Turbine Drip Oil Market Trends

Growth Drivers

• Increasing Use of Bio-Based Lubricants - The demand for bio-based lubricants is rising as a result of rising environmental consciousness. One of the newest developments in the global lubricants market is the uptake of bio-based lubricants by producers and end-users. Biodegradable lubricants are produced by suppliers. For those who work with engines and hydraulic systems, bio-based lubricants create a cleaner, less hazardous work environment compared to petroleum-based lubricants. Because they require less upkeep, storage, and disposal throughout a product's life, bio-based lubricants also have reduced life-cycle costs. By using bio-based lubricants, stormwater pollution from car and other engine leaks, hydraulic systems, and brake lines can be reduced. Nowadays, many European nations demand bio-based lubricants for use in some environmentally delicate applications.
• Increasing Energy Consumption Globally – The surge in worldwide energy demand has raised the need for erecting gas, steam, and hydroelectric power turbines. A rise in investments in wind energy as well as favourable government policies and regulations have an impact on the turbine drip oil market. Major firms are also still supporting wind energy in the US through their corporate purchases of solar and wind energy. The total installed wind power capacity as of 2021 was 837 gigawatts. As a result of policy initiatives like Nationally Determined Contributions (NDC) and Sustainable Development Goals (SDGs), the demand for renewable energy is currently increasing on a global scale.
• Rising Initiatives Towards Renewable Energy – The size of the wind turbines and their number are both growing. Remote and offshore places are being used to install these turbines. Performance is therefore crucial, and any gearbox or bearing failure could cause a serious issue. The use of sophisticated lubrication is developing along with the number of wind turbines and improved gearbox and bearing technology. So, it is anticipated that the development of the renewable energy sector will have a favorable effect on market expansion.

Challenges

• Increasing Demand for Hybrid and EVs – A small internal combustion engine (ICE) and an electric motor are both used in hybrid cars to maximize power efficiency and lower pollution. According to industry experts, the increasing number of hybrid vehicles will practically halve the demand for lubricants per vehicle. The market volume will decrease as a result of this aspect and rising battery parity.
• Increasing Utilization of Gas Turbine Lubricants as an Alternative will Hamper the Market Growth
• Fluctuation in Crude Oil Prices May Become a hindrance to the Market Growth