Press release
Global bio-lubricants market projected to propelling due to growing demand for bio-lubricants in the transportation & manufacturing industries
The global bio-lubricants market size value at USD 2.02 billion in 2019 and projected to reach USD 2.66 billion by 2027, registering a CAGR of 3.43%, during the forecast period, 2020-2027. The primary factors are the growing consumer awareness regarding the environment and depleting crude oil reserves in the developed regions. Further, the favorable regulatory framework in developed countries is anticipated to encourage the production & consumption of bio-based lubricants. Additionally, the eco-friendly nature and rapid degradability of bio-lubricants and stringent regulations, especially for applications such as those in marine, forestry, agriculture, among others, will positively impact the growth of the market.The continued availability of high-quality bio-based base oils such as synthetic esters has increased the demand and performance of bio-based lubricants. These oils meet or exceed the prescribed standards for biodegradability, toxicity, and bioaccumulation, ensuring sustainability. Moreover, the increased consumer awareness of environmental protection and strict government regulation will augment the global bio-lubricants market across the globe. Also, the increasing oil prices and stringent environmental regulations on conventional lubricants across the world will spur the demand for bio-lubricants. Furthermore, the introduction of legislation and the surge in government spending on R&D and product innovation are estimated to boom the growth of the global bio-lubricants industry in the forecast span. With the advent of oleochemicals, the performance factors of most important synthetic esters have overcome. Synthetic esters help improve performance and meet and exceed the requirements of high-risk applications.
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Raw material Overview in the Global Bio-lubricants Market
Based on raw material, the global bio-lubricants market classified into vegetable oil and animal fat & oil. The vegetable oil segment likely to lead the market by 2027. It is owing to vegetable oil are long-chained hydrocarbons found in mineral oils, and these are utilized for bio lubricant production as their advantageous characteristics such as renewability, non-toxicity, economic & environmental friendliness.
Application Overview in the Global Bio-lubricants market
Based on application, the global bio-lubricants market segregated into Automotive (Automotive Engine Oils, Gear Oils, Hydraulic Oils, Transmission Fluids, Greases, Chainsaw Oils), and Industrial (Process Oils, Demolding Oils, Industrial Gear Oils, Industrial Greases, Metal Working Fluids). The automotive segment witnessed the largest market share in 2019 and will dominate by 2027. It is owing to the surge in demand for transmission automotive oil to enhance the performance of brake band friction, valve operation, gear lubrication, and torque conversion. Additionally, they are used as hydraulic fluids and lubricants. Automotive bio-lubricants include automotive engine oils, gear oils, hydraulic oils, transmission fluids, greases, chainsaw oils.
End-User Industry Overview in the Global Bio-lubricants Market
Based on the end-use industry, the global bio-lubricants market segregated into industrial, commercial transportation, and consumer automotive. The consumer automotive segment projected to lead the market by 2027. It is due to growing passenger car sales in emerging economies and expansion of the automotive sector along with the growing consumption of automotive that higher fuel efficiency & lower carbon emissions from vehicles.
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Regional Overview in the Global Bio-lubricants Market
By geography, the global bio-lubricants market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Europe held a higher market share in 2019 and will continue its dominance by 2027. It is attributable to government policy and regulatory support for the adoption of bio-lubricants in various industries, an increase in automotive spending & industrialization, and the shift in trend towards sustainable vehicles with greater efficiency.
Global Bio-lubricants Market: Competitive Landscape
Companies such as ExxonMobil, Royal Dutch Shell, Total S.A, Cargill, BP, Emery Oleochemicals, FUCHS Group, Panolin, Kluber Lubrication, UBL, Shell, Chevron Corporation, Castrol, Statoil Lubricants, Binol Lubricants, Rsc Bio Solutions, Carl Bechem, Vickers Oil, Renewable Lubricants, and Polnox Corporation are the key players in the global bio-lubricants market.
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