Wind Turbine Lubricants Market Key Companies and SWOT Analysis by 2028

[Research Report] 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 record a CAGR of 10.4% from 2022 to 2028.

Wind turbine lubricants play an important role in the operation, maintenance, and reliability of equipment in wind farms. Wind turbines have various lubrication points such as gearbox, open gear, pitch gear, pitch bearing, yaw bearing, hydraulic systems, and generator bearings. Different lubricants used in wind turbines are gear oils, hydraulic oils, and greases. Gear oil is used for lubricating gearboxes. In wind turbines, grease is used on the main rotor shaft bearing, yaw bearing, pitch drive gears, blade bearing, and generator bearing.

The global wind turbine lubricants market share for the Asia Pacific was the largest in 2022. The wind turbine lubricants market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China is a major contributor to the market growth in this region. The country has been the world's largest and fastest-growing producer of renewable energy for more than a decade. Moreover, it has the world’s largest wind energy market. China remained the world’s largest market for new onshore additions in 2020, driven by the feed-in tariff (FiT) cut-off. India also recorded remarkable growth of the wind power industry due to various favorable policies and regulations adopted by the national and state governments. Moreover, countries such as Taiwan, South Korea, Vietnam, and the Philippines are also taking various initiatives to further their installed wind capacities, adding to the region's demand for wind turbine lubricants.

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Wind Turbine Lubricants Market: Strategic Insights

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Impact of COVID-19 Pandemic on Wind Turbine Lubricants Market

Government support for renewable energy and rising wind turbine installations have been major contributors to the growth of the wind turbine lubricants market. However, in 2020, various industries had to slow down their operations due to disruptions in the value chain caused by the restrictions on national and international boundaries. This led to the shutdown of production facilities, which negatively impacted the wind turbine lubricants market growth in early 2020. The decline in wind installations in early 2020 impeded the demand for wind turbine lubricants.

However, the wind energy sector bounced back with vigor in the second half of the year as mature and emerging wind markets began to overcome the impacts of the pandemic. In addition, the global marketplace began recovering from the losses incurred earlier during the pandemic as governments of different countries announced relaxations in social restrictions. Further, the rising vaccination rates led to conducive environments for industrial progress. According to the Global Wind Energy Council, the global wind industry witnessed a record year-over-year (YoY) growth of 53% in 2020. The industry installed more than 93 GW of wind power during the peak of the COVID-19 pandemic despite disruptions in the global supply chain and project construction. An upsurge in wind installed capacity resulted in more demand for wind turbine lubricants, as lubricants are used to lubricate different parts of wind turbines.

Market Insights

Increasing Installed Wind Capacity Bolsters Wind Turbine Lubricant Demand

Wind energy helps reduce reliance on fossil fuels, which results in an increasing interest in this renewable resource in different countries.According to the “Global Wind Report 2021” published by Global Wind Energy Council, in 2020, new wind power installations surpassed 90 GW, i.e., 53% higher than the capacity added in 2019. This resulted in a total installed capacity of 743 GW in the world, registering a 14% increase compared to 2019. In 2020, new installations in the onshore wind farms reached 86.9 GW, while the offshore wind farms reached 6.1 GW, making 2020 the highest and the second-highest year in history for new onshore and offshore wind installations, respectively. Various parts of the wind turbine need to be lubricated using greases, gear oils, hydraulic oils, and other lubricants. Therefore, the increasing installed wind capacity globally is driving the growth of the wind turbine lubricants market.

Base Oil Insights

Based on base oil, the global wind turbine lubricants market is segmented into mineral oil, synthetic, and bio-based. The synthetic segment held the largest wind turbine lubricants market share in 2022. Synthetic lubricants are made of oil components that have been manufactured synthetically through the reaction of a few well-defined chemical compounds, which are often petroleum-based rather than refined from existing petroleum crudes or vegetable oils. Synthetic lubricants are the most commonly used lubricants in the wind turbine industry as synthetic oils have a lower pour point, which enables the gearbox to operate efficiently at lower temperatures.

The key players operating in the global 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. Players in the global market focus on providing high-quality products to fulfill customer demand. For this, they invest significantly in research and development activities.

Report Spotlights

• Progressive industry trends in the wind turbine lubricants market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the wind turbine lubricants market from 2020 to 2028
• Estimation of global demand for wind turbine lubricants
• Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook, as well as factors driving and restraining the growth of the wind turbine lubricants market
• Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• The wind turbine lubricants market size at various nodes
• Detailed overview and segmentation of the market, as well as the wind turbine lubricants industry dynamics
• The wind turbine lubricants market size in various regions with promising growth opportunities

Wind Turbine Lubricants Market Regional Insights

The regional trends and factors influencing the Wind Turbine Lubricants Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wind Turbine Lubricants Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Wind Turbine Lubricants Market Report Scope

Wind Turbine Lubricants Market Players Density: Understanding Its Impact on Business Dynamics

The Wind Turbine Lubricants Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Wind Turbine Lubricants Market are:

1. TotalEnergies SE
2. BP p.l.c.
3. Chevron
4. Exxon Mobil Corporation
5. FUCHS Petrolub SE

Disclaimer: The companies listed above are not ranked in any particular order.

Wind Turbine Lubricants Market

Based on base oil, the wind turbine lubricants market is segmented into mineral oil, synthetic, and bio-based. The global wind turbine lubricants market is segmented based on product type into grease, gear oil, hydraulic oil, and others.

Company Profiles

• TotalEnergies SE
• BP p.l.c.
• Chevron
• Exxon Mobil Corporation
• FUCHS Petrolub SE
• Klüber Lubrication GmbH & Co.
• Phillips 66 Company
• Shell Plc
• The Lubrizol Corporation
• Afton Chemical
• AMSOIL INC.