North America Wind Turbine Lubricant Market Forecast to 2028
North America 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)
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- Table of Contents
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- List of Companies
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Description
Government Initiatives for Development of Wind Energy Sector Fuels the North America Wind Turbine Lubricant Market
A growing focus on reducing carbon dioxide emissions is increasing the utilization of renewable energy sources. Renewable energy offers various advantages, such as less global warming, inexhaustible energy, increased reliability and resilience, etc. Hence, with the increased utilization of renewable energy, wind energy is becoming a vital energy system in many countries. Governments of various countries are taking initiatives for the development of the wind energy sector. For instance, the US Department of Energy has allocated US$ 132 million in fiscal year 2022 for wind energy technologies. Under this initiative, the government aims to develop more wind energy projects in the country. Hence, various government initiatives for the development of the wind energy sector results in more installations of wind turbines, which drives the demand for wind turbine lubricants.
North America Wind Turbine Lubricant Market Overview
The North America wind turbine lubricants market is segmented into the US, Canada, and Mexico. The US is a major contributor to market growth in this region. Government initiatives for development of the wind energy sector and a rapid upsurge in installed wind capacity are the key factors favoring the proliferation of the wind turbine lubricants market in North America. Wind power is the largest source of renewable energy in the US, generating nearly half of the total. Texas has the most wind turbine capacity among other states. Moreover, the wind is the most prevalent source of electricity generation in states such as Iowa and Kansas. The US recorded the historically highest installation of wind turbine capacity in 2020. Moreover, it remained the largest market for new onshore additions, driven by the scheduled phase-out of the full-rate Production Tax Credit (PTC) in 2020.
Canada is one of the prime countries producing and using renewable power. The country invests heavily in new energy storage technologies to support clean energy generation activities. According to the Canadian Renewable Energy Association’s (CanREA) year-end data, the wind energy sector in Canada grew significantly in 2022. The wind and solar industries in the country accounted for ~4,462 person-years of employment in 2022. Various onshore and offshore wind power projects are planned in the country for the next 10 years. Further, the wind energy capacity has rapidly increased over the last decade in Mexico. According to Mexico Energy Partners LLC., the country had a cumulative installed wind capacity of 8.3 GW in 2021, and it represents ~9% of the total electricity generation of the country. Thus, the demand for wind turbine lubricants is increasing with the focus of North American countries on expanding installed capacities and investing in new wind projects.
North America Wind Turbine Lubricant Market Revenue and Forecast to 2028 (US$ Million)
North America Wind Turbine Lubricant Market Segmentation
The North America wind turbine lubricant market is segmented into base oil, product type, and country.
Based on base oil, the North America wind turbine lubricant market is segmented into mineral oil, synthetic, and bio-based. The synthetic oil segment held the largest share of the North America wind turbine lubricant market in 2022.
Based on product type, the North America wind turbine lubricant market is segmented into grease, gear oil, hydraulic oil, and others. The gear oil segment held the largest share of the North America wind turbine lubricant market in 2022.
Based on country, the North America wind turbine lubricant market is segmented into the US, Canada, and Mexico. The US dominated the North America 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 North America wind turbine lubricant market.
Summary Info
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According to the research team research, the North America wind turbine lubricant market was valued at US$ 39.10 million in 2022 and is expected to reach US$ 69.50 million by 2028, registering a CAGR of 10.1% from 2022 to 2028. Increasing offshore wind energy potential and government initiatives for development of wind energy sector are the critical factors attributed to the North America wind turbine lubricant market expansion.
Offshore wind energy in North America represents a significant opportunity for the wind energy sector and the associated lubricant market. With extensive coastlines along the Atlantic Ocean, Pacific Ocean, and the Great Lakes, the region has a vast untapped potential for offshore wind energy projects. The US, in particular, is actively exploring this potential, with several noteworthy projects underway. One example is the Vineyard Wind Project off the coast of Massachusetts, which is expected to be the US’s first large-scale offshore wind farm, with a capacity of over 800 MW. Additionally, the South Fork Wind Farm, also off the coast of Massachusetts, is set to provide clean energy to the Long Island region. On the West Coast, the Pacific has a great offshore wind potential, with floating wind turbine technology being tested in California and Oregon. Canada is also making strides with projects like the Wind Energy Institute of Canada’s North Cape project in Saskatchewan. These ventures showcase the burgeoning offshore wind potential, which necessitates advanced lubrication solutions to ensure the reliability and longevity of offshore wind turbines.
On the contrary, fluctuations in prices of raw materials hampers the North America wind turbine lubricant market.
Based on base oil, the North America wind turbine lubricant market is segmented into mineral oil, synthetic oil, and bio-based oil. The synthetic oil segment held 82.1% share of North America wind turbine lubricant market in 2022, amassing US$ 32.11 million. It is projected to garner US$ 57.72 million by 2028 to expand at 10.3% CAGR during 2022–2028.
Based on product type, the North America wind turbine lubricant market is segmented into grease, gear oil, hydraulic oil, and others. The gear oil segment held 63.2% share of North America wind turbine lubricant market in 2022, amassing US$ 24.72 million. It is projected to garner US$ 45.47 million by 2028 to expand at 10.7% CAGR during 2022–2028.
Based on country, the North America wind turbine lubricant market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.8% share of North America wind turbine lubricant market in 2022. It was assessed at US$ 33.57 million in 2022 and is likely to hit US$ 60.59 million by 2028, exhibiting a CAGR of 10.3% during 2022–2028.
Key players operating in the North America 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 2022, The campaign launched by TotalEnergies featuring RobotQuartz represented the engine and showed the effects of Quartz lubricants on all types of engines. In 2023, 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.
o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America Wind Turbine Lubricant Market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in North America Wind Turbine Lubricant Market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Research Team Report Guidance
1.3 Market Segmentation
1.3.1 North America Wind Turbine Lubricants Market, by Base Oil
1.3.2 North America Wind Turbine Lubricants Market, by Product Type
1.3.3 North America 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. North America Wind Turbine Lubricants Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.3 Ecosystem Analysis
4.4 Insights on Service Fill Market
4.5 Expert Opinion
5. North America 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 Potential
5.4 Future Trend
5.4.1 Rising Focus of Manufacturers on Developing Bio-based Lubricants
5.5 Impact Analysis
6. Wind Turbine Lubricants – North America Market Analysis
6.1 North America Wind Turbine Lubricants Market Overview
6.2 North America Wind Turbine Lubricants Market –Volume and Forecast to 2028 (Tons)
6.3 North America Wind Turbine Lubricants Market –Revenue and Forecast to 2028 (US$ Million)
7. North America Wind Turbine Lubricants Market Analysis – By Base Oil
7.1 Overview
7.2 North America Wind Turbine Lubricants Market, By Base Oil (2021 and 2028)
7.3 Mineral Oil
7.3.1 Overview
7.3.2 North America Mineral Oil: Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Synthetic
7.4.1 Overview
7.4.2 North America Synthetic: Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Bio-Based
7.5.1 Overview
7.5.2 North America Bio-Based: Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
8. North America Wind Turbine Lubricants Market Analysis – By Product Type
8.1 Overview
8.2 North America Wind Turbine Lubricants Market, By Product Type (2021 and 2028)
8.3 Grease
8.3.1 Overview
8.3.2 Grease: North America Wind Turbine Lubricants Market – Volume and Forecast to 2028 (Tons)
8.3.3 Grease: North America Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Gear Oil
8.4.1 Overview
8.4.2 Gear Oil: North America Wind Turbine Lubricants Market – Volume and Forecast to 2028 (Tons)
8.4.3 Gear Oil: North America Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Hydraulic Oil
8.5.1 Overview
8.5.2 Hydraulic Oil: North America Wind Turbine Lubricants Market – Volume and Forecast to 2028 (Tons)
8.5.3 Hydraulic Oil: North America Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: North America Wind Turbine Lubricants Market – Volume and Forecast to 2028 (Tons)
8.6.3 Others: North America Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Wind Turbine Lubricants Market – Country Analysis
9.1 North America: Wind Turbine Lubricants Market
9.1.1 North America: Wind Turbine Lubricants Market, by Key Country
9.1.1.1 US: Wind Turbine Lubricants Market –Volume and Forecast to 2028 (Tons)
9.1.1.2 US: Wind Turbine Lubricants Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 US: Wind Turbine Lubricants Market, by Base Oil
9.1.1.2.2 US: Wind Turbine Lubricants Market, by Product Type
9.1.1.2.3 US: Wind Turbine Lubricants Market, by Product Type
9.1.1.3 Canada: Wind Turbine Lubricants Market–Volume and Forecast to 2028 (Tons)
9.1.1.4 Canada: Wind Turbine Lubricants Market–Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Canada: Wind Turbine Lubricants Market, by Base Oil
9.1.1.4.2 Canada: Wind Turbine Lubricants Market, by Product Type
9.1.1.4.3 Canada: Wind Turbine Lubricants Market, by Product Type
9.1.1.5 Mexico: Wind Turbine Lubricants Market–Volume and Forecast to 2028 (Tons)
9.1.1.6 Mexico: Wind Turbine Lubricants Market–Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Mexico: Wind Turbine Lubricants Market, by Base Oil
9.1.1.6.2 Mexico: Wind Turbine Lubricants Market, by Product Type
9.1.1.6.3 Mexico: 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 Research Team
12.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Wind Turbine Lubricants Market –Volume and Forecast to 2028 (Tons)
Table 2. North America Wind Turbine Lubricants Market –Revenue and Forecast to 2028 (US$ Million)
Table 3. US Wind Turbine Lubricants Market, by Base Oil – Revenue and Forecast to 2028 (US$ Million)
Table 4. US Wind Turbine Lubricants Market, by Product Type –Volume and Forecast to 2028 (Tons)
Table 5. US Wind Turbine Lubricants Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. Canada: Wind Turbine Lubricants Market, by Base Oil – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada Wind Turbine Lubricants Market, by Product Type –Volume and Forecast to 2028 (Tons)
Table 8. Canada: Wind Turbine Lubricants Market, by Product Type– Revenue and Forecast to 2028 (US$ Million)
Table 9. Mexico Wind Turbine Lubricants Market, by Base Oil – Revenue and Forecast to 2028 (US$ Million)
Table 10. Mexico Wind Turbine Lubricants Market, by Product Type – Volume and Forecast to 2028 (Tons)
Table 11. Mexico Wind Turbine Lubricants Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)
Table 12. Glossary of Terms, North America Wind Turbine Lubricants Market
LIST OF FIGURES
Figure 1. North America Wind Turbine Lubricants Market Segmentation
Figure 2. North America Wind Turbine Lubricants Market Segmentation – By Country
Figure 3. North America Wind Turbine Lubricants Market Overview
Figure 4. North America Wind Turbine Lubricants Market, By Base Oil
Figure 5. North America Wind Turbine Lubricants Market, by Country
Figure 6. Porter’s Five Forces Analysis
Figure 7. Ecosystem: North America Wind Turbine Lubricants Market
Figure 8. Expert Opinion
Figure 9. Historic Development of New Installations (GW)
Figure 10. North America Wind Turbine Lubricants Impact Analysis of Drivers and Restraints
Figure 11. North America Wind Turbine Lubricants Market – Volume and Forecast to 2028 (Tons)
Figure 12. North America Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. North America Wind Turbine Lubricants Market Revenue Share, By Base Oil (2021 and 2028)
Figure 14. North America Mineral Oil: Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. North America Synthetic: Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. North America Bio-Based: Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Wind Turbine Lubricants Market Revenue Share, By Product Type (2021 and 2028)
Figure 18. Grease: North America Wind Turbine Lubricants Market – Volume and Forecast to 2028 (Tons)
Figure 19. Grease: North America Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Gear Oil: North America Wind Turbine Lubricants Market – Volume and Forecast to 2028 (Tons)
Figure 21. Gear Oil: North America Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Hydraulic Oil: North America Wind Turbine Lubricants Market – Volume and Forecast to 2028 (Tons)
Figure 23. Hydraulic Oil: North America Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Others: North America Wind Turbine Lubricants Market – Volume and Forecast to 2028 (Tons)
Figure 25. Others: North America Wind Turbine Lubricants Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. North America Wind Turbine Lubricants Market, by Key Country– Revenue (2021) (US$ Million)
Figure 27. North America: Wind Turbine Lubricants Market Revenue Share, by Key Country (2021 and 2028)
Figure 28. US: Wind Turbine Lubricants Market –Volume and Forecast to 2028 (Tons)
Figure 29. US: Wind Turbine Lubricants Market –Revenue and Forecast to 2028 (US$ Million)
Figure 30. Canada: Wind Turbine Lubricants Market–Volume and Forecast to 2028 (Tons)
Figure 31. Canada: Wind Turbine Lubricants Market–Revenue and Forecast to 2028 (US$ Million)
Figure 32. Mexico: Wind Turbine Lubricants Market–Volume and Forecast to 2028 (Tons)
Figure 33. Mexico: Wind Turbine Lubricants Market–Revenue and Forecast to 2028 (US$ Million)
The List of Companies – North America Wind Turbine Lubricant Market
o TotalEnergies SE
o BP Plc
o Chevron Corp
o Exxon Mobil Corp
o Fuchs Petroblub SE
o Kluber Lubrication GmbH& Co KG
o Phillips 66
o Shell Plc
o The Lubrizol Corp
o Afton Chemical Corp
o AMSOIL Inc
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