At 10.3% CAGR, the Europe Wind Turbine Lubricant Market is projected to be worth US$ 84.58 million by 2028, says Business Market Insights

According to Business Market Insights research, the Europe wind turbine lubricant market was valued at US$ 46.85 million in 2022 and is expected to reach US$ 84.58 million by 2028, registering a CAGR of 10.3% from 2022 to 2028. offshore wind energy expansion in Europe is the critical factor attributed to the Europe wind turbine lubricant market expansion.

Offshore wind expansion in Europe is a rapidly growing sector that has gained momentum in recent years. Several European countries are investing in offshore wind projects to harness the potential of wind energy from the sea. The UK, for instance, has been a pioneer in offshore wind projects like the Hornsea Wind Farm, which is one of the largest in the world, and the Beatrice Offshore Wind Farm. The UK government has set ambitious targets to further expand offshore wind capacity. Germany, meanwhile, has a well-established offshore wind sector with projects like the Borkum Riffgrund 1 and Baltic 1 wind farms, aligning with its energy transition strategy, the Energiewende. Further, Denmark, renowned for its offshore wind expertise, hosts projects like the Horns Rev 3 Offshore Wind Farm and the Kriegers Flak Offshore Wind Farm, with commitments to expand capacity and foster innovation. The Netherlands is rapidly growing its offshore wind industry, and France is also investing in its offshore wind energy. These offshore wind projects illustrate the significant offshore wind expansion in Europe, 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 Europe Wind Turbine Lubricant Market.  

Based on base oil, the Europe wind turbine lubricant market is segmented into mineral oil, synthetic oil, and bio-based oil. The synthetic oil segment held 79.2% share of Europe wind turbine lubricant market in 2022, amassing US$ 37.13 million. It is projected to garner US$ 67.96 million by 2028 to expand at 10.6% CAGR during 2022–2028. 

Based on product type, the Europe wind turbine lubricant market is segmented into grease, gear oil, hydraulic oil, and others. The gear oil segment held 63.6% share of Europe wind turbine lubricant market in 2022, amassing US$ 29.79 million. It is projected to garner US$ 55.74 million by 2028 to expand at 11.0% CAGR during 2022–2028.

Based on country, the Europe wind turbine lubricant market has been categorized into the Germany, France, Italy, UK, Russia, and the Rest of Europe. Our regional analysis states that the Germany captured 42.8% share of Europe wind turbine lubricant market in 2022. It was assessed at US$ 20.07 million in 2022 and is likely to hit US$ 37.64 million by 2028, exhibiting a CAGR of 11.0% during 2022–2028.

Key players operating in the Europe 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, TotalEnergies established a partnership with SANY to launch lubricant solutions in the European market and initiating cooperation in the European market will strongly strengthen the partnership.
• In 2023, The campaign launched by TotalEnergies featuring RobotQuartz represented the engine and showed the effects of Quartz lubricants on all types of engines.

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