Turbine Oil Market is projected to reach $1.91 Billion by 2030 Globally, at a CAGR of 3.9%, says MarketsandMarkets™

/EIN News/ -- Chicago, Oct. 14, 2022 (GLOBE NEWSWIRE) -- The global Turbine Oil Market is projected to reach USD 1.91 billion by 2030, at a CAGR of 3.9% from USD 1.40 billion in 2022, as per the recent study by MarketsandMarkets™. Turbine oils are being promoted by a number of manufacturers for use in a wide variety of equipment, including air compressors, vacuum pumps, and bearings. These elements are anticipated to have a substantial impact on the growth of the turbine oil market globally.

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Browse in-depth TOC on “Turbine oil Market”
254 - Market Data Tables
65 - Figures

List of Key Players in Turbine oil Market:

Royal Dutch Shell (Netherlands)
ExxonMobil Corporation (US)
BP plc (UK)
TotalEnergies SE (US)
Chevron Corporation (US)
Idemitsu Kosan Co. Ltd. (Japan)

Drivers, Restraints, Opportunities and Challenges in Turbine oil Market:

Driver: Rising energy consumption across the globe
Restraints: Growing demand for hybrid and e-vehicles
Opportunities: Rising initiatives towards renewable energy sources
Challenges: Stringent environmental norms and continuous reforms by governments

Key Findings of the Study:

Based on base oil, bio-based is projected to grow at highest CAGR during the forecast period.
Industrial is projected to be the fastest growing end-use industry in turbine oil market, in terms of value.
Asia Pacific is expected to be the fastest growing market for turbine oil during the forecast period, in terms of value and volume.

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“Based on base oil, bio-based is projected to grow at highest CAGR during the forecast period”

The major factor that drives the bio-based segment market is their bio-degradability in certain conditions. They do not pose much threat to the environment if directly disposed of or accidentally spilled due to their less toxic nature and natural origin. The US is one of the promising nations to encourage the use of bio-based segment.

“Industrial is projected to be the fastest growing end-use industry in turbine oil market, in terms of value”

The use of turbine oil helps increase the life of machinery and equipment. The demand for turbine oil from the industrial sector is projected to witness significant growth during the forecast period. This is owed to rapid industrialization and economic development.

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“Asia Pacific is expected to be the fastest growing market for turbine oil during the forecast period, in terms of value and volume.”

Asia Pacific dominated the global turbine oil market, in terms of value, in 2021. Investment in new large gas-fired combined cycle power generation plants and large coal-fired plants, along with rising electricity demand, is expected to drive the Asia Pacific gas turbines market's growth. Also, the growth is expected due to rapid regional industrialization, urbanization, and economic growth, leading to the installation of new power plants in various emerging economies.

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