Analysis of Potential Impact of COVID-19 on Turbine Oils Market
Turbine Oils Market: Introduction
- 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
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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.
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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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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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