Biolubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Base Oil (Vegetable Oils, Animal Fats, and Others), Application (Gear Oils, Hydraulic Oils, Metalworking Fluids, Greases, and Others), and End Use (Automotive, Industrial, Mari

The scope of our recent study on ""Biolubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Base Oil (Vegetable Oils, Animal Fats, and Others), Application (Gear Oils, Hydraulic Oils, Metalworking Fluids, Greases, and Others), and End Use (Automotive, Industrial, Marine, Agriculture & Forestry, and Others)"" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis. The study also encompasses the identification of market players and their key developments.

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The biolubricants market size is expected to grow from US$ 1,551.15 million in 2022 to US$ 1,902.41 million by 2028; it is estimated to record a CAGR of 3.5% from 2022 to 2028.

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Biolubricants are made from oils derived from vegetables and other renewable resources, including animal products. Biolubricants are biodegradable and nontoxic for humans and aquatic environments. Biodegradability of biolubricants plays a vital role in applications that pose a higher risk of leaking into the environment. In addition, biolubricants have higher flash points, constant viscosity, and less oil mist/vapor emissions and offer increased safety. Biolubricants also produce fewer emissions and have superior adhesion to metal surfaces. They are used in various applications, including engines, gearboxes, hydraulics, chainsaws, greases, and 2-stroke speedboat engines. Biolubricants are highly used in various end-use industries such as automotive, marine, agriculture & forestry, mining, construction, power transmission, food, and pharmaceuticals.

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The market is segmented into five main regions-North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2022, Europe dominated the biolubricants market. Asia Pacific is expected to register the highest CAGR in the market during the forecast period. Factors such as growing environmental concerns and increasing crude oil costs are driving the demand for biolubricants in Europe. The demand for biolubricants in Asia Pacific is directly proportional to industrialization and vehicular production in the region. Growing regional construction activities and industrial and automotive sectors accelerate the market growth.

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Increasing Demand for Bio-Based and Sustainable Products from End Use Industries Drives Biolubricants Market Growth
Lubricants are used across various industries, including automotive, oil & gas, textile, glass, power generation, paper & pulp, chemicals & petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals. Mineral and synthetic lubricants pollute the environment in small but extensive quantities. Most of these lubricants are nonaqueous liquids. Earlier, almost all lubricants were mineral oil-based products. Also, they can cause major environmental damage due to accidental spillage, improper disposal, leakages, and lost lubrication. Strong environmental concerns and growing regulations over contamination and pollution in the environment have increased the demand for renewable and biodegradable lubricants.

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Biolubricants Market: Segment Overview
Based on end use, the global biolubricants market is segmented into automotive, industrial, marine, agriculture & forestry, and others. In 2022, the industrial segment accounted for the largest revenue share of the market. However, the marine segment is expected to register the highest CAGR during the forecast period. Biolubricants are used in various industrial and maintenance applications across the world. Industrial oils are used as machine oils, compressor oils, metalworking fluids, and hydraulic oils. Rising awareness about the negative impact of synthetic and mineral lubricants on the environment led to increased demand for biolubricants in the industrial segment.

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Impact of COVID-19 Pandemic on Biolubricants Market

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The COVID-19 pandemic adversely affected the biolubricants market growth in 2020 due to the shutdown of manufacturing facilities and restrictions imposed on transportation and logistics. Disruptions in supply chains also hampered the supply of biolubricants. To comply with national and regional guidelines, manufacturers introduced extensive modifications to their processes to protect their employees from the SARS-CoV-2 infection. The pandemic wreaked havoc on the historically stable biolubricants industry. The shortage of manpower resulted in the deceleration of biolubricants production and distribution operations. Lockdowns imposed by different countries in 2020 hampered the ability of industries to maintain inventory levels. Moreover, sanitary measures and other COVID-19-related precautions reduced production capacity significantly, creating a shortage of vegetable oils and animal fats inventory.

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Despite these ill effects on end-use industries, the biolubricants market began reviving in late 2020 due to relaxations in social restrictions and significant measures, such as well-coordinated vaccination drives, by governments of many countries to combat the virus infection spread. The recovery of various end-use industries is driving the biolubricants market growth in the post-pandemic recovery period.

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Biolubricants Market: Competitive Landscape and Key Developments

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Emery Oleochemicals LLC, Fuchs Petrolub SE, Carl Bechem GmbH, PANOLIN AG, Renewable Lubricants Inc, TotalEnergies SE, Shell Plc, RSC Bio Solutions LLC, Crevier Group Inc, and Kluber Lubrication GmbH & Co KG are among the key players operating in the biolubricants market. Leading market players implement new product launches and mergers & acquisitions as key business strategies to expand their geographic presence and consumer base across the world.

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