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2023

Global Lubricants in Power Generation Market

Global Lubricants in Power Generation Market Size, Share, Competitive Landscape and Trend Analysis Report by Base Oil, by Type and by Application : Global Opportunity Analysis and Industry Forecast 2019-2029

MC : Bulk Chemicals

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Author's: Naresh Mawlankar| Devashree Patwardhan| | Eswara Prasad
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The global lubricants in power generation market was valued at $4.3 billion in 2019, and is projected to reach $6.2 billion by 2029, registering a CAGR of 4.2% from 2022 to 2029.

Lubricants in power generation refer to the several types of oils and greases that are used to reduce friction and wear between the moving parts of machinery and equipment involved in the production of electricity. These lubricants play a critical role in ensuring the efficient and reliable operation of power generation equipment, such as gas and steam turbines, generators, and other rotating machinery. They help to minimize friction and wear between components, reduce heat build-up, and prevent corrosion and contamination. Lubricants used in power generation may include mineral oils, synthetic oils, and greases, and they are typically formulated to meet specific performance requirements, such as high temperature and pressure resistance, low volatility, and excellent oxidation and corrosion resistance.

	Global-Lubricants-in-Power-Generation

Power generation involves transforming energy from one form to another, and lubricants play an important part in ensuring that this process runs smoothly and efficiently. Lubricants, in particular, are used to reduce friction and heat generation in bearings and other mechanical moving parts, as well as to protect against corrosion, oxidation, and contamination. One of the most important types of lubricants used in power generation is turbine oil. Turbine oils are specially formulated to withstand the high temperatures and pressures associated with gas and steam turbines. They are also designed to resist oxidation and maintain their viscosity under high loads, which is essential for protecting the bearings and other critical components of the turbine. 

In addition to turbine oil, other types of lubricants may also be used in power generation equipment, such as hydraulic oil for hydraulic systems, gear oil for gearboxes, and compressor oil for compressors. Each of these lubricants is formulated to meet the specific needs of the equipment and to ensure optimal performance and longevity.

The viscosity of the lubricant is also an important consideration in lubricants for power generation. Viscosity refers to the thickness or flowability of the lubricant. The viscosity of the lubricant must be appropriate for the operating conditions of the equipment. If the lubricant is too thin, it may not provide adequate protection against wear and tear. If the lubricant is too thick, it may not be able to flow properly and provide adequate lubrication. The maintenance and monitoring of lubricants are also necessary to ensure their effectiveness and performance. They should be changed on a regular basis to prevent impurities from accumulating and to ensure that the lubricant provides enough protection for the equipment. Monitoring the condition of the lubricant through oil analysis may aid in detecting possible concerns before they become a problem.

“Equipment performance and reliability of lubricants in power generation”

Lubricants are essential for ensuring the smooth and efficient operation of power generation equipment. They help to reduce wear and tear on the equipment, which improves its performance and extends its lifespan. Lubricants in power generation reduce friction between moving parts, which can cause equipment to break down. This extends the life of power-producing equipment and reduces the need for maintenance and repairs.

Lubricants in power generation may provide a protective layer on the surface of the equipment, which may help to prevent wear and corrosion. This is especially important in power generation equipment that operates in harsh environments, such as high temperatures or exposure to chemicals.

Moreover, lubricants may help to reduce the frequency of maintenance and repair activities, which may be costly and time-consuming in power-generating equipment. However, proper lubrication may help to extend the lifespan of the equipment and reduce the need for replacements.

“The usage of compressors in gas-fired power plants”

Compressors are essential in gas-fired power plants as they compress natural gas before it is utilized as a fuel in the gas turbine. Compressors are used to boost natural gas pressure to the desired amount for burning. The compressor is commonly driven by an electric motor or a gas turbine, and the compressed gas is pumped into the gas turbine's combustion chamber.

Lubricants are used in compressors to lubricate bearings, gears, and other moving parts. The lubricant lowers friction and wear between the moving parts, extending the lifespan of the compressor and lowering the chance of equipment failure. Lubricants also aid in the dissipation of heat created during the compression process, lowering the chance of the compressor overheating and failing.

Compressor oils used in gas-fired power plants have been developed to provide good oxidation resistance and deposit control. This is due to the presence of contaminants in the natural gas used as fuel, which can cause deposits to form in the compressor. These deposits can block the compressor and decrease its efficiency, resulting in higher energy consumption and equipment failure.

Increase in the use of mineral oil lubricants in power generation drives the growth of lubricants in the power generation market. Mineral oil is a type of base oil that is derived from crude oil and is widely used in lubricants in power generation equipment. It is widely available and inexpensive, providing long-term protection against wear and corrosion, extending the lifespan of power generation equipment, and lowering maintenance costs. Mineral oil-based lubricants are commonly used in gas and steam turbines for power generation, providing excellent oxidation stability, water separation, and wear protection.
 
Nynas released a new product in October 2022 the NYTRO BIO 300X transformer oil, which improves performance with ultra-low viscosity, offers superior heat transmission, and makes power transformer cooling more efficient. It is also used in power generation compressors, such as air compressors in gas turbines, to maintain safe and reliable functioning.

Lubricants play an important role in power generation, reducing friction and wear between moving parts, improving efficiency, and prolonging the lifespan of the equipment. However, they may contain toxic chemicals that may harm aquatic life and the surrounding ecosystem. In addition, they may release greenhouse gases when burned or evaporated into the atmosphere, contributing to climate change. The power generation industry increasingly focuses on using environment-friendly lubricants, which are designed to minimize their environmental impact by using renewable and biodegradable materials and reducing their toxicity and emissions. 

Furthermore, the surge in renewable energy sources is projected to create ample development opportunities for lubricants in the power-generating industry in the coming years. Renewable energy sources such as solar, wind, hydro, and geothermal power have become increasingly cost-competitive with traditional fossil fuels, leading to lower energy costs for consumers. Biodegradable lubricants may reduce maintenance costs and extend the lifespan of equipment, which may lead to cost savings for businesses. Companies in the energy industry make significant investments in renewable energy sources and lubricants, such as Royal Dutch Shell is planning to invest $2-3 billion per year in renewable energy projects until 2025. Lubricant manufacturers have developed biodegradable and eco-friendly lubricants to meet growing demand from customers who are looking to reduce their environmental impact.

The lubricants in the power generation market is segmented on the basis of base oil, type, application, and region. On the basis of base oil, the market is categorized into synthetic oil, mineral oil, and biodegradable oil. On the basis of type, the market is divided into gear oil, hydraulic fluid, grease, and others. On the basis of application, the market is categorized into hydropower generation, wind power generation, turbines, 4-stroke gas engines, 4-stroke liquid fuel engines, and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, Middle East, Africa, and Latin America.

Global Lubricants in Power Generation Market
By Base Oil
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Mineral Oil is projected as the most lucrative segment.

Global Process Lubricants in Power Market, by Base Oil

On the basis of base oil, the mineral oil segment dominated the global lubricants in power generation market in 2021. Mineral oils are utilized in transformers as insulating and cooling fluids, as well as lubricants in power generation equipment. They provide good electrical insulation and can help in the dissipation of heat generated by the transformer. Due to their good anti-wear qualities and low volatility, they lubricants are frequently utilized in petrol engines. They may also help in the reduction of engine deposits and the extension of engine life.

Global Lubricants in Power Generation Market
By Type
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Others are projected as the most lucrative segment.

Global Process Lubricants in Power Market, by Type

On the basis of type, the others segment which includes penetrating lubricants, dry lubricants and others dominated the global lubricants in power generation market in 2021. Other types of lubricants used in power generating include penetrating lubricants, dry lubricants, and others. Penetrating lubricants, often known as penetrating oils, are a type of lubricant used in power generation and other sectors. These lubricants are intended to penetrate and loosen rusted or corroded parts, making them easier to remove or operate. Dry lubricants are lubricants that do not employ a liquid carrier and instead use a dry powder or solid material to reduce friction. These lubricants function by producing a thin layer of solid lubricating substance between the moving parts, decreasing friction and wear.

Global Lubricants in Power Generation Market
By Application
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Others are projected as the most lucrative segment.

Global Process Lubricants in Power Market, by Application

On the basis of the application, the others segment which includes internal combustion engines, transformers, and others dominated the global lubricants in power generation market in 2021. Lubricants are also used in internal combustion engines, transformers, and other power generation devices. Lubricants are used in internal combustion engines such as petrol and diesel engines to minimize friction between moving parts, prevent against wear and tear, and extend engine life. Lubricants are also used in transformers as insulating oils to protect internal components from heat and moisture and to provide electrical insulation.

Global Lubricants in Power Generation Market
By Region
2029
Asia Pacific 
North America
Europe
Middle East
Africa
Latin America

Asia-Pacific is projected as the most lucrative market.

Global Process Lubricants in Power Market, by Region

On the basis of region, the Asia-Pacific segment dominated the global lubricants in power generation market in 2021. In the Asia-Pacific countries, diesel engines are used in backup power generation systems to minimize friction and wear in piston rings, bearings, and other components. Wind turbines have grown in prominence as a renewable energy source, with lubricants used to reduce friction and wear in the gearbox, bearings, and other components. Solar panels have also gained popularity, with lubricants used in solar panel tracking systems to reduce friction and wear in the moving components.

Major players operating in the global lubricants in the power generation market include Royal Dutch Shell Co., TotalEnergies, Philips 66, Fuchs Petrolub SE, PETRONAS Lubricants International, PETROFERPETROFER, Exxon Mobil Corporation, Klüber Lubrication, Petron Corporation, and Chevron Corporation. 

Historical Trends

  • In the early 20th century, mineral oils began to be used as lubricants in power generation equipment. These oils were derived from petroleum and were able to provide better lubrication and longer equipment life than previous lubricants.
  • In the early 1900s, the development of the internal combustion engine led to the use of motor oils in power generation. In 1920 the widespread adoption of hydraulic systems in power generation led to the development of hydraulic fluids, which were used to lubricate pumps and other equipment.
  • In the 1950s, gas turbines emerged as a new type of power generation technology, with applications in aircraft, power plants, and other industries. Gas turbines operate at high temperatures and speeds, which may put significant stress on the equipment and the lubricants used to protect the equipment.
  • In the 2000s, there was a growth in awareness of the environmental impact of lubricants, particularly their potential to harm ecosystems and contribute to climate change. As a result, many power generation companies began looking for alternatives to traditional petroleum-based lubricants that would be more sustainable and environment-friendly.
  • In 2016, the U.S. Department of Energy (DOE) launched the "Advanced Turbine Lubrication and Cooling Technologies" program, which aimed to develop new lubricants and cooling technologies to improve the efficiency and reliability of gas turbines in power generation.

KEY BENEFITS FOR STAKEHOLDERS

  • The study provides an in-depth analysis of the lubricants in power generation market along with the current trends and future estimations to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on the lubricants in power generation market size is provided.
  • The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the lubricants in power generation market.
  • The quantitative analysis of the lubricants in power generation market from 2019 to 2029 is provided to determine the lubricants in power generation market potential.

Global Lubricants in Power Generation Market Report Highlights

Aspects Details
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By Europe
  • United Kingdom
  • Belgium
  • Netherlands
  • Nordic
  • Germany
  • France
  • Italy
  • Austria
  • Rest of Europe
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By Middle East
  • Qatar
  • Turkmenistan
  • Uzbekistan
  • UAE
  • Oman
  • Bahrain
  • Jordan
  • Kuwait
  • Egypt
  • Lebanon
  • Rest of Middle East
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By Base Oil
  • Synthetic Oil
  • Mineral Oil
  • Biodegradable Oil
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By Type
  • Gear Oil
  • Hydraulic Fluid
  • Grease
  • Others (Penetrating Lubricants, Dry Lubricants and others)
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By Application
  • Hydropower Generation
  • Wind Power Generation
  • Turbines
  • 4 stroke gas engines
  • 4 stroke liquid fuel engines
  • Others (internal combustion engines, transformers, and others)
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By North America
  • U.S.
  • Canada
  • Mexico
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Key Market Players

TotalEnergies, FUCHS, Klüber Lubrication, PETRONAS Lubricants International, Royal Dutch Shell Co., Chevron Corporation, Petron Corporation, Philips 66, Petrofer, Exxon Mobil Corporation

Analyst Review

According to the opinions of various CXOs of leading companies, the lubricants in power generation market is driven by increase in the use of mineral oil lubricants in power generation. Mineral oil-based lubricants are utilized in power generation gas and steam turbines as they provide high oxidation stability, water separation, and wear protection.

Further, in October 2022, Nynas introduced a new product, the NYTRO BIO 300X transformer oil, which increases performance with ultra-low viscosity and improves power transformer cooling efficiency. Moreover, it is very resistant to wear, corrosion, and foam.

However, the environmental impact related to lubricants in power generation is expected to restrain industry expansion. Lubricants in power generation may contain toxic chemicals that can harm aquatic life and the surrounding ecosystem. They can also release greenhouse gases when burned or evaporated into the atmosphere, contributing to climate change. The disposal of used lubricants can also release harmful pollutants into the environment.

The Asia-Pacific region is projected to register robust growth during the forecast period. Diesel engines are used in backup power generation systems in the Asia-Pacific region, and lubricants are used to reduce friction and wear in the piston rings, bearings, and other components. Wind turbines have gained popularity as a source of renewable energy, and lubricants are used to improve their efficiency and longevity.

 

Author Name(s) : Naresh Mawlankar| Devashree Patwardhan| | Eswara Prasad
Frequently Asked Questions?

The demand for process water treatment has gradually increased as these technologies are widely used in the pharmaceutical, oil & gas, drinking water, wastewater, and many other industries.

What will be the market value of lubricants in power generation in the forecast period 2019 to 2029?

Royal Dutch Shell Co., TotalEnergies, Philips 66, Fuchs Petrolub SE, PETRONAS Lubricants International, PETROFER, Exxon Mobil Corporation, Klüber Lubrication, Petron Corporation, and Chevron Corporation are the top players in lubricants in power generation market.

Increase in the use of mineral oil lubricants in power generation and rise in adoption of wind energy are the main drivers of lubricants in power generation market

The lubricants in the power generation market is segmented on the basis of base oil, type, application, and region.

On the basis of region, the market is studied across North America, Europe, Asia-Pacific, Middle East, Africa, and Latin America.

Mineral oil is the dominating segment based on base oil

Asia-Pacific is the highiest revenue contributer of lubricants in power generation market in 2019.

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Global Lubricants in Power Generation Market

Global Opportunity Analysis and Industry Forecast 2019-2029