Press release
Bio-Lubricants Market Size, Share, Growth Analysis and Forecast 2023-2028
The global bio-lubricants market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.8 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
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Bio-Lubricants Market Trends:
The increasing consumer awareness regarding environmental issues is leading to a preference for sustainable products which represents one of the key factors driving the growth of the market across the globe. This trend extends to industries choosing bio-lubricants to meet customer expectations and corporate social responsibility objectives. With an increasing global focus on environmental sustainability, bio-lubricants, being biodegradable and eco-friendly, align with efforts to reduce pollution and ecological damage. This alignment with environmental goals is acting as a major growth-inducing factor. The market is also driven by governments and international bodies implementing stringent regulations regarding the use of conventional lubricants, especially in environmentally sensitive areas. These regulations are encouraging the adoption of bio-lubricants, which is propelling the demand for bio-lubricants.
Ongoing research and development (R&D) in bio-lubricant technology are enhancing the performance and reducing the cost of these products, thus making them more competitive with traditional lubricants. The automotive sector, including electric vehicles, is a significant consumer of lubricants. The push towards greener alternatives within the industry drives the demand for bio-lubricants. Many industries are adopting bio-lubricants for their machinery to minimize environmental impact and comply with regulations, which is further fueling the market growth. In marine applications, accidental spills of conventional lubricants can be disastrous for ecosystems. Bio-lubricants present a safer alternative, and their usage is promoted in marine transport and activities. The increased availability of renewable raw materials, such as plant oils, is facilitating the production of bio-lubricants. This availability supports the growth of the market. In some regions, tax incentives and subsidies are provided for using environmentally friendly products, including bio-lubricants. These economic motivations are contributing to the market growth.
Commitments under international agreements like the Paris Agreement drive nations to adopt greener practices, indirectly boosting the market. In some applications, bio-lubricants offer superior lubrication and thermal properties. These performance benefits attract industries seeking efficiency improvements. Moreover, companies are using bio-lubricants to differentiate their products and showcase a commitment to sustainability, which is creating a positive brand image. Apart from this, the growing interest in sustainable supply chain management is influencing manufacturers to adopt greener alternatives, including bio-lubricants which is creating a positive outlook for the market across the globe.
Bio-Lubricants Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the bio-lubricants market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
• Albemarle Corporation
• BP Plc
• Chevron Corporation
• Emery Oleochemicals
• Exxon Mobil Corporation
• Fuchs Petrolub SE
• Klüber Lubrication München SE & Co. KG (Freudenberg Chemical Specialities SE & Co. KG)
• Panolin AG
• Polnox Corporation
• Quaker Chemical Corporation
• Royal Dutch Shell PLC
• Total SE
Key Market Segmentation:
The report has segmented the global bio-lubricants market based on base oil type, application, end use industry and region.
Breakup by Base Oil Type:
• Vegetable Oils
• Animal Fats
Breakup by Application:
• Hydraulic Fluids
• Metalworking Fluids
• Chainsaw Oils
• Mold Release Agents
• Two-Cycle Engine Oils
• Gear Oils and Greases
• Others
Breakup by End Use Industry:
• Power Generation
• Automotive
• Heavy Equipment
• Food & Beverage
• Metallurgy & Metalworking
• Chemical Manufacturing
• Others
Breakup by Region:
• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa
Ask Analyst for Customization and Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=3121&flag=C
Key Highlights of the Report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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Email: sales@imarcgroup.com
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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