Future Market Insights
Primary use of turbine oils has been as lubricants for turbine applications. Existing generation of turbine oils comprise high quality-base stocks. They possess a long anti-oxidation life, and considerably restrict rusting of the equipment even at high temperatures. Some of the turbine oils contain additives used for reduction of wear & tear, thereby contributing to longer life of the equipment. Turbine oils are oils of high quality with excellent water-separating properties. Conventional turbine oils were mineral based, and were maintained to eliminate external contamination & oxidation products. In recent times, development of environmentally friendly bio-based turbine oils are anticipated to witness relatively faster growth in penetration, especially in Europe and in North America. Also, use of bio-based turbine oils has been reported to be relatively more economical, as less concentration of oil is required as compared to conventional metalworking fluids. Also, these types of turbine oils display exceptional oxidation & thermal stability, and superior anti-wear properties. Besides, there has been an increasing focus on application of turbine oils as a substitute for rock drill and air tool lubricants for pneumatic applications. This is so because the conventionally used rock drill and air tool lubricants usually comprise high pressure material fatty oils and fatty acids which are easily oxidized and degraded. This disadvantage can be eliminated by using turbine oils, which have relatively superior properties & hence, do not adversely affect component parts, tubing & seals. Considering these important aspects of applications of turbine oils, the study of the turbine oils market becomes an important read.
Turbine Oils Market: Market Segmentation
On the basis of product type, the turbine oils market is segmented as follows:
Mineral oil-based turbine oils
Synthetic oil-based turbine oils
On the basis of application type, the turbine oils market is segmented as follows:
Turbine Oils Market: Key Trends, Drivers
In the past few years, there have been increasing concerns pertaining to reduction of carbon emissions, as a result, lubricant end users are preferring use of environmentally friendly turbine oils over that of conventional metalworking fluids. The trend is expected to continue in the future years. Besides, rising demand for electricity in regions across the globe, has resulted in increasing need for installation of new gas, steam and hydroelectric power turbines. Also, increasingly stringent regulations pertaining to carbon emissions are being implemented by various countries across the globe. These demand higher performance of turbines, which has been translating into rising demand for turbine oils from heavy engineering industry. Also, major manufacturers of turbines, such as General Electric and Siemens, have been investing substantially in the development of advanced turbines, which is expected to, in turn, drive the demand for turbine oils.
In applications where the lubricant needs to be fed into the air stream at a central point inside a plant and is displaced at some distance to numerous machines where the oil or the air mist could be exhausted inside, turbine oil has been found to be a preferential choice. This restricts harmful environmental effects as well as ensures safety of the components & personnel on the plant. These advantages have been fuelling the demand of turbine oils even further.
Furthermore, turbine oils have been finding multiple applications as lubricants. For instance, turbine oil manufacturers have been promoting the use of turbine oils for a diverse range of applications, such as air compressor, vacuum pump, bearing among other lubrication applications. Besides, turbine oils have also been finding increasing use as heat transfer oils. Also, turbine oil manufacturers have been focusing on providing customers with custom-made specifications of turbine oils designed for specific applications for higher efficiency. These factors are expected to contribute significantly to the growth of the turbine oils market at a global level.
Turbine Oils Market: Market Participants
Examples of some the market participants identified across the value chain of turbine oils market are as follows:
Exxon Mobil Corporation
Chevron U.S.A. Inc.
Royal Dutch Shell, Plc.
Phillips 66 Company
LUKOIL Marine Lubricants DMCC
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