A market report has predicted significant growth for the power generation lubricant industry.
Released by Allied Market Research, the forecast indicates the market value will rise from $4.3 billion at a compound annual growth rate of 4.2 per cent, to reach over $6 billion in 2029.
The report outlined forces driving expansion, key players in the sector, a wide range of power generation applications and the diverse lubricants being manufactured to serve their needs.
Common power generation lubricants include gear oil, grease and hydraulic oil; however, more specialist solutions like gas engine oil and turbine oil are required for specific applications like wind power and hydropower generation.
The international lubricants for the power generation industry are being propelled by multiple drivers. These include an increase in adoption of wind power energy and the rising use of mineral oil-based lubricants in the sector.
The report also said that the environmental impact of lubricants used in power generation presents potentially lucrative opportunities for companies to create eco-friendlier lubricants for the market.
Respected for the higher levels of protection and performance they offer, synthetic oils are understandably playing a part in market expansion. As a result, analysts also anticipate that the synthetic segment is likely to grow more rapidly during the forecast period.
Many well-established lubricant companies are creating oils, greases and fluids tailored to the demanding needs of power generation equipment like turbines, four-stroke gas engines and four-stroke liquid fuel engines. These include industry leaders operating globally like Total Lubricants, Kluber, Mobil, Fuchs and Petronas.
