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Bio-Lubricants Global Market Analysis, Trends, Growth, Research And Forecast 2033
Bio-Lubricants Global Market Analysis
As per the report, the bio-lubricants market size has grown strongly in recent years. It will grow from $2.89 billion in 2023 to $3.06 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The bio-lubricants market size is expected to see strong growth in the next few years. It will grow to $3.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
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Growing Environmental Awareness Drives Bio-Lubricants Market Growth
Increasing environmental awareness is expected to propel the growth of the bio lubricants market going forward. Environmental awareness refers to awareness of the natural environment and the choices that either promote its well-being or cause it more harm. Environmental awareness is helpful in increasing the bio-lubricant market because of its high viscosity indexes and flashpoints, good resistance to shear, and high biodegradability. For instance, a survey by Mastercard, a US-based financial company, conducted across 24 countries reveals that 58% of adults are aware of their impact on the environment, in 2021, and 85% of respondents claim they are willing to take personal action to address environmental and sustainability issues. Therefore, increasing environmental awareness is driving the growth of the bio-lubricants market.
Innovative Product Developments Drive Bio-Lubricants Market Growth
Product developments are a key trend gaining popularity in the bio-lubricants market. Major companies operating in the bio-lubricant market are focused on developing new products to strengthen their position. For instance, in January 2023, Kluber Lubrication, a US based chemical manufacturing company, launched specialty lubes for oil & gas industry, lube can withstand the harshest environmental conditions: salt water, rain, wind, and extreme temperatures. This leads to low lubricant consumption, less downtime due to maintenance and repair, and long component life .These lubricants are unique and have been developed after extensive research and development in India.
The bio-lubricants market covered in this report is segmented -
1) By Base Oil: Vegetable Oil, Animal Fat, Other Base Oils
2) By Application: Hydraulic Oil, Metalworking Fluids, Chainsaw Oil, Mold release agents, Two-cycle engine Oils, Gear Oils, Greases, Other Applications
3) By End-User: Industrial, Commercial Transport, Consumer Automobile, Other End Users
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Major companies operating in the bio-lubricants market include Binol Biolubricants Ltd., British Petroleum plc, Cargill Corporation, Chevron Corporation, Royal Dutch Shell PLC., ExxonMobil plc, Klüber Lubrication München Se & Co. Kg, Statoil Lubricants ASA, TotalEnergies SE, Castrol India Ltd., HollyFrontier Corporation Millers Oils Ltd., Petronas Lubricant International, Renewable Lubricants Inc., Solution Biogen Sdn Bhd, BP plc, Albemarle Corporation, Fuchs Petrolub AG, Panolin AG, Emery Oleochemicals, Biosynthetic Technologies LLC, RSC Bio Solutions, Green Earth Technologies LLC, BioBlend Renewable Resources LLC, Bio-Lub Canada Inc., Bio-Lubricants Inc., Biofriendly Corporation, BioPure Technology Ltd., Biosynthetic Technologies LLC, Carl Bechem GmbH, Croda International plc
Contents of the report:
1. Executive Summary
2. Bio-Lubricants Market Report Structure
3. Bio-Lubricants Market Trends And Strategies
4. Bio-Lubricants Market - Macro Economic Scenario
5. Bio-Lubricants Market Size And Growth
…..
27. Bio-Lubricants Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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