Press release
Bio Lubricants Market will valued at over US$ 2.4 Bn as of 2031
Bio Lubricants Market 2022-2031
The global bio lubricants market is anticipated to witness a growth rate of around 5.6% and be valued at over US$ 2.4 Bn by 2031, as per detailed industry analysis by Persistence Market Research.
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Due to rising per capita disposable income and consumer preference for new products with low emissions and high fuel efficiency, demand for automotive lubricants is predicted to expand at the fastest rate in passenger cars. Furthermore, market growth is likely to be aided by rising urbanization and an increase in personal mobility needs. Automotive bio lubricants have benefits such as increased reliability, longer equipment lifecycle, and lower costs.
Over the projected period of 2021 to 2031, a favorable regulatory environment is expected to stimulate the production and usage of bio-based lubricants. The US EPA has established laws requiring all marine vessels plying in U.S. waters to get a mandatory Vessel General Permit (VGP) and use environmentally friendly, acceptable bio lubricants in all oil-to-sea interfaces.
However, one of the primary factors impeding demand growth of bio lubricants is high price. Bio lubricants are costlier than mineral oil lubricants, which is becoming a major barrier to commercial adoption. Lack of consumer understanding about the benefits of bio lubricants is also posing a hindrance to market growth.
Key Players:
The report has profiled some of the important players prevalent in the global like - ROYAL DUTCH SHELL PLC, ExxonMobil Corporation, Total Energies, FUCHS Group, and Castrol Limited and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Bio Lubricants Market.
Key Takeaways from Market Study
Global demand for bio lubricants is forecasted to top a value of US$ 2.4 Bn by 2031.
North America is anticipated to remain one of the key markets accounting for around 47.8% of global market share.
Global bio lubricant demand is expected to reach 741,540 tons by 2031.
Vegetable oil segment is anticipated to witness a CAGR of 5.6% over the decade and the leading raw material used for bio lubricants.
By end use, automotive is anticipated to remain a key segment and account for more than 35% market share by value.
"To enhance their annual turnover, key market participants are focusing on strategic expansions, acquisitions, and technology developments in bio lubricants," says a Persistence Market Research analyst.
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Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)
Key Stakeholders
Bio Lubricants Market Manufacturers
Bio Lubricants Market Distributors/Traders/Wholesalers
Bio Lubricants Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
If you have any special requirements, please let us know and we will offer you the report as you want.
Bio Lubricants Market - Report Highlights
A detailed overview of parent market of Bio Lubricants Market
Changing Bio Lubricants Market dynamics in the industry
In-depth segmentation of the Bio Lubricants Market
Historical, current, and projected Bio Lubricants Market size regarding volume and value
Recent industry trends and developments in Bio Lubricants Market
Competitive landscape of the Bio Lubricants Market
Strategies for key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on Bio Lubricants Market performance
Must-have information for Bio Lubricants Market players to sustain and enhance their market footprint
Key Questions Answered in the Bio Lubricants Market Report
How is the Bio Lubricants Market expected to grow over the projected period?
What direction is the Bio Lubricants Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Bio Lubricants Market in future?
What are the key market drivers in the Bio Lubricants Market?
What are significant opportunities and improvement areas for Bio Lubricants Market manufacturers?
What are the key developments and trends taking over the Bio Lubricants Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Bio Lubricants Market?
If you have any special requirements, please let us know and we will offer you the report as you want and also We Provide you Table of Content.
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About PersistenceMarketResearch:
PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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