Turbine Oils Market: Introduction

  • Turbine oils are high quality oils with excellent water-separating properties. These oils are primarily used as lubricants for turbine applications such as steam, hydro, and gas turbine applications.
  • Turbine oil formulations are comparatively simple. These are a mixture of the following ingredients: Base oil, corrosion inhibitors, oxidation inhibitors, defoamants, and demulsifiers.
  • Conventional turbine oils were mineral based, and were maintained to eliminate external contamination & oxidation products

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Key Drivers of Turbine Oils Market:

  • Rise in demand for electricity across the globe has resulted in increase in need for installation of new gas, steam, and hydroelectric power turbines. This is the major factor driving the turbine oils market.
  • The turbine oils market is also driven by factors such as rise in investments in wind energy and favorable government initiatives and policies. Policy interventions by several countries, such as Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs), are presently creating high demand for renewable energy worldwide.
  • Major manufacturers of turbines, such as General Electric and Siemens Gamesa Renewable Energy S.A., have been investing significantly in the development of advanced turbines, which, in turn, is expected to drive the demand for turbine oils
  • Besides, turbine oils have been finding multiple applications as lubricants. Several manufacturers have been promoting the use of turbine oils for a diverse range of applications, such as air compressor, vacuum pump, and bearing. These factors are expected to contribute significantly to the expansion of the turbine oils market at a global level.

Wind Turbines Application Segment to Witness Attractive Opportunities:

  • The global turbine oils market can be segmented based on oil type, application, and region
  • In terms of oil type, the market can be divided into the following segments: Mineral Oils, Synthetic Oils, Bio-Based Oils, and Others. The mineral oils segment dominated the turbine oils market in 2018. Mineral oil lubricants are made from crude oil and are easily available and affordable in comparison to other lubricant types such as synthetic oils.
  • In terms of application, the market can be divided into the following segments: Steam Turbines, Gas Turbines, Wind Turbines, and Hydroelectric Turbines. The wind turbines segment is expected to grow at a high CAGR during the forecast period, owing to rise in investments in wind energy and favorable government initiatives and policies. According to the Global Wind Energy Council (GWEC), at the end of 2016, more than 341,000 wind turbines were spinning and generating energy.

Asia Pacific Region to Hold a Major Share of Global Turbine Oils Market:

  • In terms of region, the global turbine oils market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Asia Pacific region dominated the global turbine oils market in 2018, and is expected to grow at a prominent CAGR during the forecast period. High demand for power generation in China, Japan, India, and Southeast Asia would ultimately boost the number of installation of steam turbines and wind turbines. According to the Global Wind Energy Council (GWEC), around 104,934 wind turbines were operating in China by the end of 2016.
  • North America and Europe are also expected to grow significantly during the forecast period owing to growing demand for environment-friendly, bio-based turbine oils. According to the Global Wind Energy Council (GWEC), around 52,343 wind turbines were operating in the U.S. by the end of 2016.
  • In terms of revenue, Latin America region is expected to contribute significantly to the expansion of the turbine oils market during the forecast period

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Key Players Operating in the Turbine Oils Market:

The global turbine oils market is highly concentrated with top manufacturers accounting for approximately 40%–45% share of the market. A few key players operating in the global turbine oils market are:

  • Lukoil Lubricants Company
  • Chevron USA Inc.
  • Royal Dutch Shell Plc.
  • FUCHS Lubritech GmbH
  • Exxon Mobil Corporation
  • Eastern Petroleum Pvt. Ltd
  • Klüber Lubrication NA LP
  • Penrite Oil Company
  • Paras Lubricants Limited

Key Developments:

  • In March 2019, Alba Power announced the signing of a new five-year agreement with Marathon Oil U.K. This contract award covers maintenance, repair, and overhaul of Marathon Oil’s Olympus SK30 gas turbine packages.
  • In June 2015, for the first time, Siemens delivered a steam turbine in the capacity range up to 10 megawatts (MW) that operates almost entirely without lubricants. The turbine’s bearing systems consist of completely oil-free, air-cooled, electromagnetic bearings.
  • In June 2014, ExxonMobil Fuels & Lubricants launched its new product Mobil DTE 732 M, a specially formulated high-performance turbine oil, as a part of its lubricants product line. The new product, which was showcased at Power Gen Europe, helps power operators increase reliability and output of their gas and steam turbines.

Global Turbine Oils Market: Research Scope

Global Turbine Oils Market, by Oil Type

  • Mineral Oils
  • Synthetic Oils
  • Bio-based Oils
  • Others

Global Turbine Oils Market, by Application

  • Steam Turbines
  • Gas Turbines
  • Wind Turbines
  • Hydroelectric Turbines

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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