Market Overview:
The global turbine oil market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for turbine oil in various applications, such as gear, turbochargers, marine engines, refrigeration systems, hydraulic systems and power generation. Additionally, the growing demand for bio-based lubricants is also contributing to the growth of this market. However, volatility in crude oil prices may restrain the growth of this market during the forecast period. On the basis of type, mineral lubricants accounted for a majority share ofthe global turbine oil market in 2017 and are expected to maintain their dominance duringthe forecast period as well. This can be attributedto their low cost and wide availability across different regions worldwide.
Product Definition:
A turbine oil is a mineral-based lubricant used to reduce friction and wear in turbines. It also helps to cool the turbine by transferring heat away from the bearings, seals and other moving parts.
Mineral Lubricants (Paraffinic Oils,Naphthenic Oils,Aromatic Oils):
Mineral lubricants are a group of oils, which are widely used as primary sources for the production of turbine oil. They have high viscosity and low flash point compared to paraffinic oils. The major components in mineral lubricants include naphthenic and aromatic hydrocarbons with some oxygen, sulfur, and nitrogen compounds. These products have been replacing vegetable oils in recent years on account of their superior performance at high temperatures along with being biodegradable.
Synthetic Lubricants (Engine Oils,Motor Oils,Bio-Based Lubricants):
Synthetic lubricants are manufactured by the chemical reaction of petrochemicals and Synthetic Lubricants (SL) are derived from crude oil. The most commonly used synthetic lubricant is petroleum-based, which is also known as mineral oil.
Application Insights:
On the basis of application, the global turbine oil market has been segmented into gear, turbochargers, marine engines, refrigeration systems, hydraulic systems and power generation. The refrigeration system segment is expected to witness significant growth over the forecast period owing to its usage in various industries including food & beverage and pharmaceuticals. Rapid industrialization in developing countries coupled with rising demand for cooling equipment is anticipated to drive industry growth over the forecast period.
The use of turbine oils in hydraulic systems accounted for a major share within the power generation sector on account of its ability to deliver low friction characteristics along with extended drain intervals at high temperatures without any damage or wear done to components due these oils are used across multiple applications areas within this sector which include steam turbines as well as gas turbines among others globally leading towards an overall healthy market performance during future years.
Regional Analysis:
Asia Pacific accounted for the largest market share of over 40% in 2017. The region is expected to witness significant growth on account of increasing demand from developing and emerging economies, such as China, India, Indonesia, Vietnam and South Korea. Rapid industrialization coupled with favorable government policies aimed at promoting manufacturing activities in these countries is anticipated to drive the industry expansion over the forecast period.
The presence of major turbine oil manufacturers including ExxonMobil Corporation; Sinopec Group; PTT Public Company Limited (Petroleum Technology); Bharat Heavy Electricals Ltd.; Jain Irrigation Systems Limited; Mahindra & Mahindra Ltd.; Toshiba Corporation; Enersys Co., Ltd.; Mitsubishi Heavy Industries Limited; and Kawasaki Heavy Industries LTD., among others are based in Asia Pacific countries has fueled market growth.
Growth Factors:
- Increasing demand for turbine oil from the power generation sector as a result of increasing electricity demand across the globe.
- Proliferation of new and advanced turbines in the market, which are requiring higher quality turbine oils for their efficient functioning.
- Stringent environmental regulations pertaining to emissions from power plants, which is driving investments in newer and more fuel-efficient turbines, thereby resulting in an increase in demand for turbine oils.
- Growing popularity of cogeneration systems that use both thermal and electrical energy from a single source, thereby leading to an increase in demand for turbine oils used in these systems.
Scope Of The Report
Report Attributes
Report Details
Report Title
Turbine Oil Market Research Report
By Type
Mineral Lubricants (Paraffinic Oils,Naphthenic Oils,Aromatic Oils), Synthetic Lubricants (Engine Oils,Motor Oils,Bio-Based Lubricants)
By Application
Gear, Turbochargers, Marine Engines, Refrigeration Systems, Hydraulic Systems, Power Generation, Others
By Companies
Chevron Lubricants, Shell, Exxon Mobil, Sinopec, Alexis Oil, Eastman Chemical, Cargill, Lubrication Engineers, British Petroleum, Lubrizol, Castrol, Exol Lubricants, LUKOIL
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
246
Number of Tables & Figures
173
Customization Available
Yes, the report can be customized as per your need.
Global Turbine Oil Market Report Segments:
The global Turbine Oil market is segmented on the basis of:
Types
Mineral Lubricants (Paraffinic Oils,Naphthenic Oils,Aromatic Oils), Synthetic Lubricants (Engine Oils,Motor Oils,Bio-Based Lubricants)
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Gear, Turbochargers, Marine Engines, Refrigeration Systems, Hydraulic Systems, Power Generation, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Chevron Lubricants
- Shell
- Exxon Mobil
- Sinopec
- Alexis Oil
- Eastman Chemical
- Cargill
- Lubrication Engineers
- British Petroleum
- Lubrizol
- Castrol
- Exol Lubricants
- LUKOIL
Highlights of The Turbine Oil Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Mineral Lubricants (Paraffinic Oils,Naphthenic Oils,Aromatic Oils)
- Synthetic Lubricants (Engine Oils,Motor Oils,Bio-Based Lubricants)
- By Application:
- Gear
- Turbochargers
- Marine Engines
- Refrigeration Systems
- Hydraulic Systems
- Power Generation
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Turbine Oil Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Turbine oil is a type of engine oil used in turbines. It is made up of a variety of different oils and additives to help keep the engine running smoothly and protect it from wear.
Some of the key players operating in the turbine oil market are Chevron Lubricants, Shell, Exxon Mobil, Sinopec, Alexis Oil, Eastman Chemical, Cargill, Lubrication Engineers, British Petroleum, Lubrizol, Castrol, Exol Lubricants, LUKOIL.
The turbine oil market is expected to register a CAGR of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Turbine Oil Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Turbine Oil Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Turbine Oil Market - Supply Chain
4.5. Global Turbine Oil Market Forecast
4.5.1. Turbine Oil Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Turbine Oil Market Size (000 Units) and Y-o-Y Growth
4.5.3. Turbine Oil Market Absolute $ Opportunity
5. Global Turbine Oil Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Turbine Oil Market Size and Volume Forecast by Type
5.3.1. Mineral Lubricants (Paraffinic Oils,Naphthenic Oils,Aromatic Oils)
5.3.2. Synthetic Lubricants (Engine Oils,Motor Oils,Bio-Based Lubricants)
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Turbine Oil Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Turbine Oil Market Size and Volume Forecast by Application
6.3.1. Gear
6.3.2. Turbochargers
6.3.3. Marine Engines
6.3.4. Refrigeration Systems
6.3.5. Hydraulic Systems
6.3.6. Power Generation
6.3.7. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Turbine Oil Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Turbine Oil Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Turbine Oil Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Turbine Oil Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Turbine Oil Demand Share Forecast, 2019-2026
9. North America Turbine Oil Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Turbine Oil Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Turbine Oil Market Size and Volume Forecast by Application
9.4.1. Gear
9.4.2. Turbochargers
9.4.3. Marine Engines
9.4.4. Refrigeration Systems
9.4.5. Hydraulic Systems
9.4.6. Power Generation
9.4.7. Others
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Turbine Oil Market Size and Volume Forecast by Type
9.7.1. Mineral Lubricants (Paraffinic Oils,Naphthenic Oils,Aromatic Oils)
9.7.2. Synthetic Lubricants (Engine Oils,Motor Oils,Bio-Based Lubricants)
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Turbine Oil Demand Share Forecast, 2019-2026
10. Latin America Turbine Oil Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Turbine Oil Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Turbine Oil Market Size and Volume Forecast by Application
10.4.1. Gear
10.4.2. Turbochargers
10.4.3. Marine Engines
10.4.4. Refrigeration Systems
10.4.5. Hydraulic Systems
10.4.6. Power Generation
10.4.7. Others
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Turbine Oil Market Size and Volume Forecast by Type
10.7.1. Mineral Lubricants (Paraffinic Oils,Naphthenic Oils,Aromatic Oils)
10.7.2. Synthetic Lubricants (Engine Oils,Motor Oils,Bio-Based Lubricants)
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Turbine Oil Demand Share Forecast, 2019-2026
11. Europe Turbine Oil Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Turbine Oil Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Turbine Oil Market Size and Volume Forecast by Application
11.4.1. Gear
11.4.2. Turbochargers
11.4.3. Marine Engines
11.4.4. Refrigeration Systems
11.4.5. Hydraulic Systems
11.4.6. Power Generation
11.4.7. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Turbine Oil Market Size and Volume Forecast by Type
11.7.1. Mineral Lubricants (Paraffinic Oils,Naphthenic Oils,Aromatic Oils)
11.7.2. Synthetic Lubricants (Engine Oils,Motor Oils,Bio-Based Lubricants)
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Turbine Oil Demand Share, 2019-2026
12. Asia Pacific Turbine Oil Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Turbine Oil Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Turbine Oil Market Size and Volume Forecast by Application
12.4.1. Gear
12.4.2. Turbochargers
12.4.3. Marine Engines
12.4.4. Refrigeration Systems
12.4.5. Hydraulic Systems
12.4.6. Power Generation
12.4.7. Others
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Turbine Oil Market Size and Volume Forecast by Type
12.7.1. Mineral Lubricants (Paraffinic Oils,Naphthenic Oils,Aromatic Oils)
12.7.2. Synthetic Lubricants (Engine Oils,Motor Oils,Bio-Based Lubricants)
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Turbine Oil Demand Share, 2019-2026
13. Middle East & Africa Turbine Oil Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Turbine Oil Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Turbine Oil Market Size and Volume Forecast by Application
13.4.1. Gear
13.4.2. Turbochargers
13.4.3. Marine Engines
13.4.4. Refrigeration Systems
13.4.5. Hydraulic Systems
13.4.6. Power Generation
13.4.7. Others
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Turbine Oil Market Size and Volume Forecast by Type
13.7.1. Mineral Lubricants (Paraffinic Oils,Naphthenic Oils,Aromatic Oils)
13.7.2. Synthetic Lubricants (Engine Oils,Motor Oils,Bio-Based Lubricants)
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Turbine Oil Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Turbine Oil Market: Market Share Analysis
14.2. Turbine Oil Distributors and Customers
14.3. Turbine Oil Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Chevron Lubricants
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Shell
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Exxon Mobil
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Sinopec
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Alexis Oil
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Eastman Chemical
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Cargill
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Lubrication Engineers
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. British Petroleum
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Lubrizol
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Castrol
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Exol Lubricants
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. LUKOIL
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
