Lubricants in Power Generation Market New Developments and Strategies 2030 The global lubricants in power generation market, which generated a revenue of US$4.8 billion in 2022, is poised for substantial growth and is projected to reach US$6.53 billion by 2030, according to a comprehensive industry analysis published in September 2023. The market is expected to expand at a compound annual growth rate (CAGR) of 4.5% between 2023 and 2030. Read More Industry :- https://www.fairfieldmarketresearch.com/report/lubricants-in-powergeneration-market
Key Trends Driving Market Growth: 1. Increased Demand for Environmentally Friendly Lubricants: A significant trend propelling the market is the rising demand for environmentally friendly lubricants. These lubricants have lower toxicity and include biodegradable components, making them more sustainable and less harmful to the environment. 2. Rapid Growth of Synthetic Lubricants: Synthetic lubricants are witnessing rapid growth due to their superior resistance to oxidation and thermal degradation. These characteristics enable them to maintain their performance for extended periods, reducing the need for frequent oil changes and maintenance. 3. Fluctuating Oil Prices: Rapid changes in oil prices can introduce uncertainty in the cost of raw materials required for lubricants. This uncertainty can pose challenges for lubricant producers in setting steady prices for their products. 4. Dominance of Mineral Oil Lubricants: In 2022, mineral oil-based lubricants dominated the market, primarily due to their versatility in accommodating various power production equipment and operating conditions. Their varied viscosity grades provide optimal lubrication and protection against wear and friction.