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Turbine Oil Market: Global Analysis and Industry Forecast 2020–2027
| A06414 | Pages: NA | Jun 2021 | 566 Views | | |
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COVID-19
Pandemic disrupted the entire world and affected many industries.
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Request Now !Turbine Oil Market Outlook - 2027
The turbine oil market is expecting significant development in emerging as well as developed countries. Turbine oil possesses water isolating properties. Conventional turbine oil is the most utilized lubricating oil, which helps to eliminate external contamination. This market for turbine oil is expected to witness significant growth during 2020–2027, registering high CAGR. Depending on end user, the flight-related industry segment exhibits a larger market size, followed by automobile segment. With the ongoing development of bio-based turbine oils, the market is expected to witness faster growth particularly in North America, Europe, the Middle East & Africa, South America, and Asia-Pacific.
Market scope and structure analysis
Report Metric | Details |
Market size available for years | 2019-2027 |
Base year considered | 2019 |
Forecast period | 2020-2027 |
Forecast units | Volume (Tons) |
Segments covered | Type, Application, Industry Vertical, and Region |
Geographies covered | North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, rest of Asia Pacific), and LAMEA |
Companies covered | Shell India, Chevron USA Inc., Lubricants Engineers, Exxon Mobil Corporation, Alexis Oil Company, The Lubrizol Corporation, Castrol Ltd., China Petroleum & Chemical Corporation, Eastman Chemical Company, British Petroleum Plc., Lukoil Oil Company, Lubrication Engineers, and Exol Lubricants Ltd. |
COVID-19 scenario analysis:
- India represents about 7% of worldwide oil market. However, the global market growth is expected to decline with the outbreak of COVID-1.
- The growth of the lubricants market is most affected in Asia-Pacific and North America due to COVID-19.
- Despite the fact that Europe is one of the major hotspots of this pandemic, it is relied upon to observe lesser effects than North America and Asia-Pacific on account of its huge number of manufacturing industries and presence of growing fleet of vehicles.
- The demand for petroleum products apart from LPG and domestic natural gas is reduced.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
To give the unique outcomes in constantly advancing turbine structures, the manufacturers of this industry persistently work with original equipment manufacturers (OEMs) to guarantee highly calibrated product offerings.
The trends followed by the global turbine oil market
In the last few years, there has been increase in concerns pertaining to carbon emission; as a result, oil end users are shifting their inclination toward the utilization of ecologically friendly turbine oil over conventional metal working oils. This trend is anticipated toward the growth of the global market. In addition, rise in requirement for power across the globe has boosted the need for establishment of new stream, gas, and hydroelectric force turbines, which, in turn, augments the growth of the turbine oil market.
Moreover, key manufacturers of turbines, such as Siemens and General Electric, have been investing continuously in the growth of advanced turbines which is relied upon to drive the interest for turbine oils. Furthermore, surge in adoption rate of turbines has propelled the demand for turbine oils in heavy engineering industry. The growth of the global turbine oil market is further driven by rise in investment in wind energy and implementation of favorable government guidelines and policies such as Nationally Determined Contributions (NDCs), which boost the demand for renewable energy, globally.
However, the major challenge for turbine oil market is increased usage of gas turbine lubricants, which has superior properties and offer continued performance even at elevated temperature. This is attributed to the fact that machineries with superior thermal stability and oxidation resistance operate in severe operating conditions.
Key segments covered
Segment | Sub segment |
Type |
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Application |
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Industry Vertical |
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Key benefit of the report:
- This study presents the analytical depiction of the global turbine oil market along with the current trends and future estimation to determine the imminent investment pockets.
- The report presents information related to opportunities, drivers, and restraints along with detailed analysis of the global turbine oil market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlights the global turbine oil market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global turbine oil research report:
- What are the leading market players active in the global turbine oil market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
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