The answer to your problem has been explained in many of the above posts. You need more air flow to run an impact wrench. 2hp is not enough. The size of your receiver (tank) is also a concern. 5 gal is considered very small unless you are only running pneumatic nail guns. I'm confused by a 3/4" air hose. Air hoses are measured by the ID not the OD. perhaps you measured the OD.
Air tools are basically small air motors. They use a lot of air. The PSI against the surface area of the impeller = torque. The volume or flow (rated in CFM or SCFM) = speed. To run an impact or ratchet you need lots of both. There should be a tag on your compressor that will state the capacity. It will usually give 2 ranges: example 14 SCFM at 40 PSI / 9 SCFM at 90 PSI. Your air tools should have data sheets stating the air flow and pressure requirements. I'm sure if you compare the compressor data and the tool data you will see that the compressor is too small to adequately run the impact you have.
You need a larger compressor. Take what you have back to Lowes and explain that you need a larger one. Pay attention to the specs.
Air tools are basically small air motors. They use a lot of air. The PSI against the surface area of the impeller = torque. The volume or flow (rated in CFM or SCFM) = speed. To run an impact or ratchet you need lots of both. There should be a tag on your compressor that will state the capacity. It will usually give 2 ranges: example 14 SCFM at 40 PSI / 9 SCFM at 90 PSI. Your air tools should have data sheets stating the air flow and pressure requirements. I'm sure if you compare the compressor data and the tool data you will see that the compressor is too small to adequately run the impact you have.
You need a larger compressor. Take what you have back to Lowes and explain that you need a larger one. Pay attention to the specs.