Turbine oil is part of lubricants market and due to strict regulations of authorities, companies are moving towards biodegradable lubricants. Biolubricants are mainly derived from natural resources such as rapeseeds, sunflower, canola, coconut oils, soybean, palm and many more. These bio based products create clean and less toxic environment as compared to petroleum based lubricants. Petroleum derived lubricants leads to skin related issues for those who are in regular use of such lubricants while working with engines and hydraulic systems but bio products are nontoxicand safe to use as compared to them. Bio-lubricants deliver superior properties such as high flashpoint, constant viscosity, less oil mist and vapor emissions which are better for use than petroleum based lubricants.
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Market growth and trends:
Logical Estimates suggest than there will be an expected 12% growth by 2020 in the Turbine Oil Market! The total turbine oil demand is expected to be about 41.8 million metric tons, or about 13 million gallons. The growth is expected to be about 2.5% per year through 2014. The highest volume among the products is Mineral Oils which accounted for a share of 96.8% in the years 2011-2018 and is expected to be the lead in the years 2014-2020 as well.
The bio based oil market consolidates for about 65% of the total turbine oils market. And commercial transportation is expected to be the fastest growing segment of the global turbine industry at an approximate CAGR of over 6.5% from 2014-2020.
While North America and APAC were the largest consumers of turbine oils and are expected to be the market leaders during the forecasted period, Europe and ROW follow the contribution list in the Turbine Oil Market. Our report contains detailed information regarding all aspects of the key countries involved.