LONDON--(BUSINESS WIRE)--The global turbine oil market size will grow by 1.5 million MT, progressing at a CAGR of over 5% during 2020-2024. Technavio's research report indicates negative growth in the short term due to the spread of the COVID-19 pandemic. The imposition of lockdowns has severely impacted the sales of vendors operating in the market. Also, the market witnessed a significant drop in oil prices due to the pandemic. However, market growth is expected to gain traction due to the rising global energy demand and increasing investments in gas-based power generation projects.
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"One of the primary growth drivers for this market is the popularity of these bio-lubricants,” says a senior analyst for the Energy industry at Technavio. The rising awareness and concern towards the reduction of carbon emissions have led to an increase in the preference for sustainable alternatives such as bio-based lubricants among end-users. Besides, bio-based lubricants are consumed in lower concentrations in comparison with conventional metalworking fluids. They possess outstanding oxidation and thermal stability and excellent anti-wear properties. These factors are expected to foster market growth during the forecast period.
Turbine Oil Market Segment Highlights for 2020
- The turbine oil market is expected to post a year-over-year growth rate of 3.31%.
- Based on the product, the market witnessed significant growth in the mineral oil-based lubricants segment in 2019. This is due to the wider availability and affordability of mineral oil-based lubricants compared to other lubricant types.
- The market growth in the mineral oil-based lubricants segment will be significant during the forecast period.
- 57% of the growth will originate from the APAC region.
- The growth of the market in APAC will be driven by the rise in demand for gas turbine power generation.
- China and India are the key markets for turbine oil in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The turbine oil market size is expected to accelerate at a CAGR of over 5% during the forecast period.
- The turbine oil market is segmented Product (Mineral oil-based lubricants and Synthetic oil-based lubricants) and Geography (APAC, Europe, North America, MEA, and South America).
- The market is concentrated due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including Alexis Oil Co., BP Plc, Exxon Mobil Corp., Freudenberg SE, FUCHS PETROLUB SE, Indian Oil Corp. Ltd., PJSC LUKOIL, Royal Dutch Shell Plc, Total SA, and Valvoline Inc.
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