Bio-Lubricants Market Is Projected To Accelerate At A CAGR Of 4.40% To Reach USD 4.47 Billion By 2032
Research Reports
Aug 18, 2023
Insights from Future Market Research
Market Research Future (MRFR) assessment on the Bio-lubricants Market 2023, shed light on multiple forces that are observed to impact the market across the review period. By 2032, the bio-lubricant market is expected to rise at USD 4.47 Bn at 4.40% CAGR.
Traditional lubricants are petroleum-based. They hurt the ecosystem. The rise in launch for environment care initiative are dedicated to replacing these traditional lubricants with bio-lubricants. The rise in the adoption of bio-lubricants across high end-users, such as automobile and manufacturing sectors can contribute to the expansion of the bio-lubricant market across the analysis period. Bio-lubricant are produced from sunflower oil, animal fats, and rapeseed oil among others. These required less in quantity and do not stick. They are bio-degradable, eco-friendly, non-toxic, and renewable. These features prompt the adoption of bio-lubricants that can support the expansion of their market across the analysis period. On the contrary, their high cost compared to traditional lubricants can hinder the surge of the bio-based lubricants global market soon. However, the rise in cognizance about advantage of bio-lubricants can support the market slow down.
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Regional Analysis:
Trends of the bio-lubricants market is assessed across APAC, Latin America, North America, MEA, and EU.
In North America, the bio-lubricant market is expected to thrive at a considerable pace and acquire high valuation in the review period. The increase in environmental concerns and the enforcement of stringent emission standards are factors that are anticipated to promote the expansion of the bio-lubricant market in the study period. The rise in preference and use of biodegradable products can support the rise of North America bio-lubricant market, spearhead by the US through the study period. In addition, the high government expenditure on the promotion of bio-lubricants, especially for automotive and marine applications can cause the growth trajectory of the regional market to rise. Alongside, the presence of renowned bio-lubricant developers, such as RSC Bio Solutions and Exxon Mobil Corporation can significantly impact the regional market in the approaching years.
Europe bio-lubricant market is anticipated to hold the second-largest share of the worldwide market. Environment conservation bodies in Europe are introduction initiatives to adopt bio-lubricants and replace conventional lubricants. In Germany, followed by Italy and Spain, the rise in bio-lubricants for automotive and heavy machinery applications can have significant impact on EU bio-lubricant market across the assessment period.
In Asia Pacific, the bio-lubricant market can surge at a substantial CAGR in the evaluation period. The rise in dominance of bio-lubricants across automobile sector across India and other APAC region, and surge in their production to meet demand can significantly contribute to the expansion of the market across the analysis period.
Market Segmentation:
The bio-lubricants market has been segmented on the basis of type, application, end-user, and region.
By mode of type, the global bio-lubricants market has been segmented into edible and non-edible oil, and animal oil. The market for edible and non-edible oil holds the largest share owing to its wide adoption in both industrial as well as household applications.
By mode of application, the global bio-lubricants market has been segmented into engine oil, automotive, hydraulic fluids, process oil, grease, metalworking fluids, and chainsaw oil. Among these, the segment for hydraulic fluids is presumed to hold the largest market share as they are extensively used as a medium for transferring energy and power in the hydraulic systems.
By mode of end-user, the global bio-lubricants market has been segmented into construction, automotive industry, commercial transportation, and others. Among these, commercial transportation is the fastest-growing market during the assessment period owing to the concern raised due to the disposal of mineral-based lubricants into the environment.
Key Players:
Total (France), RSC Bio Solutions (US), BP p.l.c (UK), PANOLIN AG (Switzerland), FUCHS (Germany), Exxon Mobil Corporation (US), Biol Biolubricants (Sweden), Emery Oleochemicals (Malaysia), BECHEM (India), and IGOL (France) are some influential companies in the Bio-Lubricants market that are profiled by MRFR.
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