Lubricants for Wind Turbine Market Size Worth USD 344.34 Million in 2032 | Emergen Research

Vancouver, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global lubricants for wind turbine market size was USD 164 Million in 2022 and is expected to register a rapid revenue CAGR of 7.6 % during the forecast period. The surge is attributed to the increasing global focus on non-hydro renewable energy, in line with the United Nations' ambitious goal of achieving net-zero emissions by 2050.

Governments worldwide are prioritizing the deployment of renewable energy technologies, including wind power, to meet emission reduction targets. The United Nations emphasizes a 45% reduction in carbon emissions by 2030 and complete carbon neutrality by 2050. Wind energy, especially from offshore wind farms, is a key component in achieving these goals, despite facing challenges such as high operation and maintenance costs.

A major driver of market growth is the heightened awareness of greenhouse gas emissions and government initiatives to promote renewable energy. Notably, the World Bank has approved significant financing for low-carbon energy development in countries like India and Turkey, signaling a global commitment to sustainable practices.

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Technological advancements play a pivotal role in driving market revenue growth. Companies like Flender Corporation are at the forefront, developing advanced wind turbines with higher capacity. However, challenges such as high maintenance costs and limited awareness of lubricants' usage in wind turbines could impede market growth.

Base-Oil Insights:

The synthetic lubricants segment led the market in 2022, capturing the largest revenue share. Synthetic lubricants, composed of synthesized oil components, offer lower pour points, enhancing gearbox efficiency at lower temperatures. Mobil SHC synthetic oils, widely used in over 40,000 wind turbines globally, exemplify the industry's reliance on synthetic lubricants for wear protection and extended oil life.

The bio-based lubricants segment is expected to experience moderate growth, driven by the promising properties of lubricants derived from vegetable oils. Bio-based lubricants, with their low toxicity, high biodegradability, and superior physicochemical properties, are emerging as a viable alternative to mineral oils.

Product Insights:

The gear oil segment is anticipated to dominate the market during the forecast period, primarily due to the increasing use of gear oils in wind turbine gears. These oils, often made from fully synthetic Polyalphaolefins (PAO), exhibit excellent low-temperature behavior, viscosity-temperature performance, and compatibility with mineral oils.

The hydraulic oil segment is poised to register the fastest revenue growth rate, attributed to the growing demand for hydraulic oil to control wind turbine blades. This approach ensures longer oil service life, reduces maintenance costs, and contributes to the overall efficiency of wind turbines.

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Platform Insights:

The offshore segment is expected to hold the largest revenue share, driven by the specialized lubricants required for offshore wind turbines to withstand harsh marine environments. Stringent government regulations on pollution and the increasing need for renewable energy further contribute to the dominance of the offshore segment.

Onshore wind power is expected to register steady revenue growth due to its established technology, accessibility, and cost-effectiveness. Onshore wind farms play a crucial role in generating clean and reliable energy for communities and businesses.

Regional Insights:

North America accounted for the largest revenue share in 2022, attributed to the rising demand for clean energy and government investments in expanding wind energy capacity. The U.S., in particular, has witnessed a significant increase in electricity production from wind energy.

Europe is projected to register the fastest revenue growth rate, driven by the increasing demand for clean and renewable energy sources. Government initiatives and substantial investments in new wind farms contribute to the region's growth.

The Asia Pacific region is expected to account for a considerable revenue share, propelled by favorable government policies, increased investments in wind turbine projects, and reduced energy costs. Noteworthy investments in renewable energy projects in countries like China and Japan indicate a promising future for the market in this region.

Scope of Research

Major Companies and Competitive Landscape

The global lubricants for wind turbine market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective lubricants for wind turbines products in the market.

Some major players included in the global lubricants for wind turbine market report are:

• Exxon Mobil Corporation.
• Total Energies
• Chevron Corporation
• BP p.l.c.
• PETROCHINA COMPANY LIMITED
• Valvoline,
• Sinopec Corp.
• ENEOS Holdings, Inc.
• Idemitsu Kosan Co., Ltd.
• PETRONAS
• Motul
• FUCHS PETROLUB SE
• KLÜBER LUBRICATION INDIA Pvt. Ltd.
• Phillips 66 Company
• The Lubrizol Corporation
• Afton Chemical
• AMSOIL INC.
• Gulf Oil International Ltd.
• Indian Oil Corporation Ltd.
• COSMO OIL LUBRICANTS Co., Ltd.

Strategic Development

• On 14 September 2023, Petrobras, Petrobras signed a deal with Citi to evaluate Brazil's offshore wind energy generation supply chain and logistics capabilities. The deal is seen as an important milestone for Brazil's preparations to develop its first offshore wind farms. This deal will also involve a shift in the Brazilian supply chain, which is currently focused on onshore components. Petrobras is also evaluating partnerships for greenfield projects and mergers and acquisitions.
• On 1 March 2022, Shell Energy Operations agreed to acquire 49% of Australian wind farm developer West Wind Energy Development Pty Ltd, which has a 3 GW project pipeline across Victoria, New South Wales, and Queensland. This investment is a part of Shell's strategy to build a low-carbon integrated power business in Australia, complementing its investments in solar, carbon trading, and power retailing.

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For the purpose of this report, Emergen Research has segmented the global lubricants for wind turbine market on the basis of base oil, product, platform, and region:

• Base-oil Outlook (Revenue, USD Million; 2019-2032)
  • Mineral Oil Lubricants
  • Synthetic Lubricants
  • Bio-Based Lubricants
• Product Outlook (Revenue, USD Million; 2019-2032)
  • Engine Oil
  • Gear Oil
  • Turbine Oil
  • Hydraulic Oil
  • Compressor Oil
  • Metalworking Oil
• Platform Outlook (Revenue, USD Million; 2019-2032)
  • On-shore
  • Off-shore
• Regional Outlook (Revenue, USD Million; 2019–2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. ASEAN Countries
    6. Oceania
    7. Rest of APAC
  • Latin America
    1. Brazil
    2. Mexico
    3. Rest of LATAM
  • Middle East & Africa
    1. GCC Countries
    2. Israel
    3. Turkey
    4. South Africa
    5. Rest of Middle East & Africa

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