Latest News - Turbine Oil Market: Mineral oil is expected to lead the Product Type segment during 2024-2028

The Turbine Oil Market is being driven by Increase in global electricity demand

The Turbine Oil Market is expected to grow at a CAGR of 8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 630.89 million. The global turbine oil market is poised for growth due to the expanding utilization of Combined Cycle Power Plants (CPPs) in electricity generation. These plants, which employ both gas and steam turbines, will necessitate increased demand for turbine oil as a result of the rising need for maintenance and new installations. Gas turbines, which are the primary power source in CCPPs, operate under high temperatures and speeds, necessitating the use of specialized turbine oils for lubrication and cooling. The growing number of CPP installations will directly increase the demand for turbine oils to support these gas turbine systems. In addition, steam turbines are also employed in CCPPs to utilize the waste heat generated by the gas turbines, further boosting the demand for turbine oils. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product Type
  • Mineral oil
  • Synthetic oil
• Application
  • Steam turbine
  • Gas turbine
  • Others
• Geography
  • APAC
    • China
    • India
  • Europe
    • Germany
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in global electricity demand
• Rising awareness toward reduction of carbon emissions
• Side effects of poor lubrication on turbines

However, the market also witnesses some limitations, which are as follows:

• Slowdown of the marine industry
• Growing use of renewables
• Risk of volatility in natural gas prices

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Market Scope in Turbine Oil Market Research Report

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Research Analysis Overview

The Turbine Oil Market encompasses a range of specialized lubricants used in various power generation applications, including hydroelectric and tidal power generation, as well as in wind turbines and electric motors. These oils are formulated with additives such as demulsifiers, defoamants, corrosion inhibitors, and oxidation inhibitors to ensure efficient and reliable operation. Turbine oil manufacturers continue to innovate, with advanced lubrication solutions for renewable energy sources like wind energy becoming increasingly important. The shift towards renewable energy and the approach of battery parity is driving investment in wind energy, leading to a growing demand for turbine lubricating oils. Biobased turbine oils are gaining popularity due to their reduced environmental impact, while mineral-based lubricants remain the industry standard. External contamination and oxidation products are key challenges in the turbine oil industry, necessitating the use of effective additives. Policy interventions, such as incentives for renewable energy adoption, can significantly impact the turbine oil market. Additionally, the increasing use of turbine oils in hybrid vehicles and electric motors further expands their application scope. Energy consumption and economies of scale are also key factors influencing market trends.

Market Research Overview

According to Technavio, the global turbine oil market is a significant segment of the larger oil and gas refining and marketing market, which falls under the energy sector. This market encompasses businesses involved in the refining and distribution of oil, gas, and refined products. The oil and gas downstream sector, which includes refining and marketing, represents one of the three essential linkages in the comprehensive oil and gas value chain. Technavio determines the size of the global oil and gas refining and marketing market by calculating the consolidated revenue generated by manufacturers, providers, and service suppliers of oil, gas, refined products, and related services. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/