The compressor oil market size is estimated to be USD 10.1 billion in 2018 and is projected reach USD 13.2 billion by 2023, at a CAGR of 5.6% between 2018 and 2023. Compressor oils are mixtures of base oils and additives. The additives help enhance, add, or suppress unwanted properties of the base oil. They are usually produced in a liquid or semi-solid state. Compressor oils are utilized to reduce friction between moving surfaces of the compressor.

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The dynamic compressor segment accounts for the largest share of the overall compressor oil market.
On the basis of compressor type, the compressor oil market has been segmented into dynamic compressor and positive displacement compressor. Dynamic compressors deliver a large volume of air by accelerating it to high velocity with the help of rotating blades and confines the air flow to decelerate under expansion to increase pressure. Unlike positive displacement compressor, the output for dynamic compressor fluctuates with the speed of rotating blades as there is nothing that physically forces the air out of the compressor.

Chemical & petrochemical is projected to be the fastest-growing end-use industry of compressor oil market during the forecast period.
On the basis of end-use industry, the compressor oil market has been segmented into general manufacturing, construction, oil & gas, mining, chemical & petrochemical, power generation, and others. The chemical & petrochemical is estimated to be the fastest-growing end-use industry of compressor oil, in terms of volume, during the forecast period. The demand for compressor oil in the industry is expected to increase as a result of increasing chemical manufacturing capacities across the globe.

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Technological Advancements
There are several industries such as pharmaceutical, healthcare, food & beverages, textile, and electronics where manufacturers cannot afford the risk of contamination. High quality and extremely clean air are required in such industries. A single drop of oil can cause product spoilage.

Growing demand for high quality compressor oil
Modern compressors are expected to operate in the most severe conditions, carrying greater loads and offering higher performance. Owing to the extended durability & shelf life and improved performance of the machinery & equipment, consumers demand high-quality lubricants that can sustain under extreme temperature and pressure.