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Turbine Oil Market Trends

Report ID: GMI7659
Published Date: Dec 2023
Report Format: PDF

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Turbine Oil Market Trends

The end-users are increasingly recognizing the importance of equipment efficiency and reliability, offering the significant business opportunities for business expansion. Turbine oils offer key benefits including enhanced protection against corrosion, foaming, and deposit formation, stimulating the business outlook. The adoption of proactive maintenance practices and condition monitoring systems has increased. This trend involves regular monitoring of turbine oil quality and equipment condition, leading to optimized maintenance schedules and improved overall turbine performance.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size for turbine oil was valued at USD 4.5 billion in 2023 and is estimated to surpass USD 6.9 billion by 2032 owing to rising demand for electricity along with expansion of power generation capacities.

In 2023, the mineral oil-based turbine oil segment held a market share of over 45%, backed by escalating investments in power generation infrastructure especially in emerging economies.

Middle East & Africa turbine oil market was valued at USD 1 billion in 2023 and is expected to grow notably over 2023-2032, attributed to industrialization & rapid population growth and rising focus on energy exploration & production.

BP p.l.c., TotalEnergies, Exxon Mobil Corporation, Indian Oil Corporation Ltd., LUKOIL Marine Lubricants, Chevron U.S.A. Inc., Repsol, Shell, PETRONAS, Eastman Chemical Company, Lubrizol, Idemitsu, Quaker Chemical Corporation among others.