Published on : Apr 27, 2017
Albany, New York, April 27, 2017: Turbine oil has come a long way and today, the demands on its performance are greater than ever which are boosting the market performance. A new report, focusing on the global market of turbine oil has been added to expanding database of Market Research Hub’s research studies. The report is headlined as “Global Turbine Oil Market 2017-2021” which deeply analyzes the present scenario and the growth prospects of this market for the given forecast period. For a competitive analysis, the report’s authors have segmented the global turbine oil market on the basis of region and product type. Regionally, The Americas, APAC and EMEA are the highly focused regions in this study.
According to the key outcomes of this report, the global turbine oil market estimated to grow at a CAGR of 3.498% during the period 2017-2021. One of the major reasons behind this growth includes the rising awareness and concern towards the reduction of carbon emissions that will drive the growth prospects for the global turbine oil market for the next four years.
Firstly, the report defines turbine oil market overview and then focuses on summarizing the changing trends in the global market. Turbine oil lubricants are used in the power generation, manufacturing, and mobility industries to address the specific needs of turbine machineries. Specifically, these lubricants are formulated power generation turbines. Analysts predict that the demand for electricity generation technologies such as gas turbines, steam turbines and hydroelectric power systems that result in less carbon emission footprint is increasing, which, in turn, will surge the growth rate of the global turbine oil market. Moreover, the study also finds that turbine oil is very well known as a high-quality mineral oil which has an excellent capacity of water separation. Turbine oils are formulated in such a way that they shed water and allow solid waste particles to settle so that they can be removed later.
Secondly, the report segments the market on the basis of product type, which includes:
- Synthetic oil-based lubricants
- Mineral oil-based lubricants
Mineral oil lubricants are made from crude oil and are the most widely available and affordable product in comparison to synthetic oil, therefore this segment currently holds the majority market share. After the segmentation analysis, the report highlights the major factors driving and restricting the global market for turbine oils. Major market trends mentioned in the report are positive effect of low crude oil prices, growth of CCPP and development of biolubricants.
Through the regional analysis, the report analyzes that the market is highly competitive in nature, with many leading players operating across various locations. At present, key vendors operating in the market are:
- Royal Dutch Shell
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Other prominent vendors in the market are ConocoPhillips, FUCHS, Indian Oil Corporation, Bharat Petroleum, LUKOIL Lubricants, Eastern Petroleum, Petrelplus and Gazpromneft-Lubricants. Several regional or local vendors are increasingly focusing on research and developmental activities to reduce the cost and improve the durability of lubricants.
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