At 8.6% CAGR, the South & Central America Wind Turbine Lubricant Market is projected to be worth US$ 14.82 million by 2028, says Business Market Insights

According to Business Market Insights research, the South & Central America wind turbine lubricant market was valued at US$ 9.05 million in 2022 and is expected to reach US$ 14.82 million by 2028, registering a CAGR of 8.6% from 2022 to 2028. Government initiatives for development of wind energy sector and increasing installed wind capacity are critical factors attributed to the South & Central America wind turbine lubricant market expansion.   

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 are taking initiatives for the development of the wind energy sector. Various countries in the region, including Brazil, have implemented RPS policies that mandate a certain percentage of electricity generation to come from renewable resources, including wind energy. Also, countries like Argentina and Uruguay have offered Feed-in Tariffs to wind energy producers. 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.

On the contrary, fluctuations in prices of raw materials hampers the South & Central America wind turbine lubricant market.  

Based on base oil, the South & Central America wind turbine lubricant market is segmented into mineral oil, synthetic oil, and bio-based oil. The synthetic oil segment held 67.7% share of South & Central America wind turbine lubricant market in 2022, amassing US$ 6.12 million. It is projected to garner US$ 10.26 million by 2028 to expand at 9.0% CAGR during 2022–2028. 

Based on product type, the South & Central America wind turbine lubricant market is segmented into grease, gear oil, hydraulic oil, and others. The gear oil segment held 66.5% share of South & Central America wind turbine lubricant market in 2022, amassing US$ 6.01 million. It is projected to garner US$ 10.24 million by 2028 to expand at 9.3% CAGR during 2022–2028.

Based on country, the South & Central America wind turbine lubricant market has been categorized into the Brazil, Argentina, and Rest of South & Central America. Our regional analysis states that Brazil captured 67.2% share of South & Central America wind turbine lubricant market in 2022. It was assessed at US$ 6.08 million in 2022 and is likely to hit US$ 10.08 million by 2028, exhibiting a CAGR of 8.8% during 2022–2028.      

Key players operating in South & Central America wind turbine lubricant market are TotalEnergies SE, BP Plc, Chevron Corp, Exxon Mobil Corp, Fuchs Petrolub SE, Kluber Lubrication GmbH & Co KG, Shell plc, The Lubrizol Corp, and Afton Chemical Corp, among others. 

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