According to the latest market research report “Turbine Oils Market: By Types (Mineral, Synthetic and Bio-based); By Application (Gas Turbines, Steam Turbines, Hydraulic Systems, Air Compressors & Vacuum Pumps and Others); By End Users (Aviation, Automotive, Marine, Energy and Others) & Geography -Forecast (2017-2021)” published by IndustryARC, market is expected to reach $15.12 billion by 2021
Browse 14 Market Tables, 143 Figures spread through 180 slides and an in-depth TOC on “Global Turbine oils Market (2017 - 2021)” - http://industryarc.com/Report/1271/Turbine-Oil-Market-Analysis-Report.html
Following the rapid economic growth in Asia during the last decade, demand for turbine oils has risen sharply. The world annual consumption of turbine oils is 3,128 kilo tonnes, and is projected to continue to rise at a CAGR of 5.32% during the forecast period. As only a small fraction of turbine oils are recycled, hence, major manufacturers of turbine oils are currently looking for a renewable source of these turbine oils to meet the growing demands of the economy. The geographic clustering of manufacturing activity has long been recognized as an important mechanism for facilitating industrial growth in both developed and developing countries. With the industrialization of market, the demand for electricity by modern society continues to grow and so does the desire of companies, manufacturing power, to increase the reliability of their plants. In this regard, main piece of equipment used by power plants to produce electricity is the turbine; if it does not run, the plant does not produce electricity. The most common types of turbines used in power plants are gas turbines and steam turbines. Aside from turbine blade failures, the most common turbine reliability issues are bearing and control system failures, which often can be traced back to lubrication-related issues.
As only a small fraction of turbine oils are recycled, hence, major manufacturers are currently looking for a renewable source of these turbine oils to meet the growing demands of the economy. Turbine Oils are a vital part which is essential for smooth functioning of various segments of the machineries in a chemical manufacturing industry. The demand for turbine oils in the United States is projected to show moderate growth per year through 2021. Improved efficiency and less frequent oil replacement will be a common trend throughout lubricant markets, serving to restrain demand. turbine oil market value was $20053.6m in 2016 and is anticipated to grow to $28810.14m by 2021 growing at a CAGR of 4.27% in between 2017 to 2021. APAC and the Americas have witnessed significant growth in renewable energy with the global share rising to more than 60% of the market in 2016. Moreover, lower energy consumption is also one of the vital reason for increase in demand of turbine oil. Better prospects for volume growth will exist in the automotive manufacturing, oil and gas and machinery manufacturing markets. The U.S. food processing industry is expected to continue a strong recovery through 2021 and will be among the fastest growing end use applications of the turbine oil markets.
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The Prominent Players in Turbine Oil Market Include
Royal Dutch Shell PLC
Exxon Mobil Corporation
Eastman Chemical Company
There are huge growth prospects in the APAC region for the turbine oils industry. The increased use of automotive, better lifestyle and the potential to be a manufacturing hub for the world have propelled this region to be the fastest growing turbine oil market for the industry.
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