Asia Pacific Compressor Oil Market size surpassed USD 2.5 billion in 2020 and is predicted to witness 2.5% CAGR from 2021 to 2027. The market growth is driven by increasing applications in the general manufacturing, construction & infrastructure, mining, food & beverage, and chemical sectors. Industrialization, favorable economic trends, and supportive government policies will accelerate the pace of industrial production output in the coming years.

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The increasing demand for residential & commercial constructions will open new avenues for Asia Pacific compressor oil market. Future infrastructure development projects in China, Japan, India, Southeast Asia, and Australia will encourage manufacturers to increase their production output to cater to the growing industry requirements. Significant growth in the chemical and food & beverage industries will likely trigger the demand for compressor oils.

Asia Pacific Market, By Base Oil

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In 2020, mineral oil segment revenue was nearly USD 500 million in the Asia Pacific compressor oil market. Mineral oil gas has gained popularity over the past few years due to its low price compared to synthetic oil. Stringent government regulations on the usage of mineral oil coupled with rising environmental emission concerns are expected to be the key market restraint.

Premium products with longer service life, higher quality, and extended life will increase the demand for synthetic compressor oil. Reduced frequency of oil change, part replacement & maintenance, reduced labor cost, reduced need for multiple filter assemblies, increased oil savings, reduced energy & power consumption, and increased air compressor life expectancy will show a promising future for synthetic oil.

Asia Pacific Market, By Compressor Type

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The reciprocating compressors will produce around 60 kilo tons demand by 2027. In reciprocating compressors, the compressor oil is primarily used in main bearings, connected rod bearings, motor bearings, and crosshead bearings. Lubricating oils with excellent resistance to deposit formation are used in centrifugal compressors. Compressor oils are used on a large scale in rotary screw compressors.

Asia Pacific Market, By End-use

Food & beverage segment in the Asia Pacific compressor oil market will observe 3% growth rate during the forecast period, owing to a wide range of compressor applications in food packaging and food filling & cleaning equipment. Rising population, lifestyle changes, and increasing popularity of packaged foods will facilitate the food & beverage industry growth.

Competitive Industry Landscape

The major companies involved in the market include Chevron Corporation, BASF SE, British Petroleum, Exxon Mobil Corporation, Total S.A., Royal Dutch Shell PLC, Eni S.p.A, Hindustan Petroleum Corporation Limited, Lukoil, Sinopec Group, Indian Oil Corporation Limited, Sasol Limited, The Dow Chemical Company, Klüber Lubrication München SE & Co., KG, Ingersoll Rand Inc., Atlas Copco, FUCHS PETROLUB SE, and The Phillips 66 Company.