At 10.8% CAGR, the Asia Pacific Wind Turbine Lubricant Market is projected to be worth US$ 153.53 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific wind turbine lubricant market was valued at US$ 83.07 million in 2022 and is expected to reach US$ 153.53 million by 2028, registering a CAGR of 10.8% from 2022 to 2028. Offshore wind energy expansion in Asia Pacific is critical factor attributed to the Asia Pacific wind turbine lubricant market expansion. 

Offshore wind expansion in Asia is a rapidly growing sector that has gained momentum in recent years. Several Asian countries are investing in offshore wind projects to harness the potential of wind energy from the sea. China, for instance, stands as a global leader in offshore wind development with notable projects such as the Shanghai Donghai Bridge Offshore Wind Farm and the Jiangsu Rudong Offshore Wind Farm. Taiwan is making substantial strides in offshore wind energy, exemplified by projects like Formosa 1 and Formosa 2, supported by the Taiwanese government’s clear targets and incentives. South Korea is also rapidly growing its offshore wind sector with projects like the Jeju Sindo Offshore Wind Complex.

Further, despite limited land availability, Japan is emerging as a key player in offshore wind energy projects like the Akita Port Offshore Wind Farm. Vietnam and India are exploring their offshore wind potential, with numerous projects planned or underway, including the Gujrat Offshore Wind Park in India. These offshore wind projects illustrate Asia's significant offshore wind expansion, with countries leveraging their coastal resources to harness clean energy. As offshore wind technology continues to advance and governments promote renewable energy initiatives, the region is poised for further growth in this sector., offering numerous opportunities for various industries, including wind turbine lubricant providers, to support the maintenance and longevity of offshore wind turbines.

On the contrary, fluctuations in prices of raw materials hampers the Asia Pacific wind turbine lubricant market. 

Based on base oil, the Asia Pacific wind turbine lubricant market is segmented into mineral oil, synthetic oil, and bio-based oil. The synthetic oil segment held 76.1% share of Asia Pacific wind turbine lubricant market in 2022, amassing US$ 63.24 million. It is projected to garner US$ 118.62 million by 2028 to expand at 11.1% CAGR during 2022–2028. 

Based on product type, the Asia Pacific wind turbine lubricant market is segmented into grease, gear oil, hydraulic oil, and others. The gear oil segment held 61.2% share of Asia Pacific wind turbine lubricant market in 2022, amassing US$ 50.81 million. It is projected to garner US$ 98.10 million by 2028 to expand at 11.6% CAGR during 2022–2028.

Based on country, the Asia Pacific wind turbine lubricant market has been categorized into the Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 80.2% share of Asia Pacific wind turbine lubricant market in 2022. It was assessed at US$ 66.62 million in 2022 and is likely to hit US$ 127.32 million by 2028, exhibiting a CAGR of 11.4% during 2022–2028.

Key players operating in the Asia Pacific wind turbine lubricant market are TotalEnergies SE, BP Plc, Chevron Corp, Exxon Mobil Corp, Fuchs Petrolub SE, Kluber Lubrication GmbH & Co KG, Phillips 66, Shell plc, The Lubrizol Corp, Afton Chemical Corp, and AMSOIL Inc, among others.   

• In 2023, Exxon Mobil Corp’s Technicians and researchers in collaboration with the Wind Energy Institute of Canada (WEICan) are monitoring the wind turbine lubricants. The collaborative research is aimed at creating advanced lubricants that protect equipment and keeping them running efficiently for longer.
• In 2023, BP PLC and Deep Wind Offshore develops offshore wind opportunities in South Korea. According to the agreement BP PLC has acquired 55% stake in Deep Wind Offshore early-stage portfolio.

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