Pune, India, Aug. 11, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America compressor oil market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 1.1 billion by 2027.
The growing use of medium and large-sized compressors in several construction activities will drive the market share. The manufacturing sector in the region is expanding at a strong rate due to the tremendous economic progress made by the nations, which will have a positive impact on the demand for compressor oil.
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Compressors have numerous uses in the power generation plants, such as fuel gas boosting, cooling turbines & reactor cores, desulphurization, and nitrous oxide treatment, among others. Several buildings in the urban and rural areas are undergoing electrification. End-users in the region’s automotive sector are heavily investing in the production of electric vehicles (EVs), thereby fueling the growth of its power sector, which will eventually drive the adoption of compressor oil.
Below mentioned is the list of trends that may increase the industry size during the forecast period of 2021-2027:
General manufacturing sector may extensively use compressor oil:
The general manufacturing sector in North America compressor oil market is likely to create a demand for more than 40 kilo tons of compressor oil by 2027. Many manufacturing companies need compressed air in their production processes.
Compressed air is used for various purposes, such as operating different tools on the production line, cutting & welding equipment, monitoring equipment, ejecting molds & pieces, adjusting the roller & feed machines, metal finishing, sand blasting, and operating automated machinery. Since compressed air has such an extensive use, end-users will increase the demand for high-quality compressor oil to help the compressors run smoothly.
Synthetic compressor oil highly preferred by clients:
Synthetic compressor oil held over 60% share of North America market in 2020. This type of compressor oil is highly preferred by clients as compared to other types of oils because it has several benefits to offer.
The advantages include high viscosity indices, great oxidative & thermal stability, and superior protection from wear and tear. Synthetic compressor oil also reduces the build-up of toxic deposits, enhances the efficiency of energy consumption, maintains valve health, and decreases the compressor downtime, thereby favoring its use.
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Compressor oil applications rise in the food & beverage sector:
North America compressor oil market size from the food & beverage sector is predicted to record more than 2% CAGR through 2027. Air compressors are used on a large scale across this sector for various applications, including packing, checking devices, mixing, and cooling operations, among others. People across North America are becoming increasingly dependent on processed foods due to easy availability and a hectic lifestyle, which will support the use of compressor oils in this sector.
North America compressor oil market outlook is likely to remain positive as compressors are witnessing a notable surge in their demand among a wide range of sectors, such as food & beverage, general manufacturing, mining, construction & infrastructure, power generation, and chemical.
Some of the renowned organizations across North America, such as Royal Dutch Shell PLC, Exxon Mobil Corporation, BASF SE, Chevron Corporation, Atlas Copco, and The Phillips 66 Company are engaged in the production of synthetic and mineral compressor oils that will be majorly used in rotary screw, reciprocating, and centrifugal compressors. The rising demand for processed foods and other innovative products and services will catalyze the use of compressors, which will eventually favor the adoption of compressor oils.
Browse Related Report:
Asia Pacific Compressor Oil Market Forecast 2027 By End-use (General Manufacturing, Construction, Food & Beverage, Mining, Chemical, Power Generation), By Base Oil (Synthetic Oil, Mineral Oil), By Compressor Type (Reciprocating, Rotary Screw, Centrifugal), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
https://www.graphicalresearch.com/industry-insights/1990/asia-pacific-compressor-oil-market
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
