. Made from vegetable oils and animal fats, these lubricants decrease dependence on non-renewable petroleum sources and can decompose naturally, leading to a decrease in pollution. They also contribute to reducing greenhouse gas emissions and can be manufactured without introducing carbon into the atmosphere, assisting in combating climate change. Transitioning to bio-based lubricants provides advantages in performance, following regulations, and addressing environmental concerns.
- Enhancements in bio-based lubricant formulations have improved lubricity to reduce friction effectively and provide wear protection in compressor components. These oils have good thermal stability, keeping their performance high even at elevated temperatures. Advancements in additives have improved the performance of bio-based lubricants due to research and development. Hybrid lubricants use a mix of bio-based oils and synthetic components to achieve the best outcomes. Innovation is sped up by working together with manufacturers, research institutions, and industry stakeholders.
- Bio-based lubricants provide economic advantages by being cost-competitive, lowering total ownership expenses, enhancing operational effectiveness, setting themselves apart in the market, promoting an eco-friendly image, and meeting consumer demand. Although bio-based oils may have a higher initial cost, their longer service life and reduced maintenance requirements can result in cost savings. Enhanced lubrication and thermal stability can reduce energy consumption and operational costs, as well as boost brand reputation and loyalty due to consumer preference for eco-friendly products.
North America Compressor Oil Market Segment Analysis:
North America Compressor Oil Market is segmented based on Base Oil, Type, Application, End-User, and Country.
By Base Oil, Synthetic Segment Is Expected to Dominate the Market During the Forecast Period
- Synthetic compressor oils improve performance with better thermal stability and durability in high temperatures, preventing degradation and oxidation. They ensure consistent viscosity, enhance equipment lifespan, and reduce wear through uniform lubrication. In food and beverage sectors, food-grade synthetic oils are crucial for safety and regulatory compliance.
Synthetic oils provide superior oxidation resistance over mineral oils, reducing sludge and varnish buildup, thus enhancing compressor efficiency and reliability. They maintain chemical stability under extreme conditions, minimizing harmful reactions and adapting to diverse applications like industrial compressors and automotive air conditioning, with customization available for specific needs.
- Synthetic oils extend service intervals, reducing oil change frequency and labor costs, which lowers ownership expenses. They enhance equipment cleanliness, decrease emissions, and lessen environmental impact. Many meets or exceed environmental regulations, ensuring compliance with health, safety, and ecological standards.
By Base Oil, Mineral held the largest share in 2023
- The mineral oil segment dominated the compressor oil market share and is expected to maintain this lead due to its lower cost compared to synthetic options. Despite the growing popularity of synthetic base oils among consumers, mineral oil-based lubricants continue to dominate the market. Lubricating products based on mineral oil are cheaper than synthetic compressor oil because they are made from a mineral base obtained from crude oil.
- This type of base oil is typically recommended for compressors that are used continuously and for household equipment with light-duty functions. For instance, refrigeration compressor oil based on mineral oil is frequently employed in CFC, HCFC, and hybrid refrigeration systems. These refrigeration lubricants based on mineral oil provide outstanding thermal and chemical stability along with an extended service life and enhanced solubility.
North America LNG Market Regional Insights:
The United States is Expected to Dominate the Market Over the Forecast Period
- Compressors play a vital role in the chemical and petrochemical sectors, spanning petrochemical synthesis to material management, necessitating compressor oil for efficient function and to avert wear, the effectiveness of this sector impacts the need for compressor oils. The United States boasts a robust chemical sector due to its infrastructure and availability of energy resources and raw materials.
- Many large-scale chemical projects are planned in the country, expected to positively increase the demand for compressor oil. The first stage of the facility's building will begin in the final months of 2023. In the mining industry, compressors perform various roles such as ventilation systems, material transport, pneumatic equipment, and additional applications. Compress or oil is crucial in the industry to ensure the optimal operation of compressors in these processes. The United States ranks among the leading producers and consumers of metals and minerals worldwide. Extracted resources are essential for both consumer and industrial technologies and greatly impact the national security of the United States. A consistent increase in industry revenue indicates a favorable growth trend that is anticipated to positively impact the compressor oil market. The factors mentioned are expected to preserve the United States' dominance over other North American countries in the compressor oil market.
Active Players North America Compressor Oil Market:
- ExxonMobil Corporation (USA)
- Chevron Corporation (USA)
- Valvoline Inc. (USA)
- Phillips 66 Lubricants (USA)
- Petro-Canada Lubricants Inc. (Canada)
- BP PLC (UK)
- TotalEnergies SE (France)
- PetroChina Company Limited (China)
- Idemitsu Kosan Co., Ltd. (Japan)
- Fuchs Petrolub SE (Germany)
- Repsol S.A. (Spain)
- Gulf Oil International Ltd. (UK)
- Lukoil (Russia), and Other Active Players
Key Industry Developments in the North America Compressor Oil Market:
- In June 2024, bp and Worley have formed a new strategic alliance focused on enhancing efficiency, continuous improvement and value creation across bpās Site Projects organization. This alliance builds upon a successful, decade-long collaboration between the two companies.
- In March 2024, chevron and JX sign MOU for collaboration on development of CCS value chain.JX Nippon Oil & Gas Exploration Corporation and Chevron New Energies a division of Chevron U.S.A. Inc., have signed a Memorandum of Understanding (āMOUā) that provides a framework to evaluate the export of Carbon Dioxide (CO2) from Japan to Carbon Capture and Storage (CCS) projects located in Australia and other countries in the Asia Pacific region.
North America Compressor Oil Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 960 Mn. |
Forecast Period 2024-32 CAGR: |
3.42% |
Market Size in 2032: |
USD 1,299.31 Mn. |
Segments Covered: |
By Base Oil |
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By Type |
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By Application |
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By End-User |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
ā1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
ā3.1 Industry Dynamics and Opportunity Analysis
āā3.1.1 Growth Drivers
āā3.1.2 Limiting Factors
āā3.1.3 Growth Opportunities
āā3.1.4 Challenges and Risks
ā3.2 Market Trend Analysis
ā3.3 Strategic Pestle Overview
ā3.4 Porter's Five Forces Framework
ā3.5 Industry Value Chain Mapping
ā3.6 Regulatory Framework
ā3.7 Pricing Trend Analysis
ā3.8 Patent Analysis
ā3.9 Technology Evolution
ā3.10 Investment Pockets
ā3.11 Import-Export Analysis
Chapter 4: North America Compressor Oil Market by Base Oil
ā4.1 North America Compressor Oil Market Snapshot and Growth Engine
ā4.2 Market Overview
ā4.3 Synthetic
āā4.3.1 Introduction and Market Overview
āā4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā4.3.3 Key Market Trends, Growth Factors and Opportunities
āā4.3.4 Synthetic: Geographic Segmentation Analysis
ā4.4 Mineral
āā4.4.1 Introduction and Market Overview
āā4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā4.4.3 Key Market Trends, Growth Factors and Opportunities
āā4.4.4 Mineral: Geographic Segmentation Analysis
ā4.5 Semi-Synthetic
āā4.5.1 Introduction and Market Overview
āā4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā4.5.3 Key Market Trends, Growth Factors and Opportunities
āā4.5.4 Semi-Synthetic: Geographic Segmentation Analysis
ā4.6 Bio-Based
āā4.6.1 Introduction and Market Overview
āā4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā4.6.3 Key Market Trends, Growth Factors and Opportunities
āā4.6.4 Bio-Based: Geographic Segmentation Analysis
Chapter 5: North America Compressor Oil Market by Type
ā5.1 North America Compressor Oil Market Snapshot and Growth Engine
ā5.2 Market Overview
ā5.3 Reciprocating
āā5.3.1 Introduction and Market Overview
āā5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā5.3.3 Key Market Trends, Growth Factors and Opportunities
āā5.3.4 Reciprocating: Geographic Segmentation Analysis
ā5.4 Sliding Value
āā5.4.1 Introduction and Market Overview
āā5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā5.4.3 Key Market Trends, Growth Factors and Opportunities
āā5.4.4 Sliding Value: Geographic Segmentation Analysis
ā5.5 Centrifugal
āā5.5.1 Introduction and Market Overview
āā5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā5.5.3 Key Market Trends, Growth Factors and Opportunities
āā5.5.4 Centrifugal: Geographic Segmentation Analysis
ā5.6 Screw
āā5.6.1 Introduction and Market Overview
āā5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā5.6.3 Key Market Trends, Growth Factors and Opportunities
āā5.6.4 Screw: Geographic Segmentation Analysis
Chapter 6: North America Compressor Oil Market by Application
ā6.1 North America Compressor Oil Market Snapshot and Growth Engine
ā6.2 Market Overview
ā6.3 Industrial
āā6.3.1 Introduction and Market Overview
āā6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā6.3.3 Key Market Trends, Growth Factors and Opportunities
āā6.3.4 Industrial: Geographic Segmentation Analysis
ā6.4 Automotive
āā6.4.1 Introduction and Market Overview
āā6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā6.4.3 Key Market Trends, Growth Factors and Opportunities
āā6.4.4 Automotive: Geographic Segmentation Analysis
ā6.5 Refrigeration
āā6.5.1 Introduction and Market Overview
āā6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā6.5.3 Key Market Trends, Growth Factors and Opportunities
āā6.5.4 Refrigeration: Geographic Segmentation Analysis
ā6.6 Gas Compressors
āā6.6.1 Introduction and Market Overview
āā6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā6.6.3 Key Market Trends, Growth Factors and Opportunities
āā6.6.4 Gas Compressors: Geographic Segmentation Analysis
Chapter 7: North America Compressor Oil Market by End-User
ā7.1 North America Compressor Oil Market Snapshot and Growth Engine
ā7.2 Market Overview
ā7.3 Manufacturing
āā7.3.1 Introduction and Market Overview
āā7.3.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā7.3.3 Key Market Trends, Growth Factors and Opportunities
āā7.3.4 Manufacturing: Geographic Segmentation Analysis
ā7.4 Oil & Gas
āā7.4.1 Introduction and Market Overview
āā7.4.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā7.4.3 Key Market Trends, Growth Factors and Opportunities
āā7.4.4 Oil & Gas: Geographic Segmentation Analysis
ā7.5 Construction
āā7.5.1 Introduction and Market Overview
āā7.5.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā7.5.3 Key Market Trends, Growth Factors and Opportunities
āā7.5.4 Construction: Geographic Segmentation Analysis
ā7.6 Power Generation
āā7.6.1 Introduction and Market Overview
āā7.6.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā7.6.3 Key Market Trends, Growth Factors and Opportunities
āā7.6.4 Power Generation: Geographic Segmentation Analysis
ā7.7 Food & Beverage
āā7.7.1 Introduction and Market Overview
āā7.7.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā7.7.3 Key Market Trends, Growth Factors and Opportunities
āā7.7.4 Food & Beverage: Geographic Segmentation Analysis
ā7.8 and Pharmaceuticals
āā7.8.1 Introduction and Market Overview
āā7.8.2 Historic and Forecasted Market Size in Value USD and Volume Units
āā7.8.3 Key Market Trends, Growth Factors and Opportunities
āā7.8.4 and Pharmaceuticals: Geographic Segmentation Analysis
Chapter 8: Company Profiles and Competitive Analysis
ā8.1 Competitive Landscape
āā8.1.1 Competitive Benchmarking
āā8.1.2 North America Compressor Oil Market Share by Manufacturer (2023)
āā8.1.3 Industry BCG Matrix
āā8.1.4 Heat Map Analysis
āā8.1.5 Mergers and Acquisitionsāā
ā8.2 EXXONMOBIL CORPORATION (USA)
āā8.2.1 Company Overview
āā8.2.2 Key Executives
āā8.2.3 Company Snapshot
āā8.2.4 Operating Business Segments
āā8.2.5 Product Portfolio
āā8.2.6 Business Performance
āā8.2.7 Recent News & Development
āā8.2.8 SWOT Analysis
ā8.3 CHEVRON CORPORATION (USA)
ā8.4 VALVOLINE INC. (USA)
ā8.5 PHILLIPS 66 LUBRICANTS (USA)
ā8.6 PETRO-CANADA LUBRICANTS INC. (CANADA)
ā8.7 BP PLC (UK)
ā8.8 TOTALENERGIES SE (FRANCE)
ā8.9 PETROCHINA COMPANY LIMITED (CHINA)
ā8.10 IDEMITSU KOSAN CO.
ā8.11 LTD. (JAPAN)
ā8.12 FUCHS PETROLUB SE (GERMANY)
ā8.13 REPSOL S.A. (SPAIN)
ā8.14 GULF OIL INTERNATIONAL LTD. (UK)
ā8.15 LUKOIL (RUSSIA)
ā8.16 OTHER ACTIVE PLAYERS
Chapter 9:North America Compressor Oil Market Analysis, Insights and Forecast, 2016-2028
ā9.1 Market Overview
ā9.2 Key Market Trends, Growth Factors and Opportunities
ā9.3 Key Players
ā9.4 Historic and Forecasted Market Size By Base Oil
āā9.4.1 Synthetic
āā9.4.2 Mineral
āā9.4.3 Semi-Synthetic
āā9.4.4 Bio-Based
ā9.5 Historic and Forecasted Market Size By Type
āā9.5.1 Reciprocating
āā9.5.2 Sliding Value
āā9.5.3 Centrifugal
āā9.5.4 Screw
ā9.6 Historic and Forecasted Market Size By Application
āā9.6.1 Industrial
āā9.6.2 Automotive
āā9.6.3 Refrigeration
āā9.6.4 Gas Compressors
ā9.7 Historic and Forecasted Market Size By End-User
āā9.7.1 Manufacturing
āā9.7.2 Oil & Gas
āā9.7.3 Construction
āā9.7.4 Power Generation
āā9.7.5 Food & Beverage
āā9.7.6 and Pharmaceuticals
ā9.8 Historic and Forecast Market Size by Country
āā9.8.1 U.S.
āā9.8.2 Canada
āā9.8.3 Mexico
Chapter 10 Analyst Viewpoint and Conclusion
10.1 Recommendations and Conclusion
Chapter 11 Our Thematic Research Methodology
11.1 Research Process
11.2 Primary Research
11.3 Secondary Research
North America Compressor Oil Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 960 Mn. |
Forecast Period 2024-32 CAGR: |
3.42% |
Market Size in 2032: |
USD 1,299.31 Mn. |
Segments Covered: |
By Base Oil |
|
|
By Type |
|
||
By Application |
|
||
By End-User |
|
||
By Region |
|
||
Key Market Drivers: |
|
||
Key Market Restraints: |
|
||
Key Opportunities: |
|
||
Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the North America Compressor Oil Market research report is 2024-2032.
ExxonMobil Corporation (USA), Chevron Corporation (USA), Valvoline Inc. (USA), Phillips 66 Lubricants (USA), Petro-Canada Lubricants Inc. (Canada), BP PLC (UK), TotalEnergies SE (France), PetroChina Company Limited (China), Idemitsu Kosan Co., Ltd. (Japan), Fuchs Petrolub SE (Germany), Repsol S.A. (Spain), Gulf Oil International Ltd. (UK), Lukoil (Russia), and Other Active Players.
The North America Compressor Oil Market is segmented into Base Oil, Type, Application, End-User, and Region. By Base Oil, the market is categorized into Synthetic, Mineral, Semi-Synthetic, and Bio-Based. By Type, the market is categorized into Reciprocating, Sliding Value, Centrifugal, and Screw. By Application, the market is categorized into Industrial, Automotive, Refrigeration, and Gas Compressors. By End-User, the market is categorized into Manufacturing, Oil & Gas, Construction, Power Generation, Food & Beverage, and Pharmaceuticals. By Region, it is analyzed across North America (U.S.; Canada; Mexico).
The North America Compressor Oil Market refers to the industry focused on producing and supplying lubricants specifically designed for compressors. These oils ensure efficient operation by reducing friction, wear, and heat generation, extending equipment lifespan.
North America Compressor Oil Market Size Was Valued at USD 960 Million in 2023, and is Projected to Reach USD 1,299.31 Million by 2032, Growing at a CAGR of 3.42% From 2024-2032.