Turbine drip oil is a light mineral oil used to lubricate vertical deep pump bearings. It is used in auxiliary machinery in stem and hydraulic turbines. In addition, it is used as a lubricant and working fuel in various types of industrial machinery. Moreover, it possesses enhanced low-temperature fluidity, which enables it to provide adequate lubrication to critical bearings at extremely low temperatures. Turbine drip oil is majorly categorized into two types depending upon its quality, traditional and premium. The premium quality drip oil is ultra-refined and has stable viscosity as compared to other drip oils and does not contain harmful additives that might contaminate the underground water supplies. The high viscosity of premium quality drip oil minimizes the change in viscosity with variations in temperature. Thus, it is appropriate for use in deep good pumps that are shaft-driven and equipped with drip oil mechanisms.
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COVID-19 scenario analysis
The outbreak of the COVID-19 pandemic has had severe effects on the turbine drip oil market and its end-user industries.
- Engine oil demand is expected to witness a downfall majorly due to its usability as a lubricant in transportation and construction industries, due to the pandemic.
- Although few industries continue their operations, delays in raw material supply and less to no supply of finished products are expected, due to restricted transportation, thereby reducing the production rate.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The rapid development of the automotive industry is a key factor that drives the demand for drip oil. With the increase in industrialization across the globe, the requirements for lubricants and machine oils are expected to rise, thereby augmenting the global turbine drip oil market growth. Lubricants are utilized in drip lubrication systems for water well line shaft bearings, water turbine bearings for irrigation pumps, and other turbine bearing applications, which further propel the demand for drip oil. Furthermore, the ability of turbine rip oil to work under severe environmental conditions drives the growth of the market. However, fluctuation in prices of drip oils acts as a restraining factor in the global market.
Conversely, owing to increased environmental awareness, the shift has been witnessed from mineral-based lubricants used in drip oils to biodegradable lubricants. This is expected to significantly contribute toward the growth of the global turbine drip oil market.
The Asia-Pacific region dominates the drip oil market, as the majority of drip oil is utilized in oil & gas and power industries operating in the region. The market in Europe and Asia-Pacific is expected to expand at a considerable rate due to the increased adoption of turbine oil by various end-user industries, especially, agriculture, power, and oil & gas. Furthermore, rapid industrialization in Latin American countries is anticipated to create lucrative opportunities for the expansion of the turbine drip oil market in the near future.
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Market Key Segments:
By Type
- Traditional Grade
- Premium Grade
By Application
- Lubrication
- Machine Oil
- Others
By Industry Vertical
- Water Utility
- Oil & Gas
- Energy & Power
- Automotive
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
Key benefits of the report
- This study presents the analytical depiction of the global turbine drip oil industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global turbine drip oil market share.
- The current market is quantitatively analyzed to highlight the global turbine drip oil market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global turbine drip oil market analysis depending on competitive intensity and how the competition will take shape in the coming years.
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Questions answered in the turbine drip oil market research report:
- Which are the leading market players active in the turbine drip oil market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
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