WASHINGTON, June 20, 2023 (GLOBE NEWSWIRE) — The Global Lubricants for Wind Turbines Market is valued at USD 155.9 Million in 2022 and is projected to reach a value of USD 275.9 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 8.5% over the forecast period 2023-2030.The global lubricants for wind turbine market has been witnessing increasing demand due to the continuous growth of the wind energy sector. The widespread adoption of wind turbines across several countries, coupled with initiatives taken by governments to reduce carbon emissions, is expected to propel the demand for lubricants in the wind turbine market. In recent years, the market has observed several technological advancements in the lubricants industry, further fueling the demand for wind turbine lubricants. Furthermore, the rising awareness of the benefits of using high-quality lubricants for wind turbines is projected to bolster market growth in the coming years. Factors such as the growing demand for renewable energy sources and the increasing number of wind turbine installations are expected to drive the demand for lubricants in the wind turbine market in the foreseeable future.The global market for wind turbines has been witnessing a shift towards biodegradable and eco-friendly lubricants in recent years. Using conventional lubricants increases the risk of oil spills and environmental contamination, leading to severe consequences for both human health and the environment. On the other hand, biodegradable lubricants minimize the risk of pollution by breaking it down into harmless components and reducing the harmful impact on the environment. Besides, eco-friendly lubricants are also beneficial in reducing the maintenance requirements for wind turbines and extending their operating life cycle. These factors are driving the adoption of biodegradable and eco-friendly lubricants in the global market for wind turbines and are expected to boost demand in the future.The global lubricants for wind turbines market is highly competitive, with many players. The report found that the major players in the Lubricants for Wind Turbines market include Exxon Mobil Corporation, Shell, BP Plc, Chevron Corporation, Total Lubricants, Klüber Lubrication, Quaker Chemical Corporation, Sinopec Group, Indian Oil Corporation, and SKF. Many companies are focusing on developing advanced lubricants that can withstand extreme environmental conditions and meet the specification requirements of various wind turbine manufacturers. Moreover, companies are also investing in strategic partnerships and collaborations with wind turbine manufacturers and suppliers to expand their market share. Furthermore, the market is also characterized by the presence of small and medium-sized enterprises that are targeting niche markets. These companies are focused on providing customized lubrication solutions for specific wind turbine models and have a strong regional presence. As per latest report published by Vantage Market Research, the top 10 companies are responsible for generating the majority of revenue in the global market.The global lubricants for wind turbines market has been increasing steadily in recent years, driven by the increasing demand for renewable energy sources and the expansion of wind energy installations worldwide. Among the various types of lubricants used in wind turbines, grease has emerged as a key segment, accounting for a significant market share.
(GlobeNewsWire)