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Asia Pacific Wind Turbine Lubricant Market Forecast to 2028 - Regional Analysis - by Base Oil (Mineral Oil, Synthetic, and Bio-Based) and Product Type (Grease, Gear Oil, Hydraulic Oil, and Others)
Market Report I 2023-10-11 I 153 Pages I The Insight Partners
The Asia Pacific wind turbine lubricant market is expected to grow from US$ 83.07 million in 2022 to US$ 153.53 million by 2028. It is estimated to grow at a CAGR of 10.8% from 2022 to 2028.
Rising Focus of Manufacturers on Developing Bio-based Lubricants in Asia Pacific Wind Turbine Lubricant Market
In recent years, there has been an increasing interest among manufacturers to produce lubricants from bio-based sources. The use of biodegradable lubricants helps to 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 if they leak. If these lubricants are leaked into the sea, the clean-up process is challenging. 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 in bearings, couplings, and gears, as well as in hydraulic systems. In these components and systems, the use of effective alternatives with low environmental impact, such as bio-based lubricants with a wide temperature range, ensures reliable operation. The use of bio-based lubrication products for wind turbines is beneficial in the analysis of environmental consequences. 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.
Asia Pacific Wind Turbine Lubricant Market Overview
The wind turbine lubricants market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China is a major contributor to the market growth in this region. The country has been the world's largest and fastest-growing producer of renewable energy for more than a decade. Moreover, it has the world's largest wind energy market. China remained the world's largest market for new onshore additions in 2020, driven by the feed-in tariff (FiT) cut-off. India also records the remarkable growth of the wind power industry due to policies and regulations adopted by the union and state governments. In Japan, the government has set the target of 10 GW of offshore wind installation by 2030 and 30-45 GW by 2040. According to the IEA Wind TCP, Japan's wind power capacity reached 4,581 MW by the end of 2021. The Japan Wind Power Association stated that the country installed 232.9 MW of new wind capacity in 2022, bringing the total capacity in operation to 4,802 MW. Thus, the increasing installed wind capacity in China, Japan, India, and Australia, among others, drives the demand for wind turbine lubricants. Countries such as Taiwan, South Korea, Vietnam, and the Philippines are also taking various initiatives to further their installed wind capacities, adding to the region's demand for wind turbine lubricants.
Asia Pacific Wind Turbine Lubricant Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Wind Turbine Lubricant Market Segmentation
The Asia Pacific wind turbine lubricant market is segmented into base oil, product type, and country.
Based on base oil, the Asia Pacific wind turbine lubricant market is segmented into mineral oil, synthetic, and bio-based. The synthetic oil segment held the largest share of the Asia Pacific wind turbine lubricant market in 2022.
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 the largest share of the Asia Pacific wind turbine lubricant market in 2022.
Based on country, the Asia Pacific wind turbine lubricant market is segmented into the Australia, China, India, Japan, South Korea, and Rest of Asia Pacific. China dominated the Asia Pacific wind turbine lubricant market in 2022.
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 are some of the leading companies operating in the Asia Pacific wind turbine lubricant market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Asia Pacific Wind Turbine Lubricants Market, by Base Oil
1.3.2 Asia Pacific Wind Turbine Lubricants Market, by Product Type
1.3.3 Asia Pacific Wind Turbine Lubricants Market, by Country
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. Wind Turbine Lubricants Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Asia Pacific Wind Turbine Lubricants Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Installed Wind Capacity
5.1.2 Government Initiatives for Development of Wind Energy Sector
5.2 Market Restraint
5.2.1 Fluctuations in Prices of Raw Materials
5.3 Market Opportunity
5.3.1 Offshore Wind Energy Expansion in Asia Pacific
5.4 Future Trend
5.4.1 Rising Focus of Manufacturers on Developing Bio-based Lubricants
5.5 Impact Analysis
6. Asia Pacific Wind Turbine Lubricants - Market Analysis
6.1 Asia Pacific Wind Turbine Lubricants Market Overview
6.2 Asia Pacific Wind Turbine Lubricants Market -Volume and Forecast to 2028 (Tons)
6.3 Asia Pacific Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
7. Asia Pacific Wind Turbine Lubricants Market Analysis - By Base Oil
7.1 Overview
7.2 Asia Pacific Wind Turbine Lubricants Market, By Base Oil (2021 and 2028)
7.3 Mineral Oil
7.3.1 Overview
7.3.2 Mineral Oil: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Synthetic
7.4.1 Overview
7.4.2 Synthetic: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
7.5 Bio-Based
7.5.1 Overview
7.5.2 Bio-Based: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
8. Asia Pacific Wind Turbine Lubricants Market Analysis - By Product Type
8.1 Overview
8.2 Asia Pacific Wind Turbine Lubricants Market, By Product Type (2021 and 2028)
8.3 Grease
8.3.1 Overview
8.3.2 Grease: Asia Pacific Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
8.3.3 Grease: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Gear Oil
8.4.1 Overview
8.4.2 Gear Oil: Asia Pacific Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
8.4.3 Gear Oil: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Hydraulic Oil
8.5.1 Overview
8.5.2 Hydraulic Oil: Asia Pacific Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
8.5.3 Hydraulic Oil: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Asia Pacific Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
8.6.3 Others: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
9. Asia Pacific Wind Turbine Lubricants Market - Country Analysis
9.1 Overview
9.1.1 Asia Pacific: Wind Turbine Lubricants Market, by Key Country
9.1.1.1 Australia: Asia Pacific Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
9.1.1.2 Australia: Asia Pacific Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Australia: Asia Pacific Wind Turbine Lubricants Market, by Base Oil
9.1.1.2.2 Australia: Asia Pacific Wind Turbine Lubricants Market, by Product Type
9.1.1.2.3 Australia: Asia Pacific Wind Turbine Lubricants Market, by Product Type
9.1.1.3 China: Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
9.1.1.4 China: Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 China: Wind Turbine Lubricants Market, by Base Oil
9.1.1.4.2 China: Wind Turbine Lubricants Market, by Product Type
9.1.1.4.3 China: Wind Turbine Lubricants Market, by Product Type
9.1.1.5 India: Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
9.1.1.6 India: Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 India: Wind Turbine Lubricants Market, by Base Oil
9.1.1.6.2 India: Wind Turbine Lubricants Market, by Product Type
9.1.1.6.3 India: Wind Turbine Lubricants Market, by Product Type
9.1.1.7 Japan: Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
9.1.1.8 Japan: Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
9.1.1.8.1 Japan: Wind Turbine Lubricants Market, by Base Oil
9.1.1.8.2 Japan: Wind Turbine Lubricants Market, by Product Type
9.1.1.8.3 Japan: Wind Turbine Lubricants Market, by Product Type
9.1.1.9 South Korea: Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
9.1.1.10 South Korea: Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
9.1.1.10.1 South Korea: Wind Turbine Lubricants Market, by Base Oil
9.1.1.10.2 South Korea: Wind Turbine Lubricants Market, by Product Type
9.1.1.10.3 South Korea: Wind Turbine Lubricants Market, by Product Type
9.1.1.11 Rest of Asia Pacific: Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
9.1.1.12 Rest of Asia Pacific: Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
9.1.1.12.1 Rest of Asia Pacific: Wind Turbine Lubricants Market, by Base Oil
9.1.1.12.2 Rest of Asia Pacific: Wind Turbine Lubricants Market, by Product Type
9.1.1.12.3 Rest of Asia Pacific: Wind Turbine Lubricants Market, by Product Type
10. Industry Landscape
10.1 Overview
10.2 Expansion
10.3 Partnerships
11. Company Profiles
11.1 TotalEnergies SE
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 BP Plc
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Chevron Corp
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Exxon Mobil Corp
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Fuchs Petrolub SE
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Kluber Lubrication GmbH & Co KG
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Phillips 66
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Shell Plc
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 The Lubrizol Corp
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Afton Chemical Corp
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
11.11 AMSOIL Inc
11.11.1 Key Facts
11.11.2 Business Description
11.11.3 Products and Services
11.11.4 Financial Overview
11.11.5 SWOT Analysis
11.11.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms
LIST OF TABLES
Table 1. Asia Pacific Wind Turbine Lubricants Market -Volume and Forecast to 2028 (Tons)
Table 2. Asia Pacific Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Asia Pacific Wind Turbine Lubricants Market, by Base Oil - Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Asia Pacific Wind Turbine Lubricants Market, by Product Type - Volume and Forecast to 2028 (Tons)
Table 5. Australia: Asia Pacific Wind Turbine Lubricants Market, by Product Type- Revenue and Forecast to 2028 (US$ Million)
Table 6. China Wind Turbine Lubricants Market, by Base Oil - Revenue and Forecast to 2028 (US$ Million)
Table 7. China Wind Turbine Lubricants Market, by Product Type - Volume and Forecast to 2028 (Tons)
Table 8. China Wind Turbine Lubricants Market, by Product Type - Revenue and Forecast to 2028 (US$ Million)
Table 9. India Wind Turbine Lubricants Market, by Base Oil - Revenue and Forecast to 2028 (US$ Million)
Table 10. India Wind Turbine Lubricants Market, by Product Type - Volume and Forecast to 2028 (Tons)
Table 11. India Wind Turbine Lubricants Market, by Product Type - Revenue and Forecast to 2028 (US$ Million)
Table 12. Japan Wind Turbine Lubricants Market, by Base Oil - Revenue and Forecast to 2028 (US$ Million)
Table 13. Japan Wind Turbine Lubricants Market, by Product Type - Volume and Forecast to 2028 (Tons)
Table 14. Japan Wind Turbine Lubricants Market, by Product Type - Revenue and Forecast to 2028 (US$ Million)
Table 15. South Korea Wind Turbine Lubricants Market, by Base Oil - Revenue and Forecast to 2028 (US$ Million)
Table 16. South Korea Wind Turbine Lubricants Market, by Product Type - Volume and Forecast to 2028 (Tons)
Table 17. South Korea Wind Turbine Lubricants Market, by Product Type - Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of Asia Pacific Wind Turbine Lubricants Market, by Base Oil - Revenue and Forecast to 2028 (US$ Million)
Table 19. Rest of Asia Pacific Wind Turbine Lubricants Market, by Product Type - Volume and Forecast to 2028 (Tons)
Table 20. Rest of Asia Pacific Wind Turbine Lubricants Market, by Product Type - Revenue and Forecast to 2028 (US$ Million)
Table 21. Glossary of Terms, Asia Pacific Wind Turbine Lubricants Market
LIST OF FIGURES
Figure 1. Asia Pacific Wind Turbine Lubricants Market Segmentation
Figure 2. Asia Pacific Wind Turbine Lubricants Market Segmentation - By Country
Figure 3. Asia Pacific Wind Turbine Lubricants Market Overview
Figure 4. Asia Pacific Wind Turbine Lubricants Market, By Base Oil
Figure 5. Asia Pacific Wind Turbine Lubricants Market, by Country
Figure 6. Porter's Five Forces Analysis
Figure 7. Ecosystem: Asia Pacific Wind Turbine Lubricants Market
Figure 8. Expert Opinion
Figure 9. Historic Development of New Installations (GW)
Figure 10. Asia Pacific Wind Turbine Lubricants Impact Analysis of Drivers and Restraints
Figure 11. Asia Pacific Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
Figure 12. Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
Figure 13. Asia Pacific Wind Turbine Lubricants Market Revenue Share, By Base Oil (2021 and 2028)
Figure 14. Mineral Oil: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
Figure 15. Synthetic: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. Bio-Based: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
Figure 17. Asia Pacific Wind Turbine Lubricants Market Revenue Share, By Product Type (2021 and 2028)
Figure 18. Grease: Asia Pacific Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
Figure 19. Grease: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. Gear Oil: Asia Pacific Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
Figure 21. Gear Oil: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. Hydraulic Oil: Asia Pacific Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
Figure 23. Hydraulic Oil: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
Figure 24. Others: Asia Pacific Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
Figure 25. Others: Asia Pacific Wind Turbine Lubricants Market - Revenue and Forecast to 2028 (US$ Million)
Figure 26. Asia Pacific: Wind Turbine Lubricants Market, by Key Country- Revenue (2021) (US$ Million)
Figure 27. Asia Pacific: Wind Turbine Lubricants Market Revenue Share, by Key Country (2021 and 2028)
Figure 28. Australia: Asia Pacific Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
Figure 29. Australia: Asia Pacific Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
Figure 30. China: Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
Figure 31. China: Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
Figure 32. India: Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
Figure 33. India: Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
Figure 34. Japan: Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
Figure 35. Japan: Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
Figure 36. South Korea: Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
Figure 37. South Korea: Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
Figure 38. Rest of Asia Pacific: Wind Turbine Lubricants Market - Volume and Forecast to 2028 (Tons)
Figure 39. Rest of Asia Pacific: Wind Turbine Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
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