About Turbine Oil
Turbine Oil is a highly refined mineral oil, mixer of base oil, corrosion inhibitors, oxidation inhibitors, defoamants, and demulsifiers. The turbine oil market is expected to grow exponentially during the forecast period owing to the increasing concern related to carbon emission and demand for electricity increases the installation of turbines. In addition, major manufacturers of turbines focusing on the development of advanced turbines boosting the demand for turbine oil in the future. Moreover, due to its good oxidation stability and high viscosity index, it is used as a lubricant in general industrial machines and compressors.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 5.6% |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Turbine Oil market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Chevron Lubricants (United States), Shell (Netherlands), Exxon Mobil (United States), Sinopec (China), Alexis Oil (United States), Eastman Chemical (United States), Cargill (United States), Lubrication Engineers (United States), British Petroleum (United Kingdom) and Lubrizol (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Castrol (United Kingdom), Exol Lubricants (United Kingdom) and LUKOIL (Russia).
Segmentation Overview
AMA Research has segmented the market of Global Turbine Oil market by Type (Mineral Oils (Paraffinic Oils, Naphthenic Oils, Aromatic Oils), Synthetic Oils (Engine Oils, Motor Oils) and Bio-Based Oils), Application (Steam Turbines, Gas Turbines, Wind Turbines and Hydraulic Systems) and Region.
On the basis of geography, the market of Turbine Oil has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Turbine Oil market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Automotive will boost the Turbine Oil market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Development of Bio-Lubricants
Market Growth Drivers:
Rising Concern about Environmental Pollution such as Carbon Emissions and Increasing Demand for Electricity Follows the Installation of New Power Turbines
Challenges:
Availability of Substitutes in the Market
Restraints:
High Cost of the Oil
Opportunities:
Increasing High Investment in the Development of High-Efficiency Gas Turbines and Rising Demand for General Industrial Machines and Compressors Due to Its Good Oxidation Stability and High Viscosity Index
Market Leaders and their expansionary development strategies
In November 2022, ExxonMobil and Mitsubishi Heavy Industries entered into a partnership where two giants partnered to develop and optimize turbine oil formulations for Mitsubishi's gas and steam turbines used in power generation and other applications. This development aligns with the wider industry trend towards more sustainable and efficient lubrication solutions for power generation applications.
In February 2023, Shell Lubricants launched New Gas Turbine Oil Formulated for Extended Oil Drain Intervals. Shell introduced a new gas turbine oil, Shell Gadina T100 GT, designed for extended oil drain intervals and improved oxidation stability, targeting wind turbine applications.
Key Target Audience
Turbine Oil manufacturer, Turbine Oil Suppliers/Distributors, Raw Material Suppliers, Oil and Gas Industry and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.