The global market for compressor oil is set to grow at a CAGR of 4.6% over the next decade, with it being worth an expected $26.7 billion this year, according to a new report from Future Market Insights (FMI).
Rising energy consumption, an increasingly large middle class population and urbanisation in emerging economies are expected to open up new opportunities and drive the demand for compressor oil.
A typical industrial compressor relies on oil to lubricate its moving parts and leave a protective coat on surfaces to ensure efficient performance and reduce the frequency of repairs. A good lubricant and appropriate oil changes are therefore necessary to maximise the longevity of a compressor.
While compressors that are oil free have been developed, it is likely that the demand for synthetic compressor oil will grow due to its suitability for a broad range of applications. Synthetic oils like the Mobil Gargoyle Arctic range also claim a long service life, which helps reduce downtime and routine maintenance costs.
In a press release, FMI also points to a shift towards bio-based lubricants, saying the:
“World is transitioning from mineral oil based compressor oils to organic and bio-based compressor oils. Bio-based compressor oils produce low carbon emission and amidst strict environmental regulations and policies, it is experiencing tremendous growth across wide range of industries.”
FMI predicts compressor oil demand will grow in a diverse range of sectors. The power and energy industry is specifically mentioned, as demand for reliable supplies of electricity is expected to grow.