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.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~ 4% |
|
Base Year Market Size (2023) |
~ USD 1 Billion |
|
Forecast Year Market Size (2036) |
~ USD 2 Billion |
|
Regional Scope |
|
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:
|
Grade |
|
|
End-User |
|
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.
Author Credits: Smruti Ranjan, Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?