The Turbine Oil Market
size is forecasted to reach US$1.8 billion by 2027, after growing at a CAGR of 3.9% during the forecast period 2022-2027. The robust growth scope for the Turbine Oil market is high due to expanding utilization in major end-use sectors, including the municipal sector, pulp & paper, power generation and others. Turbine oils composed of base oil, defoamants, demulsifiers, corrosion inhibitors and others are used as lubricants in power generation for steam, hydro and gas turbine applications. The upsurging power generation industry due to emphasis on renewable energy sources, wind energy generation and others are fuelling the growth scope for the turbine oil industry.
The Asia-Pacific holds a major share of 41% in 2021 due to the established base for the power generation sector, including wind energy and others, surging utilization in transportation and others in emerging nations such as China, Japan, India and others. The lucrative growth of the power generation sector is influenced by factors such as initiatives for boosting renewable sources, rising demand for wind and hydro energy generation and industrialization. According to the International Energy Agency (IEA), onshore wind electricity generation increased by 144 TWh in 2020, marking a growth of 11% over 2019.
With increasing power generation projects, a growing transportation sector and emphasis on wind energy projects, the applicability of turbine oil composed of base oil, corrosion inhibitors, demulsifiers, defoamants and others is rising in APAC, which, in turn, is boosting the growth scope of the turbine oil industry.
Turbine Oil Market Growth Drivers:
Robust Growth in Aerospace Industry:
Flourishing demand for Turbine Oil in the aerospace sector for applications such as lubricants in bearings, propulsion systems and others is boosting the demand for turbine oil. The aerospace sector is significantly growing due to air traffic, demand for fuel-efficient and lightweight aircraft and industrialization.
According to the Boeing Market Outlook (BMO), the aerospace industry accounted for US$9 trillion in the year 2021, up from US$8.5 trillion in the year 2020. With the increase in aircraft production across the world, the utilization of turbine oil as lubricant in aircraft is boosted, thereby driving the turbine oil industry.
Increasing Utilization in the Automotive Sector:
The expanding utilization of Turbine Oil in the automotive sector as a lubricant in vehicles is expanding. The upsurge in the automotive industry due to factors such as rising public transportation, demand for fuel-efficient and vehicle electrification and rising income levels is fuelling demand for turbine oil.
According to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. With the flourished growth scope for the automotive industry, the applicability of turbine oil composed of corrosion inhibitors, defoamants, base oil, demulsifiers and others in vehicle components is rising, thereby driving the market.
The Major Players in the Turbine Oil Market Include
The major companies in the Turbine Oil market include Chevron USA Inc, Exxon Mobil Corporation, Shell India, Penrite Oil Company, Paras Lubricants Limited, FUSCH Lubritech GmbH, Lukoil Lubricants Company, RoyalDutch Shell Plc, Eastern Petroleum Pvt. Ltd., and Eastman Chemical Corporation.
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