North America Compressor Oil Market Size (2024 - 2029)

The North America Compressor Oil Market is projected to experience growth over the forecast period, driven by increased private sector investments in the oil and gas industry, which boost the demand for compressors and, consequently, compressor oil. Despite the initial decline in demand due to COVID-19 lockdowns, the market has rebounded as restrictions eased. However, the rise in popularity of oil-free compressors poses a challenge to market expansion. Opportunities for growth are anticipated through research and development of bio-based compressor oils, aligning with sustainability trends. The United States is expected to lead the market due to its robust production base across key industries.

Market Size of North America Compressor Oil Industry

North America Compressor Oil Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR (2024 - 2029) 2.91 %
Market Concentration Medium

Major Players

North America Compressor Oil Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Compressor Oil Market Analysis

The North America Compressor Oil Market size is estimated at 76 Million liters in 2024, and is expected to reach 87.72 Million liters by 2029, growing at a CAGR of 2.91% during the forecast period (2024-2029).

The outbreak of COVID-19 resulted in nationwide lockdowns, leading to a substantial reduction in the demand for various products, including oil and gas, chemical and petrochemical industry, among others. This reduction had a negative impact on the demand for compressor oil in the market. However, the demand significantly improved in 2021 due to the easing of COVID-19 effects.

  • One of the major factors driving the market is the increasing private sector investments in the oil and gas industry in the region. This has led to a rising demand for plant utilities like compressors, directly impacting the demand for oil used in these systems.
  • On the other hand, the increasing popularity of oil-free compressors for operations requiring cleaner, dryer air is restraining the demand for the studied market.
  • The growing research and development focusing on the usage of bio-based compressor oil, in line with the increased emphasis on sustainability, is expected to offer various opportunities for market growth over the forecast period.
  • In the North American region, the United States is anticipated to dominate the market in terms of demand, given its diverse production base for major end-user industries such as oil and gas, mining, and chemical and petrochemicals.

North America 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 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 3 countries (United States, Canada, and Mexico) across the North American region. 

For each segment, market sizing and forecasts have been done on the basis of 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
United States
Canada
Mexico
Need A Different Region Or Segment?
Customize Now

North America Compressor Oil Market Size Summary

The North American compressor oil market is poised for steady growth over the forecast period, driven by increasing private sector investments in the oil and gas industry. This surge in investment has led to a heightened demand for compressors, which in turn boosts the need for compressor oil to ensure optimal efficiency and reduce friction in these systems. The market experienced a downturn during the COVID-19 pandemic due to reduced demand across various sectors, but it rebounded significantly in 2021 as restrictions eased. Despite the growth prospects, the market faces challenges from the rising popularity of oil-free compressors, which are preferred for applications requiring cleaner and dryer air. However, the growing focus on sustainability and the development of bio-based compressor oils present new opportunities for market expansion.

The United States is expected to dominate the North American compressor oil market, supported by its diverse industrial base, including oil and gas, mining, and chemicals. The country's robust chemical industry, bolstered by abundant feedstock and energy resources, continues to drive demand for compressor oil. Significant investments in refinery projects and the expansion of natural gas pipelines further contribute to the market's growth. In Canada, similar developments in gas projects are anticipated to support market demand. The mining industry, a major consumer of compressor oil, also plays a crucial role in the market's expansion, with increasing revenues indicating positive growth. The market is partially consolidated, with key players like Chevron Corporation, Exxon Mobil Corporation, FUCHS, Shell Plc, and TotalEnergies SE actively participating in shaping its trajectory.

Explore More

North America Compressor Oil Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Increasing Investments in the Oil and Gas Industry

      2. 1.1.2 Growing Demand from the Manufacturing Industry

      3. 1.1.3 Other Drivers

    2. 1.2 Market Restraints

      1. 1.2.1 Growing Popularity of Oil Free Compressors

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Base Oil

      1. 2.1.1 Synthetic

      2. 2.1.2 Mineral

      3. 2.1.3 Other Base Oils (Semi-Synthetic, Biodegradable, etc.)

    2. 2.2 End-User Industry

      1. 2.2.1 Manufacturing

      2. 2.2.2 Chemical and Petrochemical

      3. 2.2.3 Oil and Gas

      4. 2.2.4 Mining

      5. 2.2.5 Marine

      6. 2.2.6 Other End-User industries (Food Processing, Power Generation, etc.)

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Mexico

North America Compressor Oil Market Size FAQs

The North America Compressor Oil Market size is expected to reach 76.00 million liters in 2024 and grow at a CAGR of 2.91% to reach 87.72 million liters by 2029.

In 2024, the North America Compressor Oil Market size is expected to reach 76.00 million liters.

North America Compressor Oil Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)