Wind Turbine Lubricants Market is expected to reach US$ 326.56 million by 2028

PRESS RELEASE BY The Insight Partners 08 Jun 2023

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Government Initiatives for Development of Wind Energy Sector Bolster Wind Turbine Lubricants Market Growth

According to our latest study on “Wind Turbine Lubricants Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Base Oil and Product Type,” the wind turbine lubricants market size is expected to grow from US$ 180.78 million in 2022 to US$ 326.56 million by 2028; it is estimated to register a CAGR of 10.4% from 2022 to 2028. The report highlights key factors driving the wind turbine lubricants market growth and prominent players along with their developments in the market.

Wind turbine lubricants are manufactured by using different raw materials, such as base oils and additives. Base oils such as mineral oils, synthetic oils, and bio-based oils are used in the production of wind turbine oils and greases. Wind turbines operate as a part of extremely high-cost machinery. Hence, the lubrication system is highly important to keep these machines working well. Improper or insufficient lubrication may lead to significant maintenance and operational costs or equipment downtime.

Wind Turbine Lubricants Market Breakdown – by Region

Wind Turbine Lubricants Market Breakdown – by Region

Wind Turbine Lubricants Market Size Report and Growth Analysis 2028

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Wind Turbine Lubricants Market Forecast to 2028 - Global Analysis by Base Oil (Mineral Oil, Synthetic, and Bio-Based) and Product Type (Grease, Gear Oil, Hydraulic Oil, and Others)

A growing focus on reducing carbon dioxide emissions is increasing the utilization of renewable energy sources. Major advantages of renewable energy include a low contribution to global warming. Apart from this, they act as inexhaustible energy sources with greater reliability and resilience. Hence, with the increased utilization of renewable energy, wind energy is becoming a vital energy system in many countries. Governments of various countries are taking initiatives for the development of the wind energy sector. For instance, the US Department of Energy allocated US$ 132 million in fiscal year 2023 for wind energy technologies. According to the news released by Reuters in March 2022, the Chinese government plans to build renewable energy power projects, with a total capacity of 450 GW, in the Gobi Desert and other desert locations to attain its sustainability targets. Under this initiative, the government aims to develop more wind energy projects in the country.        

The key players operating in the wind turbine lubricants market include TotalEnergies, Exxon Mobil Corporation, FUCHS, BP p.l.c., Klüber Lubrication, Shell, Phillips 66 Company, Chevron, Afton Chemical, AMSOIL INC., and The Lubrizol Corporation. These market players focus on providing high-quality products to fulfill customer demand. For this, they invest significantly in research and development activities.

Impact of COVID-19 Pandemic on Wind Turbine Lubricants Market

An unprecedented rise in COVID-19 cases and the subsequent shutdown of numerous manufacturing facilities limited the wind turbine lubricants market growth in early 2020. The economic slowdown due to the COVID-19 pandemic delayed many new green energy investment projects, including wind power or other renewable energy projects. Wind turbine manufacturers faced significant challenges, with many companies recording negative earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first half of 2020 as revenues declined temporarily. A decrease in wind installations in early 2020 has negatively impacted the demand for wind turbine lubricants.

However, the wind turbine lubricants market began reviving as governments of various countries took significant measures, such as well-coordinated vaccination drives. According to the Global Wind Energy Council, China and the US remained the world’s largest markets for new onshore additions due to the feed-in tariff cut-off in China, and the scheduled phase-out of the full-rate Production Tax Credit (PTC) in the US. 2020 was also a record year for onshore installations in Asia Pacific, North America, and Latin America. All these factors have favored the wind turbine lubricants market growth.

The report includes the segmentation of the wind turbine lubricants market as follows:

The global wind turbine lubricants market is segmented on the basis of base oil and product type. Based on base oil, the market is segmented into mineral oil, synthetic, and bio-based. The wind turbine lubricants market, by product type, is segmented into grease, gear oil, hydraulic oil, and others. By geography, the wind turbine lubricants market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America wind turbine lubricants market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific wind turbine lubricants market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America wind turbine lubricants market is further categorized into Brazil, Argentina, and the Rest of South & Central America.

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