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North American Compressor Oil Market size to reach $1.1 Bn by 2027
Published Date: 2021-11-19
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North American Compressor Oil Market size is projected to cross USD 1.1 billion by 2027, according to a latest forecast report by Graphical Research. Increasing demand for compressors from the food & beverage and chemical industries will support industry growth.
Compressor oil is used in compressors to reduce friction, thereby minimizing energy consumption and promoting cost savings. Air compressors are key equipment in various manufacturing industries such as chemical, construction, automotive, plastic, food & beverage, pharmaceuticals, etc. The U.S. manufacturing sector has grown rapidly in the past few years. The manufacturing sector accounted for approximately 11% of the total U.S. economic output in 2019. The major growth driving factor of the U.S. manufacturing industry is advancements in technologies such as artificial intelligence and machine learning. The usage of these new technologies and innovations will help the country to cut down its labor & operational costs in the manufacturing sector, reaping benefits for the overall economy in the coming years.
The North America compressor oil industry may be affected by volatility in raw material prices. Due to the continuously changing prices of these raw materials, it becomes difficult for product manufacturers to maintain cost-effectiveness in their production cycles. Additionally, it leads to higher costs and reduces the manufacturers’ profit margin. These factors pose significant threats to compressor oils and may affect market growth during the forecast period.
Browse detailed statistical insights from the report, “North America Compressor Oil Market Forecast 2027 By Compressor Type (Reciprocating, Rotary Screw, Centrifugal), By Base Oil (Synthetic Oil, Mineral Oil), By End-use (General Manufacturing, Construction & Infrastructure, Food & Beverage, Mining, Chemical, Power Generation), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The mineral oil segment will grow at a CAGR of 1.5% over the forecast period. Mineral oil is cheaper and more reactive than synthetic oil. Mineral compressor oil offers low ash & carbon formation, good water separability, high load-carrying capacity, and effective corrosion & rust protection. They assist in improving the filter life, reducing sludge formation in crankcases & discharging lines, and minimizing blockages of coalesces. It is generally used in compressors that are not used continuously and in light-duty applications.
Compressor oil is used in rotary screw compressors including screws, radials, & thrust roller bearings, and timing & speed gears. Rotary screw compressors will witness significant growth in the future owing to better heat resistance, low initial cost, reliability, and easy & low-cost maintenance. Moreover, increasing demand from the manufacturing and chemical industries will augment the segment growth. This will positively influence the demand for compressor oils from this segment in the coming years. The rotary screw compressor segment will capture more than 50% share by the end of the forecast period.
The food & beverage sector will register over 2% growth rate from 2021 to 2027. Air compressors are used in the food & beverage industry for checking devices, packing processes, cooling operations, mixing, etc. The increasing consumption of packaged food in North America owing to demographic shifts, easy availability, and time constraints will support the regional food & beverage industry growth.
The compressor oil in North American market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
North America Market, By Base Oil
- Synthetic oil
- Mineral oil
North America Market, By Compressor Type
- Rotatory screw
North America Market, By End-use
- General manufacturing
- Food & beverage
- Power generation
The above information has been provided for the following Countries:
- North America