Impact of Outbreak of COVID-19 on Turbine Oils Market Outlook, Comprehensive Insights, Growth and Forecasts to 2027

Turbine oils are high quality oils with excellent water-separating properties. These oils are primarily used as lubricants for turbine applications such as steam, hydro, and gas turbine applications.
Turbine oil formulations are comparatively simple. These are a mixture of the following ingredients: Base oil, corrosion inhibitors, oxidation inhibitors, defoamants, and demulsifiers.
Conventional turbine oils were mineral based, and were maintained to eliminate external contamination & oxidation products

Key Drivers of Turbine Oils Market:

Rise in demand for electricity across the globe has resulted in increase in need for installation of new gas, steam, and hydroelectric power turbines. This is the major factor driving the turbine oils market.
The turbine oils market is also driven by factors such as rise in investments in wind energy and favorable government initiatives and policies. Policy interventions by several countries, such as Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs), are presently creating high demand for renewable energy worldwide.
Major manufacturers of turbines, such as General Electric and Siemens Gamesa Renewable Energy S.A., have been investing significantly in the development of advanced turbines, which, in turn, is expected to drive the demand for turbine oils
Besides, turbine oils have been finding multiple applications as lubricants. Several manufacturers have been promoting the use of turbine oils for a diverse range of applications, such as air compressor, vacuum pump, and bearing. These factors are expected to contribute significantly to the expansion of the turbine oils market at a global level.

Wind Turbines Application Segment to Witness Attractive Opportunities:

The global turbine oils market can be segmented based on oil type, application, and region
In terms of oil type, the market can be divided into the following segments: Mineral Oils, Synthetic Oils, Bio-Based Oils, and Others. The mineral oils segment dominated the turbine oils market in 2018. Mineral oil lubricants are made from crude oil and are easily available and affordable in comparison to other lubricant types such as synthetic oils.
In terms of application, the market can be divided into the following segments: Steam Turbines, Gas Turbines, Wind Turbines, and Hydroelectric Turbines. The wind turbines segment is expected to grow at a high CAGR during the forecast period, owing to rise in investments in wind energy and favorable government initiatives and policies. According to the Global Wind Energy Council (GWEC), at the end of 2016, more than 341,000 wind turbines were spinning and generating energy.

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Asia Pacific Region to Hold a Major Share of Global Turbine Oils Market:

In terms of region, the global turbine oils market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
Asia Pacific region dominated the global turbine oils market in 2018, and is expected to grow at a prominent CAGR during the forecast period. High demand for power generation in China, Japan, India, and Southeast Asia would ultimately boost the number of installation of steam turbines and wind turbines. According to the Global Wind Energy Council (GWEC), around 104,934 wind turbines were operating in China by the end of 2016.
North America and Europe are also expected to grow significantly during the forecast period owing to growing demand for environment-friendly, bio-based turbine oils. According to the Global Wind Energy Council (GWEC), around 52,343 wind turbines were operating in the U.S. by the end of 2016.
In terms of revenue, Latin America region is expected to contribute significantly to the expansion of the turbine oils market during the forecast period

Key Players Operating in the Turbine Oils Market:

The global turbine oils market is highly concentrated with top manufacturers accounting for approximately 40%–45% share of the market. A few key players operating in the global turbine oils market are:

Lukoil Lubricants Company
Chevron USA Inc.
Royal Dutch Shell Plc.
FUCHS Lubritech GmbH
Exxon Mobil Corporation
Eastern Petroleum Pvt. Ltd
Klüber Lubrication NA LP
Penrite Oil Company
Paras Lubricants Limited

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Key Developments:

In March 2019, Alba Power announced the signing of a new five-year agreement with Marathon Oil U.K. This contract award covers maintenance, repair, and overhaul of Marathon Oil’s Olympus SK30 gas turbine packages.
In June 2015, for the first time, Siemens delivered a steam turbine in the capacity range up to 10 megawatts (MW) that operates almost entirely without lubricants. The turbine’s bearing systems consist of completely oil-free, air-cooled, electromagnetic bearings.
In June 2014, ExxonMobil Fuels & Lubricants launched its new product Mobil DTE 732 M, a specially formulated high-performance turbine oil, as a part of its lubricants product line. The new product, which was showcased at Power Gen Europe, helps power operators increase reliability and output of their gas and steam turbines.

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