The scope of our recent study on the “Wind Turbine Lubricants Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Base Oil and Product Type” includes the factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players and their key developments.
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.
The wind turbine lubricants market is highly competitive, owing to the presence of regional and global players. Players are competing with each other based on product differentiation, quality, and price. Wind turbine lubricant manufacturers are developing lubricants that meet increasing demand for long drain intervals and reliable performance in extreme conditions. The manufacturers are also developing products that can handle larger loads from larger turbines.
Based on base oil, the global 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. In recent years, there has been an increasing demand for bio-based and nontoxic lubricants to avoid the polluting effects on rivers, lakes, and aquifers. If bio-based lubricants leak into the surroundings, it does not contaminate land or water sources. The use of bio-based lubricants allows to set sustainable and environmentally friendly work systems.
The global wind turbine lubricants market is segmented into five main regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the global wind turbine lubricants market in 2022. A major factor driving the wind turbine lubricants market in Asia Pacific is the increase in wind installed capacity in the region. Moreover, policies and regulations adopted by the governments of different countries for the development of the wind energy sector are boosting the wind turbine lubricants market growth.
Impact of COVID-19 Pandemic on Wind Turbine Lubricants Market
In 2020, various industries faced challenges in terms of the availability of raw materials, economic slowdown, and reduced investment projects. The COVID-19 pandemic disrupted energy sectors, supply chains, and wind installations in different region in early 2020. In Europe, the wind industry supply chain experienced major disruptions in the first half of 2020, particularly in the production and assembly of wind turbine components and imports of subcomponents, mainly from Asia, due to the COVID-19 pandemic. In Europe, factories were temporarily shut down, especially in the most affected countries, and various facilities reduced the number of workers due to the imposition of social distancing and self-quarantine norms.
However, manufacturing factories of wind turbines and components from different regions reopened following the ease of restrictions. The wind turbine lubricants market is also gaining momentum with increasing wind installations globally. In 2022, the EU installed 15 gigawatts of new wind farms, i.e., one-third more than in 2021.
The report includes the segmentation of the global 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 global 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. By geography, the global 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 Europe wind turbine lubricants market 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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