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ESOMAR-certified market analysis and consulting company Future Market Insights (FMI) provides insights driving Compressor Oil market demand in latest report. Additionally, to find the effect of COVID-19 on the Compressor Oil market in general, the study monitor global Compressor Oil sales in 20+ high-growth markets and addresses their end-user in particular.
Compressor oil market is witnessing a significant growth, especially in East Asia and South Asia Pacific. Strong industrial infrastructure spending in regions such as Europe and North America has resulted in the significant growth in the market. The demand is expected to rise consistently in industries such as, oil & gas, power generation, automotive, chemical industry, pharmaceuticals, food and beverages, air separation and others.
According to FMI’s analysis, the compressor oil market has been estimated to witness a CAGR of 4.6% CAGR between 2021 and 2031. Growth is expected to be contributed by utilization of various compressors such as reciprocating compressors, rotary compressors, centrifugal compressors, screw compressors, and other types in various industries. The rising investment in R&D is also contributing to the growth.
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The demand also is expected to rise for bio based compressor oil. This type of oil is associated with low carbon emission and is witnessing significant growth in the regions with stringent regulations. Bio Based oil is also expected to remain a key aspect for the sustainable development in the market of compressor oil in the coming years.
Despite changing preference of industries, synthetic type oil is expected to remain the leading product type with its ever-increasing use in different types of compressors. However, the market is expected to register dwindling growth amid the COVID-19 countries. Unfavorable economic and social scenario for instance made 2020 a highly challenging year for the market.
The demand decelerated amid restrictions and lockdown imposed across various industries, which also resulted in the shutdown of industries. The impact of these developments was not much favorable for the market. Low demand from manufacturing industries and the oil and gas sector created obstacles for the compressor oil market.
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The power and energy sector is one of the most prominent and rapidly growing industrial sectors in the globe. Rapid growth in the industrialization supported by economic growth across nations and growing population have fueled the demand for continuous power supply.
Electricity is one of the key aspects of the energy and power sector and electrification of several industries is a pathway for the sustainable growth. Electricity today accounts for a significant share of the total final consumption of energy, a share that is set to increase as the demand for electricity outpaces all other fuels.
Implementation of new policies and swift industrial growth are expected result in the electricity accounting for nearly 25% share in the energy and power sector in the forthcoming years. The rising demand for reliable & uninterrupted power supply is anticipated to result in growth of the energy and power industry. Increasing energy/power generation activities are expected to drive the demand for compressor oils in the future.
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