Overview of the global turbine oil market
As per the Technavio’s market research report, the global turbine oil market is expected to grow at a steady rate and will post a CAGR of more than 3% during the forecast period. The rising awareness and concern towards the reduction of carbon emissions will drive the growth prospects for the global turbine oil market for the next four years. Consequently, the demand for electricity generation technologies such as gas turbines, steam turbines, and hydroelectric power systems that result in less carbon emission footprint is increasing, which, in turn, will surge the growth rate of the global turbine oil market. Factors such as the implementation of stringent carbon emission regulations on a global level focus on high performance and lower power generating cost and volatility in fuel cost will further drive the demand for high-efficient gas turbines. Moreover, various chief gas turbine manufacturers such as GE and Siemens are increasingly focusing on investing heavily in the development of high-efficiency gas turbines that will drive the demand for turbine oil.
According to our turbine oil industry analysis, the development of bio-lubricants will drive the growth prospects for the market until the end of 2021. Since these environment-friendly lubricants are consumed in lower concentrations in comparison with conventional metalworking fluids, possess outstanding oxidation and thermal stability, and excellent anti-wear properties, the popularity of these bio-lubricants will fuel the market’s demand for turbine oil.
Competitive landscape and key vendors
The global turbine oil market is a highly competitive due to the presence of a large number of regional and international vendors on a global level. These vendors in the motorcycle oil market are increasingly competing against each other based on factors such as price, quality, and market presence. Several regional or local turbine oil manufacturers are increasingly focusing on research and developmental activities to reduce the cost and improve the durability of lubricants.
Key vendors in this market are -
- Castrol
- Chevron
- ExxonMobil
- Royal Dutch Shell
- Valvoline
Other prominent vendors in the market include Bharat Petroleum, ConocoPhillips, Eastern Petroleum, FUCHS, Gazpromneft – Lubricants, Indian Oil, LUKOIL Lubricants, and Petrelplus.
Segmentation by product and analysis of the turbine oil market
- Synthetic oil-based lubricants
- Mineral oil-based lubricants
The mineral oil-based lubricants segment accounted for the majority market share and dominated the market in 2016, and by 2021, it will continue to grow and dominate the motorcycle oil market. Mineral oil lubricants are made from crude oil and are the most widely available and affordable product in comparison to other lubricant types such as synthetic oils. Though the production of mineral oil-based lubricants is expected to decline due to the complexities of the machinery and stringent regulations, the growth of mineral oil-based lubricants segment will continue because of the initial price difference between synthetic oil-based lubricants and mineral oil-based lubricants.
Segmentation by geography and analysis of the turbine oil market
- Americas
- APAC
- EMEA
According to the market research analyst, APAC accounted for the majority market share during 2016 and will continue to dominate the market in the coming years. The turbine oil market is experiencing a high demand for power generation in Southeast Asia and Australia regions, which will boost the number of installation of steam turbines. The market is also experiencing a rise in demand for gas turbine power generation. Furthermore, these power plants will require turbine oils for maintenance of their turbine operations, which, in turn, will propel the rate of revenue generation in the motorcycle oil market.
Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global turbine oil market?
- What are the key market trends impacting the growth of the global turbine oil market?
- What are the challenges to market growth?
- Who are the key vendors in the global turbine oil market?
- What are the market opportunities and threats faced by the vendors in the global turbine oil market?
- What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
- What are the key outcomes of the five forces analysis of the global turbine oil market?
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