Global demand for wind energy lubricants is likely to slow in the current economic environment, but should rebound in the next few years, global consulting and research firm Klein said in a recent webinar. The key market for global wind lubricants remains China, which is expected to account for nearly half of the world's new wind turbine capacity in the next five years.
Klein's forecasts for the demand outlook for wind lubricants, both optimistic and pessimistic, suggest that the market will be affected by the economic contraction caused by the outbreak. "In almost all scenarios, global consumption of wind lubricants will decline until 2021, with a V-shaped recovery in the following years," says Gabriel Tarle, project leader for Kline's energy practice.
Klein estimates global demand for wind lubricants in 2019 at 40,000 to 50,000 tons, worth $400 million to $500 million, with a total installed wind power capacity of 650 gigawatts. "Although the wind turbine market represents only a small part of the total demand for lubricants, it is an important segment due to its rapid growth and high synthetic lubricants penetration," Mr Talay said.