Global Lubricants in Power Generation Market Expected to Reach $6.2 Billion by 2029

According to a new report published by Allied Market Research titled, “Lubricants in Power Generation Market by Base Oil, Types, Application, and Region: Global Opportunity Analysis and Industry Forecast, 2019–2029,”

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 are substances that are used to reduce friction and wear between moving parts in machinery. In power generation, lubricants play a critical role in ensuring the smooth and efficient operation of equipment such as generators, turbines, and engines. The primary function of lubricants in power generation is to reduce friction between moving parts, which helps to prevent wear and tear on the equipment. It helps to prolong the lifespan of the equipment and minimize the need for costly repairs and maintenance. Furthermore, they help to dissipate heat, which is important in high-temperature applications such as power generation.

Lubricants help to improve energy efficiency by reducing friction and wear, and they help to minimize energy losses and improve the efficiency of the equipment. Power generation equipment is subject to high temperatures, pressures, and forces, which may pose safety risks to workers and the surrounding environment. Lubricants may also help to reduce these risks by reducing friction and heat generation, which may help to prevent fires and explosions. 

Lubricants are utilized in power generation equipment depending on the use. Turbine oils, for instance, are used in gas and steam turbines, whereas hydraulic oils are utilized in hydraulic systems. Gear oils are used in gearboxes, while circulating oils are utilized in systems where the lubricant is circulated through the apparatus.

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.

Growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. Value chain analysis for this industry, which includes R&D, components manufacturers, assembly, programming & testing, marketing & sales, customers, and post-sales services, is explained. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain the intense competition in the industry.

Rise in adoption of wind energy drives the growth of lubricants in power generation market. Wind energy has become more widely adopted in power generation, leading to an increase in the demand for lubricants that can help ensure safe and reliable operation of wind turbines. Wind turbines are highly complex equipment that require lubrication to prevent wear and tear, minimize friction, and prevent corrosion. Synthetic lubricants, such as polyalphaolefins (PAOs), offer excellent high-temperature performance and resistance to oxidation and wear. Synthetic lubricants may help to extend the life of wind turbine components, reduce maintenance costs, and improve overall turbine efficiency.

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, PETROFER, Exxon Mobil Corporation, Klüber Lubrication, Petron Corporation, and Chevron Corporation. 
  
KEY FINDINGS OF THE STUDY:

• On the basis of base oil, the mineral oil segment emerged as the global leader with around half of the global market share in 2019 and is anticipated to be the largest market during the forecast period.
• On the basis of types, the others segment including penetrating lubricants, dry lubricants and others emerged as the global leader by acquiring around half of the global market share in 2019 and is anticipated to be the largest market during the forecast period.
• On the basis of application, the others segment including internal combustion engines, transformers, and others registered the highest market share of around more than one third of global market share and is projected to maintain the same during the forecast period.
• On the basis of region, Asia-Pacific registered the highest market share of nearly half of the market share and is projected to maintain the same during the forecast period.