North America Compressor Oil Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

the North America Compressor Oil Market Report is Segmented by Base Oil (synthetic, Mineral, and Other Base Oils), End-User Industry (manufacturing, Chemical and Petrochemical, Oil and Gas, Mining, Marine, and Other End-User Industries), and Geography (United States, Canada, and Mexico). the Market Size and Forecasts are Provided in Terms of Volume (liters) for all the Above Segments.

North America Compressor Oil Market Size

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North America Compressor Oil Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Volume (2024) 76.00 Million liters
Market Volume (2029) 87.72 Million liters
CAGR (2024 - 2029) 2.91 %
Market Concentration Medium

Major Players

North America Compressor Oil Market Major Players

*Disclaimer: Major Players sorted in no particular order

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North America Compressor Oil Market Analysis

The North America Compressor Oil Market size is estimated at 76 Million liters in 2024, and is expected to reach 87.72 Million liters by 2029, growing at a CAGR of 2.91% during the forecast period (2024-2029).

The outbreak of COVID-19 resulted in nationwide lockdowns, leading to a substantial reduction in the demand for various products, including oil and gas, chemical and petrochemical industry, among others. This reduction had a negative impact on the demand for compressor oil in the market. However, the demand significantly improved in 2021 due to the easing of COVID-19 effects.

  • One of the major factors driving the market is the increasing private sector investments in the oil and gas industry in the region. This has led to a rising demand for plant utilities like compressors, directly impacting the demand for oil used in these systems.
  • On the other hand, the increasing popularity of oil-free compressors for operations requiring cleaner, dryer air is restraining the demand for the studied market.
  • The growing research and development focusing on the usage of bio-based compressor oil, in line with the increased emphasis on sustainability, is expected to offer various opportunities for market growth over the forecast period.
  • In the North American region, the United States is anticipated to dominate the market in terms of demand, given its diverse production base for major end-user industries such as oil and gas, mining, and chemical and petrochemicals.

North America Compressor Oil Market Trends

Increasing Investments in the Oil and Gas Industry

  • Compressors in the oil and gas industry are primarily used for collecting, pressurizing, and pushing the oil or gas through the refining process or distribution system. These compressors are mainly located in ships and drilling fields, in chemical and process plants, and also in pipes that make up the distribution network. Compressor oil is required to reduce the friction between the moving parts and for the optimum efficiency of the process.
  • The increasing number of refinery projects due to increasing private investments is anticipated to be a crucial driver for compressor oil in North America. According to the United States Energy Information Administration, the United States crude oil production is expected to average 12.4 million barrels per day (b/d) in 2023 and 12.8 million barrels per day in 2024, surpassing the previous record of 12.3 million barrels per day set in 2019. In 2022, United States crude oil production averaged 11.9 million barrels per day. The increasing production is an indication of the increasing operations in the refineries, which require efficient equipment and related products, thus supporting the demand for the market studied.
  • Refiners in the United States are undertaking several capital projects to expand domestic crude processing capacity. Three of the largest refiners based in the United States are currently working on capital projects that could provide an additional 0.35 million barrels per day of crude processing capacity to the country's refinery portfolios by the end of 2024.
  • In March 2023, Exxon Mobil Corporation announced the commencement of its Beaumont refinery expansion project. This has added 0.25 million barrels per day of capacity to one of the largest refining and petrochemical complexes along the Gulf Coast of the United States. With this, the overall capacity has increased to over 0.63 million barrels per day. This is the largest refinery expansion in the United States since 2012.
  • In Canada, various gas projects are currently picking up pace in the country, which is expected to support the demand for the market studied. In August 2022, Canadian natural gas company TC Energy strategically entered into a partnership with Mexico's state-owned utility ComisiónFederal de Electricidad(CFE) to develop a CAD 4.5 billion (USD 3.3 billion) natural gas pipeline. The two companies have made a final investment decision to proceed with the construction of the 715 km offshore Southway Gateway pipeline project. The Southeast Gateway pipeline is aimed to supply natural gas to the central and southeastern regions of Mexico. The project is expected to be completed by mid-2025.
  • However, in December 2022, the Canadian government approved an expansion of TC Energy's NOVA Gas Transmission Ltd (NGTL) pipeline system in Alberta to help improve market access for natural gas in western Canada. The West Path Delivery 2023 (WP2023) project will add approximately 40 kilometers of new natural gas pipeline to the existing 25,000 kilometers of NGTL system that carries gas to markets across Canada and the United States.
  • All these factors are anticipated to aid the growth of the compressor oil market in the North American region.
North America Compressor Oil Market : Crude Output, in Million Barrels per Day, United States, 2019-2022

United States to Dominate the Compressor Oil Market in North America

  • Compressors are used in various processes in the chemicals and petrochemical industry from petrochemical synthesis to material handling. Significant and even continuous use of compressors in certain cases requires compressor oil for the desired functioning and for avoiding wear and tear in any parts. Thus, the performance of the chemical and petrochemical industry substantially impacts the demand for compressor oils.
  • The United States has a strong chemical industry owing to the vivid infrastructure that has been established in line with the continuous demand for chemicals. The access to abundant feedstock and energy resources further works in favor of the industry.
  • As per the Chemical Industry Outlook by BASF SE for the year 2022, the United States chemical industry output witnessed a growth of 2.3%, which is also indicative of the increase in demand for products utilized in the sector, including compressor oil.
  • There are several large-scale chemical projects planned in the country, which are expected to contribute positively to the demand for compressor oil. For instance, in July 2022, Solvay announced plans to build a new facility for producing electronic-grade hydrogen peroxide in Arizona. The construction of the first phase of the facility is scheduled to begin in the second half of 2023.
  • In the mining industry, compressors are used for a variety of operations, such as ventilation systems, material conveyors, pneumatic tools, and others. Hence, compressor oil is required in the industry to ensure the proper working of compressors in these operations.
  • The United States ranks among the world's largest producers and consumers of minerals and metals. Mined materials are essential to consumer and industrial technologies and play a critical role in shaping America's national security.
  • As per the United States Census Bureau, revenue in mining and quarrying amounted to USD 14.39 billion in 2022, as compared to USD 13.68 billion in 2021. The revenue from this sector is projected to amount to USD 15.25 billion in 2023. Consistent increase in revenue from the industry is indicative of the positive growth which is expected to be impacting the compressor oil market positively.
  • All these mentioned factors are expected to keep the United States ahead of other North American countries in the compressor oil market.
North America Compressor Oil Market : Annual Chemical Output Growth, in Percentage, United States, 2020-2022

North America Compressor Oil Industry Overview

The North American compressor oil market is partially consolidated by nature. Some of the major players (not in any particular order) in the market include Chevron Corporation, Exxon Mobil Corporation, FUCHS, Shell Plc, and TotalEnergies SE, among others.

North America Compressor Oil Market Leaders

  1. Chevron Corporation

  2. Exxon Mobil Corporation

  3. FUCHS

  4. Shell Plc

  5. TotalEnergies SE

*Disclaimer: Major Players sorted in no particular order

North America Compressor Oil Market Concentration
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North America Compressor Oil Market News

  • July 2023: Chevron Corporation announced the commencement of the first commercial production of NEXBASE 3043 base oil in the United States, which is recommended for formulating high-quality engine oils. The product is also used for compressor oil and hydraulic oil formulations.
  • March 2022: Tellurian Inc. announced today that the company had issued a limited notice to proceed to Bechtel Energy Inc. under its executed Engineering, Procurement, and Construction (EPC) contract to begin construction of phase one of the Driftwood LNG export terminal, located near Lake Charles, Louisiana 

North America Compressor Oil Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

      1. 4.1.1 Increasing Investments in the Oil and Gas Industry

      2. 4.1.2 Growing Demand from the Manufacturing Industry

      3. 4.1.3 Other Drivers

    2. 4.2 Market Restraints

      1. 4.2.1 Growing Popularity of Oil Free Compressors

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Base Oil

      1. 5.1.1 Synthetic

      2. 5.1.2 Mineral

      3. 5.1.3 Other Base Oils (Semi-Synthetic, Biodegradable, etc.)

    2. 5.2 End-User Industry

      1. 5.2.1 Manufacturing

      2. 5.2.2 Chemical and Petrochemical

      3. 5.2.3 Oil and Gas

      4. 5.2.4 Mining

      5. 5.2.5 Marine

      6. 5.2.6 Other End-User industries (Food Processing, Power Generation, etc.)

    3. 5.3 Geography

      1. 5.3.1 United States

      2. 5.3.2 Canada

      3. 5.3.3 Mexico

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Merger & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Chevron Corporation

      2. 6.4.2 Exxon Mobil Corporation

      3. 6.4.3 FUCHS

      4. 6.4.4 PetroCanada Lubricants Inc.

      5. 6.4.5 Phillips 66 Company

      6. 6.4.6 Sasol

      7. 6.4.7 Shell Plc

      8. 6.4.8 TotalEnergies SE

      9. 6.4.9

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Inclination Towards Bio-based Compressor Oils

    2. 7.2 Other Opportunities

**Subject to Availability
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North America Compressor Oil Industry Segmentation

Compressor oil is required for the lubrication of the compressors to maintain their operational efficiency and effectiveness by reducing the friction between their moving parts. Compressor oils are primarily a mixture of base oils and additives.

The compressor oil market is segmented by base oil, end-user industry, and geography. By base oil, the market is segmented into synthetic, mineral, and other base oils (semi-synthetic, biodegradable, etc.). By end-user industry, the market is segmented into manufacturing, chemical and petrochemical, oil and gas, mining, marine, and other end-user industries (food processing, power generation, etc.). The report also covers the market size and forecasts in 3 countries (United States, Canada, and Mexico) across the North American region. 

For each segment, market sizing and forecasts have been done on the basis of volume (liters).

Base Oil
Synthetic
Mineral
Other Base Oils (Semi-Synthetic, Biodegradable, etc.)
End-User Industry
Manufacturing
Chemical and Petrochemical
Oil and Gas
Mining
Marine
Other End-User industries (Food Processing, Power Generation, etc.)
Geography
United States
Canada
Mexico
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North America Compressor Oil Market Research Faqs

The North America Compressor Oil Market size is expected to reach 76.00 million liters in 2024 and grow at a CAGR of 2.91% to reach 87.72 million liters by 2029.

In 2024, the North America Compressor Oil Market size is expected to reach 76.00 million liters.

Chevron Corporation, Exxon Mobil Corporation, FUCHS, Shell Plc and TotalEnergies SE are the major companies operating in the North America Compressor Oil Market.

In 2023, the North America Compressor Oil Market size was estimated at 73.85 million liters. The report covers the North America Compressor Oil Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Compressor Oil Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

North America Compressor Oil Industry Report

Statistics for the 2024 North America Compressor Oil market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Compressor Oil analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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North America Compressor Oil Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)