Market Size of Asia-Pacific Compressor Oil Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 187.88 Million liters |
| Market Volume (2029) | 228.27 Million liters |
| CAGR (2024 - 2029) | 3.97 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Compressor Oil Market Analysis
The Asia-Pacific Compressor Oil Market size is estimated at 187.88 Million liters in 2024, and is expected to reach 228.27 Million liters by 2029, growing at a CAGR of 3.97% during the forecast period (2024-2029).
- The outbreak of COVID-19 led to a significant reduction in output and investments in various major end-user industries of compressor oil, including oil and gas, chemical and petrochemical, and others, due to the reduction in demand as a consequence of nationwide lockdowns and other containment measures. However, the demand substantially improved in 2021 following the opening of economies, which led to increased industrial operations.
- One of the major factors driving the market studied is the increasing investments in the oil and gas industry due to which the demand for plant utilities like compressors has been increasing, thus directly impacting the demand for oil utilized in it.
- On the flip side, the growing popularity of oil-free compressors for operations that require cleaner, dryer air is restraining the demand for the studied market.
- Growing research and development on the usage of bio-based compressor oil, in line with the increasing emphasis on sustainability, is expected to offer various opportunities for the growth of the market over the forecast period.
- In the Asia-Pacific region, China is expected to dominate the market in terms of demand owing to the vivid presence and continuous expansion of various end-user industries.
