Market Size of Asia-Pacific Compressor Oil Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR (2024 - 2029) | 3.97 % |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Compressor Oil Market Analysis
The Asia-Pacific Compressor Oil Market size is estimated at 187.88 Million liters in 2024, and is expected to reach 228.27 Million liters by 2029, growing at a CAGR of 3.97% during the forecast period (2024-2029).
- The outbreak of COVID-19 led to a significant reduction in output and investments in various major end-user industries of compressor oil, including oil and gas, chemical and petrochemical, and others, due to the reduction in demand as a consequence of nationwide lockdowns and other containment measures. However, the demand substantially improved in 2021 following the opening of economies, which led to increased industrial operations.
- One of the major factors driving the market studied is the increasing investments in the oil and gas industry due to which the demand for plant utilities like compressors has been increasing, thus directly impacting the demand for oil utilized in it.
- On the flip side, the growing popularity of oil-free compressors for operations that require cleaner, dryer air is restraining the demand for the studied market.
- Growing research and development on the usage of bio-based compressor oil, in line with the increasing emphasis on sustainability, is expected to offer various opportunities for the growth of the market over the forecast period.
- In the Asia-Pacific region, China is expected to dominate the market in terms of demand owing to the vivid presence and continuous expansion of various end-user industries.
Asia Pacific Compressor Oil Industry Segmentation
Compressor oil is required for the lubrication of the compressors to maintain their operational efficiency and effectiveness by reducing the friction between their moving parts. Compressor oils are primarily a mixture of base oils and additives.
The Asia-Pacific compressor oil market is segmented by base oil, end-user industry, and geography. By base oil, the market is segmented into synthetic, mineral, and other base oils (semi-synthetic, biodegradable, etc.). By end-user industry, the market is segmented into manufacturing, chemical and petrochemical, oil and gas, mining, marine, and other end-user industries (food processing, power generation, etc.). The report also covers the market size and forecasts in 5 countries (China, India, Japan, South Korea, ASEAN Countries, and Rest of Asia-Pacific) across the Asia-Pacific region.
For each segment, market sizing and forecasts have been done based on volume (liters).
Base Oil | |
Synthetic | |
Mineral | |
Other Base Oils (Semi-Synthetic, Biodegradable, etc.) |
End-User Industry | |
Manufacturing | |
Chemical and Petrochemical | |
Oil and Gas | |
Mining | |
Marine | |
Other End-User industries (Food Processing, Power Generation, etc.) |
Geography | |
China | |
India | |
Japan | |
South Korea | |
ASEAN Countries | |
Rest of Asia-Pacific |
Asia-Pacific Compressor Oil Market Size Summary
The Asia-Pacific Compressor Oil Market is poised for growth, driven by increasing investments in the oil and gas sector, which necessitate the use of compressors and, consequently, compressor oil. The market experienced a downturn during the COVID-19 pandemic due to reduced industrial activity, but demand rebounded as economies reopened. The region's market is characterized by the dominance of China, where the expansion of end-user industries such as oil and gas, mining, and chemicals is expected to fuel demand for compressor oil. Despite the rise of oil-free compressors, which pose a challenge to traditional compressor oil demand, the market is anticipated to benefit from advancements in bio-based oils, aligning with sustainability trends.
The mining and chemical industries in China further bolster the demand for compressor oil, with the country's significant production of metals and chemicals driving the need for efficient compressor operations. Investments in these sectors, along with strategic projects like the Xiangyuan lepidolite project and the Qixiang Tengda project, underscore the robust market potential. The Asia-Pacific Compressor Oil Market is partially consolidated, with key players such as Chevron Corporation, FUCHS, and China Petrochemical Corporation (Sinopec) leading the charge. Recent developments, including Exxon Mobil Corporation's investment in a lubricant plant in India and Valvoline Cummins' launch of a new synthetic compressor oil, highlight ongoing efforts to meet the region's growing industrial demands.
Asia-Pacific Compressor Oil Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Investments in the Oil and Gas Industry
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1.1.2 Growing Demand from the Manufacturing Industry
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1.1.3 Other Drivers
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1.2 Market Restraints
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1.2.1 Growing Popularity of Oil Free Compressors
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Base Oil
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2.1.1 Synthetic
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2.1.2 Mineral
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2.1.3 Other Base Oils (Semi-Synthetic, Biodegradable, etc.)
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2.2 End-User Industry
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2.2.1 Manufacturing
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2.2.2 Chemical and Petrochemical
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2.2.3 Oil and Gas
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2.2.4 Mining
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2.2.5 Marine
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2.2.6 Other End-User industries (Food Processing, Power Generation, etc.)
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2.3 Geography
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2.3.1 China
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2.3.2 India
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2.3.3 Japan
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2.3.4 South Korea
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2.3.5 ASEAN Countries
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2.3.6 Rest of Asia-Pacific
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Asia-Pacific Compressor Oil Market Size FAQs
How big is the Asia-Pacific Compressor Oil Market?
The Asia-Pacific Compressor Oil Market size is expected to reach 187.88 million liters in 2024 and grow at a CAGR of 3.97% to reach 228.27 million liters by 2029.
What is the current Asia-Pacific Compressor Oil Market size?
In 2024, the Asia-Pacific Compressor Oil Market size is expected to reach 187.88 million liters.