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Expansion is the most Popular Strategy Adopted by the Key Players of the Global Compressor Oil Market
The global market size for compressor oil is estimated to be USD 24.18 Billion in 2015 and is projected to reach USD 34.11 Billion by 2021, registering a CAGR of 6.0% between 2016 and 2021. The key strategies such as expansions, contracts & agreements, and new product launches are adopted by the major players to strengthen their foothold in the global compressor oil market. The maximum number of strategic developments undertaken between 2012 and 2016 took place in North America, followed by Asia-Pacific and Europe.
The major players operating in the global compressor oil market are Royal Dutch Shell plc (Netherlands), Exxon Mobil Corporation (U.S.), Sinopec Limited (China), Total S.A. (France), Lukoil (Russia), BP plc (U.K.), Chevron Corporation (U.S.), Fuchs Petrolub AG (Germany), The Dow Chemical Company (U.S.), BASF SE (Germany), Croda International plc (U.K.), Sasol Limited (South Africa), and others.
Exxon Mobil Corporation (U.S.) is one of the leading compressor oil manufacturers, globally. The company accounted for the largest share of the global market in 2015. Royal Dutch Shell plc (Netherlands) and Chevron Corporation (U.S.) were the second- and third-largest players in the compressor oil market, respectively. Chevron Corporation (U.S.) was the most active company and has made maximum developments between 2012 and 2016. Chevron Corporation, in July 2013, expanded its compressor oil product line, Cetus. The company has restructured its compressor oil family by compelling Cetus PAO, Cetus HiPerSYN, and Cetus DE to create a new family of compressor oil for a variety of applications, including rotary screw, rotary vane, and reciprocating compressors.
Recently, in January 2016, Exxon Mobil introduced synthetic compressor oil called Mobil SHC Rarus. The new product can be used in a variety of applications, including rotary screw and vane compressors. This new product would be available in the three viscosity grades, grade 32, 46, and 68.
This report includes a detailed analysis of the compressor oil market and segments the same on the basis of base oil type, compressor type, end-use industry, and region. Based on base oil type, the market has been segmented into synthetic compressor oil, semi-synthetic compressor oil, mineral compressor oil, and bio-based compressor oil. Synthetic compressor oil is further classified as PAO (polyalphaolefins), PAG (polyalkylene glycol), and esters.
Based on compressor type, the market has been segmented as positive displacement compressor (rotary screw compressor and reciprocating compressor) and dynamic compressor (centrifugal compressor and axial compressor).
On the basis of end-use industry, the market has been segmented as manufacturing (chemicals & petrochemicals, construction & mining equipment, metal production, food & beverages, and others), oil & gas, power, automotive, and others.
Compressor Oil Market by Compressor Type (Positive Displacement and Dynamic), Base Oil Type (Synthetic, Semi-Synthetic, Mineral and Bio-based), End-Use Industry (Manufacturing, Oil & Gas, Power, and Automotive) & by Region - Global Forecast to 2021
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