The Turbine Oils Market is expected to grow at $ 16,101.73 million at a CAGR of 3.62%
Turbine Oils Market (2018 - 2023)”
Americas dominates the Turbine Oils Market
Americas will dominate the Turbine Oils Market during the forecast period. It is expected to generate $4,917.79 million at a CAGR of 3.30%. It is expected to generate $5,155.58 million by 2023 at a CAGR of 3.30%. The US has the largest share in turbine oils followed by Canada. The turbine oils are used to lubricate the hydroelectric turbines in the electric power generation industry, marine, and aircrafts. Turbine oil is also used in wind energy generation industry. Brazil is also a major end user of turbine oils due to the growing use of wind turbines in the region. The development of the marine industry in the US also drives the Turbine Oils Market in Americas. Increasing offshore oil and gas production along the Gulf of Mexico will drive the growth of the North America turbine oils market.
Selected Analysis done in the full Report:
The gas turbines segment dominates the Turbine Oils Market. In 2017, this segment generated revenue of $ 4,550 million. It is expected to reach $5,745.94 million by 2023 at a CAGR of 3.39%. In the aviation industry, the gas turbines are used as they have less moving parts and need not be maintained. The gas turbines use a single lubricating system for heavy frame gas turbines. They use mineral oils for lubrication, but can also use full synthetic oil in some cases. For higher temperatures, high viscosity oil is used to prevent the thinning of oils due to the heat. Selection of the correct type of oil for gas turbines is important as it gives a longer life to the system. Gas turbines are used in ships, trains, tanks, and electric generators.
Excerpts on Market Growth Factors :
- Turbine oil is used to lubricate the wind turbines, since lubricants are essential to ensure that the machine works well.
- Turbine oils are used in inside and outside turbine engine environment to provide smoother operations and longer service life of the engine.
- Low eco toxic turbine oils give a better performance and are safe to use.
- Growth of automation and aviation industry leads to more demand for turbine oils.
- Increase in pneumatic applications will drive the demand for turbine oils.
Key players of the Turbine Oils Market:
Royal Dutch Shell PLC and Total SA are the dominant players in the Turbine Oils Market. Royal Dutch Shell deals with synthetic and mineral based turbine oil products. The company provides many types of turbine oils. Total SA manufactures AEROTURBINE 331 which is used for lubrication of aviation turbine engines.
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