Turbine Oil Market: mineral oils had the largest market shares almost 96.8% in previous years.
Turbine oil is high quality oil with great oil viscosity and an excellent capacity of water separation. The Turbine Oil Market deals with supply and demand, production of different oil grades and scope of applications of the transmission fluid in various end user industries during 2015-2020.
The global Turbine Oil Market is expected to grow to over 12% through 2020. Turbine oils are mainly used in power plants, gas turbine lubrication, excavators and forklifts owing to its high corrosion and oxidation inhibition and foam suppression properties.
North America is the leading region with high market shares in the Turbine Oil Market, closely followed by Europe. These regions have high industrialization and power generation plants resulting in high demand for the turbine oils. The highest volume of products in turbine oils is mineral oils that accounted for a share of 96.8% in the previous years.
The APAC is expected to witness highest growth in the Turbine Oil Market owing its growth to high power generation need and rise of industrialization in India and China. Apart from India and China, Japan and Australia are expected to witness high demand for turbine oils for industrial use.
According to the IndustryARC market research report, the Turbine Oil Market is segmented into various categories by type, by application and by geography.
- By type: mineral lubricants (paraffinic oils, naphthenic oils and aromatic oils), synthetic lubricants (engine oils and motor oils) and bio based lubricants (automotive oils, hydraulic oils, process oils, crankcase oils and metal working oils)
- By application: marine engines, stem tubes, turbochargers, air compressors and vacuum pumps, gear applications, hydraulic systems, refrigeration systems, grease applications, automotive manufacturing, power generation, fire resistant and others
- By geography: North America, South America, Europe, Asia Pacific and ROW
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The key players in the Turbine Oils Market as mentioned in the IndustryARC market research report are as follows:
- Total S.A
- Exxon Mobil
The Turbine Oil Market is a rapidly growing market with high market with high applications in power stations and various end use industries across the globe in the upcoming years. This market is profitable for investment with many big corporations involved in the market and expected rise in demand for industrial uses during 2015-2020.
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