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The turbine oil market size has the potential to grow by 1500.05 K MT during 2020-2024, and the market's growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by product (mineral oil-based lubricants and synthetic oil-based lubricants) and geography (APAC, Europe, North America, MEA, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including Alexis Oil Co., BP Plc, Exxon Mobil Corp., Freudenberg SE, FUCHS PETROLUB SE, Indian Oil Corp. Ltd., PJSC LUKOIL, Royal Dutch Shell Plc, Total SA, and Valvoline Inc.
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The market is concentrated 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. Alexis Oil Co., BP Plc, and Exxon Mobil Corp. are some of the major market participants. Although the rising awareness toward reduction of carbon emissions will offer immense growth opportunities, the slowdown of the marine industry will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this turbine oil market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this turbine oil market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
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APAC was the largest turbine oil market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The market is 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 significantly drive turbine oil market growth in this region over the forecast period.
57% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for turbine oil in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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The mineral oil-based lubricants segment accounted for the majority market share and dominated the market in 2020, and by 2024, 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 compared with other lubricant types such as synthetic oils. Although 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.
Market growth in the mineral oil-based lubricants segment will be slower than the growth of the market in the synthetic-oil based lubricant segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the turbine oil market size.
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 over 5% 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 2024. 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.
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
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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