Enjoy complimentary customisation on priority with our Enterprise License!
The turbine oil market size is forecast to increase by USD 630.89 million at a CAGR of 8% between 2023 and 2028. The growing demand for combined-cycle power plants (CCPP) reflects a shift towards more efficient and environmentally friendly power generation. The development of biolubricants aligns with the increasing focus on sustainable and renewable solutions across industries. The emergence of new power plants indicates a dynamic market driven by technological advancements and evolving energy needs. CCPPs offer higher efficiency and lower emissions compared to traditional power plants, making them a favorable choice for meeting energy demands. The development of biolubricants signifies a move towards eco-friendly alternatives driven by regulations and sustainability goals. The emergence of new power plants underscores the continuous evolution of the energy sector to meet growing global energy needs.
For More Highlights About this Report, Download Free Sample in a Minute
The mineral oil segment is estimated to witness significant growth during the forecast period. Mineral oil-based lubricants are often more affordable compared to synthetic or bio-based alternatives. This cost-effectiveness makes them attractive, especially in industries with high lubricant consumption, such as automotive, manufacturing, and heavy machinery. Mineral oil-based lubricants can be suitable for a wide range of applications, such as general machinery, hydraulics, and gear systems.
Get a glance at the market contribution of various segments Download PDF Sample
The mineral oil segment was the largest and was valued at USD 800.25 million in 2018. Further, their versatility makes them a preferred choice in various industries. These lubricants have been in use for a long time and are widely available. Many industries are accustomed to using them, and their familiarity often leads to continued demand. Companies in the lubricant industry are continuously innovating to create environmentally friendly alternatives that offer comparable or better performance. As environmental regulations become more stringent and sustainability gains importance, there might be a shift towards eco-friendly lubricants, but the demand for mineral oil-based lubricants is likely to remain significant in the foreseeable future, especially in applications where their properties are well-suited, which may accelerate the growth of the market in focus during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 57% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and analysis and drivers that shape the market during the forecast period. The market growth analysis potential of the market in APAC is immense, especially in developing countries such as India and China. These emerging economies need efficient and reliable power to sustain their economic growth as well as protect the environment. This has led to the use of technologies such as combined-cycle gas turbines (CCGT) to curb carbon emissions and produce cleaner power compared with coal-powered plants. The increased demand for gas turbines is expected to drive the growth of the regional market. APAC countries are also investing significantly in renewable energy sources like wind and solar power. These renewable energy systems often utilize turbines, creating another avenue for the use of turbine oils.
In addition, the energy sector in APAC, particularly in countries like China and India, is witnessing substantial market growth and trends with the construction of new power plants and the expansion of existing ones. Turbines, crucial components in these power generation facilities, drive the demand, which will fuel the growth of the regional market in focus during the forecast period.
The market is influenced by economies, energy consumption patterns, and the development of emerging regions compared to developed ones. The industry focuses on turbine lubricating oils, including mineral-based and biobased variants. External contamination and oxidation products are key concerns. Market growth is driven by wind energy investments, supportive government initiatives, and global demand for renewable energy, aligning with policies like Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs). The market also caters to hybrid vehicles, internal combustion engines, and electric motors. Factors affecting the market include gearbox and bearing failure, driving the need for advanced lubrication solutions. Major players in the market provide turbine oils with oxidation inhibitors, corrosion inhibitors, defoamants, and demulsifiers to ensure optimal performance.
An increase in global electricity demand is notably driving the market growth. As countries continue to expand their economies, industries, and infrastructure, the need for reliable and efficient power generation becomes paramount. Turbine oils are fundamental in ensuring the smooth operation and longevity of turbines used in power plants. Gas turbines, for instance, are widely used in combined cycle power plants for electricity generation, and steam turbines are commonly employed in thermal power plants. The turbine oil industry plays a crucial role in providing turbine lubricating oils, including mineral-based lubricants and biobased turbine oils, to ensure the longevity of turbines. Challenges such as external contamination and oxidation products highlight the need for continuous innovation in this sector.
Additionally, wind energy investment and supportive government initiatives and legislation further drive the growth of the turbine oil industry. This demand necessitates the installation and operation of turbines in various settings, further boosting the need for turbine oils, which will positively impact the growth of the global market in focus during the forecast period.
The emergence of new power plants is an emerging trend shaping the market growth. Turbines are significantly deployed in gas-fired power generation plants where an internal combustion engine is placed. The rising number of power plant infrastructure projects across the world is a major factor in increasing the number of turbines, in turn, influencing the demand for turbine oil. China and India are some of the prominent countries in power infrastructure. These countries are making significant investments in power plant infrastructure development.
Moreover, m power plants are also gaining popularity across various countries. The increasing efficiency and durability of mobile power plants are one of the factors driving their demand. This, in turn, is driving the demand for mobile gas turbines. Many government organizations are synchronizing mobile power plants in their electricity operations. Hence, these factors can accelerate the growth momentum of the market during the forecast period.
The slowdown of the marine industry is a significant challenge hindering the market growth. The market is dependent on the marine shipping business for its sustenance. The marine shipping business, in turn, is dependent on the global economy for its existence. In times of strong macroeconomic numbers, the global appetite for the consumption of goods increases, thereby increasing the demand for marine shipping businesses to transport these goods from producers to consumers. However, the number of impediments to this growth is increasing in the current economic scenario, which might hamper the expansion of the global economy and affect the bunker oil market growth and forecasting.
However, the slowdown in the marine industry is posing a challenge for the market. This slowdown is due to a fall in freights and the movement of shipbuilders toward cost-cutting measures that will impact its maintenance budgets, thus impacting the maintenance costs of lubricant oils. The shipping industry is facing one of the toughest times in its history due to rapid expansion that is fueled by a low rate of debt and China economic slowdown. Therefore, the slowdown in the marine industry will pose a challenge for the market during the market forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market research and growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Apar Industries Ltd. - The company offers turbine oil such as POWEROIL Turbo AW, POWEROIL Turbo Super AW and POWEROIL Turbo.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
You may also interested in below market reports:
The market is influenced by the shift from internal combustion engines (ICE) to electric motors in various sectors. Achieving battery parity is crucial for sustainable growth. The market's volume is impacted by the adoption of wind turbines, hydroelectric, and tidal power generation. Turbine oil manufacturers focus on developing oils with excellent water-separating properties for use in aerospace and gas turbine engines. The aviation sector, including aircraft gas turbine engines, demands oils with high viscosity, anti-corrosion, and stability against oxidation. Despite rising operational and maintenance costs, the market is driven by the demand for fuel-efficient aircraft and new energy vehicles.
In addition, the market is influenced by various factors in both emerging and developed parts of the world. Policy interventions drive the transition from Internal Combustion Engines (ICE) to Electric Motor, impacting the market's volume. The demand for turbine oil is significant in hydroelectric power generation and the aerospace industry, particularly in propulsion systems and bearings. Rising air traffic and the demand for fuel-efficient aircraft, especially in the airline sector and commercial airplanes, are key drivers. However, challenges such as rising operational and maintenance costs, shortage of capacity, and lack of technologies impact the market.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
164 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Market forecasting period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8% |
|
Market Growth 2024-2028 |
USD 630.89 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
6.8 |
|
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 57% |
|
Key countries |
US, Saudi Arabia, China, India, and Germany |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Apar Industries Ltd., Axel Christiernsson International AB, Behran Oil Co., Castrol Ltd., Chevron Corp., CHS Inc., Eastman Chemical Co., Eni SpA, FUCHS PETROLUB SE, Growmark Inc., Hindustan Petroleum Corp. Ltd., Lubrication Engineers Inc., Matrix Specialty Lubricants BV, Miguez Fuel and Lubricants, Petroleos de Venezuela SA, Phillips 66, Pure Lubricants Chennai Pvt. Ltd., Savita Oil Technologies Ltd., Shell plc, Sinopec Shanghai Petrochemical Co. Ltd., Tide Water Oil Co. India Ltd., and Valvoline Inc. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
