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Lubricants in Power Generation Market is Expected to Clock a Notable A CAGR of 4.2% and Reach USD 6.2 Billion by 2029
Lubricants in Power Generation Market
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Based on base oil, the mineral oil segment held the highest market share in 2019, accounting for more than half of the global lubricants in power generation market revenue. Mineral oils are utilized in transformers as insulating and cooling fluids, as well as lubricants in power generation equipment. However, the synthetic oil segment is projected to manifest the highest CAGR of 4.6% from 2022 to 2029, as it is used in diesel generators due to their superior low-temperature properties, which can help to improve cold starting and reduce wear during start-up.
Based on the application, the others segment held the highest market share in 2019, accounting for nearly half of the global lubricants in power generation market revenue. This can be attributed to the fact that lubricants in power generation is used in penetrating lubricants, dry lubricants, and others. However, the hydraulic fluid segment is projected to manifest the highest CAGR of 4.9% from 2022 to 2029, owing to utilized to operate various components such as control valves, turbines, and generators.
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.
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Based on region, Asia-Pacific held the highest market share in terms of revenue in 2019, accounting for nearly half of the global lubricants in power generation market revenue, owing to reduce friction and wear in several types of equipment, including turbines, generators, and engines. It is also expected to witness the fastest CAGR of 4.5% % from 2022 to 2029 and is likely to dominate the market during the forecast period.
Europe region is expected to follow North America followed by the Asia-Pacific region during the projection period. This is owed to several lubricants in power generation projects being planned and enforced in countries like China, Australia, Hongkong, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Cambodia, Pakistan, Sri Lanka, Afghanistan, Kazakhstan, and Rest of Asia Pacific.
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Leading Market Players: -
Chevron Corporation
Exxon Mobil Corporation
FUCHS
Klüber Lubrication
Petrofer
Petron Corporation
PETRONAS Lubricants International
Philips 66
Royal Dutch Shell Co.
TotalEnergies
The report provides a detailed analysis of these key players in the global lubricants in power generation market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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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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