Turbine Drip Oil Market Size & Share, by Grade (Traditional, Premium); Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil); End-User (Oil & Gas, Power, Water Utility, Agriculture, Automotive) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5364
  • Published Date: Nov 03, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Turbine Drip Oil Market size is projected to surpass USD 2 Billion by the end of 2036, expanding around 4% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of turbine drip oil was over USD 1 Billion. When used with additives, mineral-based lubricants offer a higher level of solubility. They will raise the market's demand for turbine oil while posing no environmental risks. Turbine drip oil is also less expensive than synthetic oil, expanding the growth opportunities that support growth.

The market will be driven toward electricity generation technologies with a lower carbon emission footprint, such as gas turbines, steam turbines, and hydroelectric power generation, as a result of the growing awareness of the need to reduce carbon emissions. The market for turbine oil will expand as a result of the rising use of these technologies in power production.

Turbine Drip Oil Market overview
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Turbine Drip Oil Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Use of Bio-Based Lubricants - The demand for bio-based lubricants is rising as a result of rising environmental consciousness. One of the newest developments in the global lubricants market is the uptake of bio-based lubricants by producers and end-users. Biodegradable lubricants are produced by suppliers. For those who work with engines and hydraulic systems, bio-based lubricants create a cleaner, less hazardous work environment compared to petroleum-based lubricants. Because they require less upkeep, storage, and disposal throughout a product's life, bio-based lubricants also have reduced life-cycle costs. By using bio-based lubricants, stormwater pollution from car and other engine leaks, hydraulic systems, and brake lines can be reduced. Nowadays, many European nations demand bio-based lubricants for use in some environmentally delicate applications.
  • Increasing Energy Consumption Globally – The surge in worldwide energy demand has raised the need for erecting gas, steam, and hydroelectric power turbines. A rise in investments in wind energy as well as favourable government policies and regulations have an impact on the turbine drip oil market. Major firms are also still supporting wind energy in the US through their corporate purchases of solar and wind energy. The total installed wind power capacity as of 2021 was 837 gigawatts. As a result of policy initiatives like Nationally Determined Contributions (NDC) and Sustainable Development Goals (SDGs), the demand for renewable energy is currently increasing on a global scale.
  • Rising Initiatives Towards Renewable Energy – The size of the wind turbines and their number are both growing. Remote and offshore places are being used to install these turbines. Performance is therefore crucial, and any gearbox or bearing failure could cause a serious issue. The use of sophisticated lubrication is developing along with the number of wind turbines and improved gearbox and bearing technology. So, it is anticipated that the development of the renewable energy sector will have a favorable effect on market expansion.


  • Increasing Demand for Hybrid and EVs – A small internal combustion engine (ICE) and an electric motor are both used in hybrid cars to maximize power efficiency and lower pollution. According to industry experts, the increasing number of hybrid vehicles will practically halve the demand for lubricants per vehicle. The market volume will decrease as a result of this aspect and rising battery parity.
  • Increasing Utilization of Gas Turbine Lubricants as an Alternative will Hamper the Market Growth
  • Fluctuation in Crude Oil Prices May Become a hindrance to the Market Growth

Turbine Drip Oil Market: Key Insights

Base Year


Forecast Year



~ 4%

Base Year Market Size (2023)

 ~ USD 1 Billion

Forecast Year Market Size (2036)

 ~ USD 2 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Turbine Drip Oil Segmentation

Grade (Traditional, Premium)

Turbine drip oil market from the premium segment is poised to hold the largest share of 54% by the end of 2036. Due to its more stable viscosity when compared to other drip oils, the premium-grade turbine drip oil segment is anticipated to have the greatest share of the worldwide market during the forecast period. Group 2 base oil that has undergone extreme refinement is premium turbine drip oil. Additionally, premium-grade turbine drip oil is devoid of any damaging compounds that can taint subsurface water sources. Temperature-related changes in viscosity are greatly diminished by the extraordinarily high viscosity index. As a result, within deep well turbine pumps, the lubricant runs steadily

Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil)

The mineral oil segment in the turbine drip oil market is expected to hold a share of 42% during the forecast period. The segment is growing owing to the increasing demand for mineral oil in the automotive sector in developing countries such as Asia Pacific, the Middle East and Africa, and South America. As per a report, China's automotive sector manufactured over 23.8 million passenger automobiles in 2022. Also, mineral oil is extensively used in different industries such as transportation, industrial machinery, and equipment.

Our in-depth analysis of the global market includes the following segments:


  • Traditional
  • Premium


  • Oil & Gas
  • Power
  • Water Utility
  • Agriculture

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Turbine Drip Oil Industry - Regional Synopsis

APAC Market Forecast

The turbine drip oil market in Asia Pacific is anticipated to account for the largest share of 36% during the forecast period. The region's growing urbanization, established foundation for energy and power production, and expansion of the wind turbine gear oil and turbine drip oil sectors are all factors in the rise in turbine oil consumption. Due to development drivers such as renewable energy programs, rising demand for wind and hydro energy generation, and urbanization, energy generation in APAC is developing significantly. As per a report, Asia had a hydroelectric capacity of over 618.8 thousand megawatts in 2022. Compared to 2013, when Asia's hydropower capacity was around 451.2 thousand megawatts, this was a huge increase. The two biggest markets for turbine oil in APAC are China and India. The Asia-Pacific region's growth prospects for turbine oil are anticipated to expand throughout the forecast period due to the rising usage of fuel in wind turbines, steam turbines, and other applications.

European Market Statistics

The turbine drip oil market in Europe is expected to hold a share of 25% during the forecast period. The market growth can be attributed to the deployment of turbine drip oil by various end-use industries, especially agriculture and oil & gas. For instance, the oil sector is anticipated to increase during the ensuing years, reaching 311.2 million dollars in 2026. Therefore, the expansion of the oil & gas industry will accelerate the market growth rapidly. Additionally, it is anticipated that the natural gas storage market in Europe will grow. Also, the region has increased its existing production capacities for drip oil. Moreover, there are many manufacturers, suppliers, and distributors of turbine oil in the region.

Research Nester
Turbine Drip Oil Market Region
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Companies Dominating the Turbine Drip Oil Landscape

    • Laredo Oil Inc
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • NYCO Group
    • Cortec Corporation
    • Chevron Corporation
    • Valvoline Inc
    • Cosmo Energy Holdings Co., Ltd.

In the News

  • June 2023 - NYCO announced that Turbonycoil® 600, a synthetic standard turbine oil, has been chosen by PLAY, a new Icelandic low-cost carrier operating flights between North America and Europe, to lubricate the engines of its whole fleet of LEAP-1A-powered A320neo and A321neo aircraft.
  • January 2022 - The most recent lubricant additive from Cortec delivers superior corrosion defense and is compatible with ashless oil systems. This is very helpful for gearboxes, turbines, and other lubrication systems that could corrode due to moisture condensation or trapped water.

Author Credits:  Rajrani Baghel

  • Report ID: 5364
  • Published Date: Nov 03, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing use of bio-based lubricants, increasing energy consumption globally, and rising initiatives towards renewable energy are some of the factors driving the market growth.

The market size of turbine drip oil is anticipated to attain a CAGR of 4% over the forecast period, i.e., 2024-2036.

The major players in the market are NYCO Group, Cortec Corporation, Chevron Corporation, Valvoline Inc., Cosmo Energy Holdings Co., Ltd., IHI Corporation, Mitsubishi Heavy Industries Ltd, CHUGOKU KOGYO CO., LTD., Inpex Corporation, Laredo Oil Inc and others.

The premium segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Turbine Drip Oil Market Report Scope

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