Market Size of North America Compressor Oil Industry
| 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
*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.
