Press release
Biolubricants Market worth US$ 3.75 billion 2030 with a CAGR of 2.50%.
Biolubricants Market
๐ง๐ผ ๐ฎ๐ฐ๐ฐ๐ฒ๐๐ ๐๐ต๐ฒ ๐ณ๐๐น๐น ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฟ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐, ๐ฐ๐น๐ถ๐ฐ๐ธ ๐ต๐ฒ๐ฟ๐ฒ:
https://www.prophecymarketinsights.com/market_insight/Global-Biolubricants-Market-By-Raw-514
The report "Global Biolubricants Market, By Raw Material (Vegetable Oil and Animal Fats), by Application (Automotive, Industrial Lubricant, Metal Working, Greases, Others (Hydraulic Fluids, Mold Release Agents, and Transmission Fluids)), By End User (Industrial, Commercial Transportation, and Consumer Automotive), and Region - Global Forecast to 2030"
Key Market Insights from the report:
The Global Bio lubricants Market accounted for US$ 2.94 billion in 2020 and is estimated to be US$ 3.75 billion by 2030 and is anticipated to register a CAGR of 2.50% over the forecast period. The market report has been segmented on the basis of raw material, application, end-user, and region.
By raw material, the vegetable oil segment accounted for major revenue share in 2018, owing to its excellent properties such as non-toxicity, renewability, and environmental friendliness.
By application, the automotive segment accounted for major revenue share in 2018 due to exhibit high inherent biodegradation rate and low level of bioaccumulation.
By end user, the commercial transportation segment accounted for major revenue share in 2018 due to increasing awareness regarding fuel efficiency and maintenance of heavy vehicles.
By region, North America biolubricants market accounted for major revenue share of the global biolubricants market and is further anticipated to maintain its dominance over the forecast period. This is attributed to presence of well-established biolubricants industries in the country in the region. Growing regulatory intervention from the US government is expected to be a major factor driving lucrative growth of North America biolubricants market over the forecast period. The market in Europe is expected to account for second-highest revenue share in 2018.
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Biolubricants Market Demand:
Sustainable Practices in Industries:
The overarching trend toward sustainability and environmentally friendly practices is driving the increased adoption of biolubricants. Industries across automotive, manufacturing, and transportation are seeking alternatives to conventional lubricants to reduce their carbon footprint.
Stringent Environmental Regulations:
The tightening of environmental regulations and standards worldwide is encouraging businesses to transition to biolubricants. These regulations often include restrictions on the use of traditional lubricants due to their potential environmental impact.
Growing Renewable Feedstock Sources:
The availability of diverse and sustainable feedstock sources for biolubricants, including plant oils and animal fats, is expanding. This trend contributes to a more robust and diversified biolubricant market.
Technological Advancements:
Ongoing research and development in lubrication technology are leading to the formulation of advanced biolubricants with improved performance characteristics. This includes enhanced lubricity, stability, and temperature resistance.
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