Pune, India, June 12, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on “Wind Turbine Lubricants Market Size Report, Share, Revenue, Growth Strategy, Industry Trends, and Forecast to 2028- COVID-19 Impact and Global Analysis – by Base Oil, Product Type, and Geography,” the wind turbine lubricants market 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.
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Wind Turbine Lubricants Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 180.78 million in 2022 |
| Market Size Value by | USD 326.56 million by 2028 |
| Growth rate | CAGR of 10.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 184 |
| No. of Tables | 90 |
| No. of Charts & Figures | 105 |
| Historical data available | Yes |
| Segments covered | Base Oil, and Product Type |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | TotalEnergies, Exxon Mobil Corporation, FUCHS, BP p.l.c., Klüber Lubrication, Shell, Phillips 66 Company, Chevron, Afton Chemical, AMSOIL INC., and The Lubrizol Corporation Cellulose Lab Inc, Bacterial Cellulose Solutions Inc, Ashland Inc, and BIOINSPIRED MATERIALS SL |
Browse key market insights spread across 184 pages with 90 list of tables & 105 list of figures from the report, " Wind Turbine Lubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Base Oil (Mineral Oil, Synthetic, and Bio-Based) and Product Type (Grease, Gear Oil, Hydraulic Oil, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/wind-turbine-lubricants-market/
Global Wind Turbine Lubricants Market: Competitive Landscape and Key Developments
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 operating in the global wind turbine lubricants market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities, and new product launches.
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In 2022, Asia Pacific held the largest share of the global wind turbine lubricants market. The increasing wind installed capacity is the major factor driving the wind turbine lubricants market in the region. Since the 1980s, wind power generation has grown immensely in Australia. Wind power remains the largest renewable energy source in the country. According to the Clean Energy Council, wind was Australia's leading source of clean energy in 2020, accounting for 35.9% of the country's clean energy supply and 9.9% of its overall electricity supply. In 2020, 10 wind farms were commissioned in the country, adding 1,097 MW to new generation capacity; this was the highest amount added in the history of the Australian wind industry. The wind power industry in India has recorded remarkable growth in the past, which indicates the success of related policies and regulations enacted by the union and state governments over a period. The country has set a target of harnessing 140 GW (30 GW from offshore wind projects) of installed wind energy capacity by 2030.
Rising Focus of Manufacturers on Developing Bio-Based Lubricants to Drive Market Growth in Coming Years
In recent years, manufacturers have been increasingly taking an interest in the production of lubricants from bio-based sources. The use of biodegradable lubricants helps avoid disastrous consequences in the case of accidental spillages. Oil leaks from wind turbines pollute the soil and water. In wind turbines, many lubricants such as oils and greases are based on mineral oils that cause pollution upon leakage. Moreover, cleaning up the leaked oils/lubricants into the sea is a challenging process. However, oil leaks can be avoided by using bio-based lubricants, as they cause no pollution and degrade naturally if they leak. Lubricants are required in various applications in a wind turbine, such as bearings, couplings, and gears, as well as in hydraulic systems. Using effective alternatives with low environmental impact, such as bio-based lubricants operational over a wide temperature range, ensures the reliable operation of these components and systems. As a result, manufacturers are focusing on developing reliable products with an extended service interval and a low ecological footprint. Hence, the development of bio-based lubricants is expected to fuel the wind turbine lubricants market growth during the forecast period.
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Wind Turbine Lubricants Market: Segmental Overview
Based on base oil, the wind turbine lubricants market is segmented into mineral oil, synthetic, and bio-based. The bio-based segment is expected to register the highest CAGR during the forecast period. Bio-based lubricants are readily biodegradable and do not contain components that are toxic to the environment and humans. Thus, choosing bio-based lubrication products for wind turbines benefits the environmental consequence analysis.
Based on product type, the wind turbine lubricants market is segmented into grease, gear oil, hydraulic oil, and others. The gear oil segment is expected to register the highest CAGR during the forecast period. Gear oil is one of the most widely used wind turbine lubricants. It is used in lubricating gearboxes.
Impact of COVID-19 Pandemic on Wind Turbine Lubricants Market
Governments of various countries across the globe imposed country-wide lockdowns that directly impacted the growth of the industrial sector. In China, movement restrictions and related labor shortages reduced industrial activities across various industries. However, with the ease of lockdown measures, the wind industry in China regained momentum owing to the regained pace in wind plant construction and establishment projects. In 2020, China installed half of the total new offshore wind capacity set-up in the world. In India, the pandemic-related lockdown severely disrupted the country’s wind energy target for 2020, as all major turbine manufacturers suspended their production activities. The COVID-19 pandemic led to disturbances in supply chains, which decreased wind installations globally.
Further, various economies began reviving with the resumption of operations in different sectors in 2021. The wind turbine lubricants market is also improving with the increasing wind installed capacity and increasing investments in the wind energy sector.
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