Global Turbine Oil Market 2017-2021
About Turbine Oil
Turbine oil lubricants are used in the power generation, manufacturing, and mobility industries to address the specific needs of turbine machineries. These lubricants are formulated and are specifically made for power generation turbines. Steam, gas, and hydropower power generation turbines use lubricant oils known as R&O (rust and oxidation inhibited oils). Turbine equipment characteristics such as operating cycles, geometry, operating temperatures, maintenance practices, and the potential for system contamination present specific lubricating oil demands. 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. Most turbine oils are formulated with high levels of detergents or dispersants that can clean and carry away all the contaminants. As turbine oils are not exposed to any soot or fuel, they do not have to be replaced and drained at frequent levels.
Technavio’s analysts forecast the global turbine oil market to grow at a CAGR of 3.498% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global turbine oil market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of turbine oil.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Turbine Oil Market 2017-2021
Technavio recognizes the following companies as the key players in the global turbine oil market: Castrol, Chevron, ExxonMobil, Royal Dutch Shell, and Valvoline
Other Prominent Vendors in the market are: Bharat Petroleum, ConocoPhillips, Eastern Petroleum, FUCHS, Gazpromneft – Lubricants, Indian Oil, LUKOIL Lubricants, and Petrelplus
Commenting on the report, an analyst from Technavio’s team said: “The development of environmentally friendly lubricants is a major trend in the global lubricants market for turbine oil applications. Many vendors are focusing on bioaccumulation and ecotoxicity to reduce the adverse impacts on the environment. Ecotoxicity is the measurement of the amount of lubricants required to kill various organisms. Eurol, TOTAL Lubricants, and Renewable Lubricants are some of the companies that manufacture environmentally friendly lubricants. These bio-based lubricants degrade gradually, thus leaving minimal traces in the environment.”
According to the report, the rising awareness toward reduction of carbon emissions will drive the power generation market toward electricity generation technologies that are having less carbon emission footprint such as gas turbines, steam turbines, and hydroelectric power generation. The increasing percentage of these technologies in power generation will attribute to the growth of the turbine oil market.
Further, the report states that the turbine oil 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 business 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. One of the factors that will hinder the growth of the overall global economy will be the sustained deflation levels seen in the developed countries. The major economies that are witnessing longer durations of negative inflation include the US, Japan, and the countries in the Eurozone.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit- https://www.technavio.com/report/global-oil-and-gas-global-turbine-oil-market-2017-2021
Castrol, Chevron, ExxonMobil, Royal Dutch Shell, Valvoline, Bharat Petroleum, ConocoPhillips, Eastern Petroleum, FUCHS, Gazpromneft – Lubricants, Indian Oil, LUKOIL Lubricants, and Petrelplus
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