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The turbine drip oil market is projected to grow by USD 365.05 million with a CAGR of 4.4% during the forecast period 2021 to 2026.
This turbine drip oil market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the turbine drip oil market segmentation by type (premium and traditional) and geography (APAC, Europe, North America, the Middle East and Africa, and South America). The turbine drip oil market report also offers information on several market vendors, including Apar Industries Ltd, Behran Oil Co., BP Plc, Castrol Ltd., Chevron Corp., CHS Inc., CITGO Petroleum Corp., Eni Spa, FUCHS PETROLUB SE, Growmark Inc., Hindustan Petroleum Corp. Ltd., Matrix Specialty Lubricants BV, Miguez Fuel & Lubricants, Phillips 66, Pure Lubricants Chennai Pvt. Ltd., Royal Manufacturing Co. LP, Savsol Lubricants, Shell plc, Sinopec Shanghai Petrochemical Co. Ltd., and Valvoline Inc. among others.
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The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global turbine drip oil market.
Key Turbine Drip Oil Market Driver
The rising demand for mineral oil-based lubricants is a key factor driving the global turbine drip oil market growth. The high demand for mineral oil-based lubricants can be attributed to their low cost and easy accessibility. Mineral oil-based lubricants are derived from naturally occurring petroleum or crude oil by distillation, solvent extraction, and cracking. One of the main advantages of using mineral oil-based lubricants is that they are manufactured on a large scale during petroleum refining and, therefore, are much more economical than synthetic and bio-based lubricants. Mineral oil-based lubricants offer excellent solubility with additives, enhanced compatibility with seals, high viscosity, and high flash points. Mineral oil-based lubricants, such as turbine drip oil, offer a greater degree of solubility when used with additives. Mineral oil-based lubricants are multifunctional in nature. When used according to the automobile manufacturer's instructions, mineral oil-based lubricants are an excellent option for engines because they can be used to service a wide variety of vehicles. Thus, such factors are expected to boost the growth of the global turbine drip oil market during the forecast period.
Key Turbine Drip Oil Market Trend
The emergence of bio-based lubricants will fuel the global turbine drip oil market growth. Owing to increased environmental awareness, the demand for bio-based lubricants is increasing. The adoption of bio-based lubricants by end-users and manufacturers in the global lubricants market is one of the latest trends. Vendors are manufacturing biodegradable lubricants. Compared with petroleum-based lubricants, bio-based lubricants produce a cleaner, less toxic work environment for workers who deal with engine and hydraulic systems. Bio-based lubricants also cost less over the product lifecycle owing to lower maintenance, storage, and disposal requirements. These environment-friendly lubricants offer better safety due to higher flashpoints, constant viscosity, and less oil mist and vapor emissions. Many vendors are focusing on bioaccumulation and eco-toxicity to reduce adverse impacts on the environment. The use of bio-based lubricants can reduce pollution in stormwater from automobile and other engines, hydraulic systems, and brake line leakages. Many European countries now require bio-based lubricants in certain environmentally sensitive applications. RSC Bio Solutions, a US-based lubricant manufacturer, offers a bio-based lubricant under the trade name FUTERRA, which is a plant-based lubricant. Thus, the increasing demand for bio-based lubricants will significantly contribute to the growth of the global turbine oil drip market during the forecast period.
Key Turbine Drip Oil Market Challenge
The fluctuation in crude oil prices is the major challenge to the global turbine drip oil market growth. As mineral oil-based lubricants, such as turbine drip oil, are manufactured from crude oil, fluctuating crude oil prices are expected to hamper the growth of the global turbine drip oil market during the forecast period. The increasing prices of crude oil can adversely affect manufacturers and end-users. Fluctuations in crude oil prices are a major factor that causes volatility in raw material prices. Moreover, the volatility in raw material prices can hinder the growth of the global lubricants market as it adversely affects the supply and profit margins of manufacturers. Raw materials account for a majority of the total cost of the finished product. A decline in global crude oil production leads to disruptions in the oil and gas industry, which significantly impacts crude oil prices. Thus, fluctuations in crude oil prices are likely to hamper the growth of the turbine drip oil market during the forecast period.
This turbine drip oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global turbine drip oil market as a part of the global oil and gas refining and marketing market within the global oil and gas market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the turbine drip oil market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the turbine drip oil market encompasses successful business strategies deployed by the key vendors. The turbine drip oil market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The turbine drip oil market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the turbine drip oil market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global oil and gas market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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50% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the turbine drip oil market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rising demand for mineral oil-based lubricants will facilitate the turbine drip oil market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 slowed down the growth of the turbine drip oil market in APAC. The implementation of trade restrictions reduced the demand for such products, thereby compelling manufacturers to reduce their production volumes. The halt in operations of end-user industries such as oil and gas, automotive, and power reduced the demand for turbine drip oil. Such factors hampered the growth of the regional turbine oil drip market in 2020. However, the demand for turbine drip oil gradually increased with the lifting of lockdown restrictions and the initiation of large-scale vaccination drives in 2021. Moreover, vendors are planning to invest in long-term trends to offset the losses incurred in 2020. The main focus of sellers is to sustain in the competitive environment and adapt business portfolios according to the new strategies. Hence, such factors are expected to propel the growth of the turbine drip oil market in APAC during the forecast period.
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The turbine drip oil market share growth in the premium segment will be significant during the forecast period. The premium-grade turbine drip oil segment is expected to be the largest segment of the global turbine drip oil market during the forecast period due to its more stable viscosity when compared with other drip oils. Premium-grade turbine drip oil is an ultra-refined, Group 2 base oil. Also, premium-grade turbine drip oil contains no harmful additives that may contaminate underground water supplies. The extremely high viscosity index reduces temperature-related fluctuations in viscosity significantly. As a result, the lubricant flows consistently inside deep well turbine pumps.
This report provides an accurate prediction of the contribution of all the segments to the growth of the turbine drip oil market size and actionable market insights on the post-COVID-19 impact on each segment.
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Turbine Drip Oil Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.4% |
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Market growth 2022-2026 |
$365.05 million |
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Market structure |
Fragmented |
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YoY growth (%) |
3.5 |
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Regional analysis |
APAC, Europe, North America, the Middle East and Africa, and South America |
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Performing market contribution |
APAC at 50% |
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Key consumer countries |
US, China, Japan, Russia, and Germany |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Apar Industries Ltd, Behran Oil Co., BP Plc, Castrol Ltd., Chevron Corp., CHS Inc., CITGO Petroleum Corp., Eni Spa, FUCHS PETROLUB SE, Growmark Inc., Hindustan Petroleum Corp. Ltd., Matrix Specialty Lubricants BV, Miguez Fuel & Lubricants, Phillips 66, Pure Lubricants Chennai Pvt. Ltd., Royal Manufacturing Co. LP, Savsol Lubricants, Shell plc, Sinopec Shanghai Petrochemical Co. Ltd., and Valvoline Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Grade Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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