WASHINGTON, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The global Bio Lubricants Market is expected to gain significant growth in the forecast period of 2022 to 2028. Vantage Market Research analyses that the market is growing with a CAGR of 3.9% in the forecast period of 2022 to 2028 and is expected to reach USD 2.3 Billion by 2028.
Global Bio Lubricants Market from Vantage Market Research, this research helps businesses thrive by offering in-depth market analyses and insights. To thrive in this swiftly changing market landscape, businesses must take up the world-class solution such as this Bio Lubricants Market research report. This report helps you effortlessly figure out brand awareness and perception of your brand and product among potential customers of Bio Lubricants industry. This market research report also covers strategic profiling of major players in the market, meticulously analysing their core competencies, and drawing a competitive landscape for the market. Top players and brands are analysed with respect to their actions such as developments, product launches, acquisitions, mergers, joint ventures and competitive research in the market.
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List of Prominent Players in Bio Lubricants Market:
- ExxonMobil (US)
- Royal Dutch Shell (Netherlands)
- Total S.A (France)
- Cargill (US)
- BP (UK)
- Emery Oleochemicals (Malaysia)
- FUCHS Group (Germany)
- Panolin (Switzerland)
- Kluber Lubrication (Germany)
- Binol Lubricants (Sweden)
What is Bio Lubricants? How Big is Bio Lubricants Market Size?
Market Dynamics:
Driver:
Rising Demand Owing to Environmental Benefits to Drive the Market Growth
A bio-based lubrication product is a greener option than usual lubricating oils that pollute the environment by generating toxic fumes. Due to its distinctive environmental benignity, this area receives much traction from environmental activists. Furthermore, the market operant will probably observe a significant augment during the forecast period owing to the increase in consumer awareness relating to the environment and depleting crude oil reserves in the developing regions. Moreover, it is associated with the belief that the Bio Lubricants Market is sustainable and part of the biodegradable base stocks utilized in their formulations.
The requirement for biodegradable bio-based lubricants has increased with the expanding public awareness regarding the environmental effects of mineral oil-based lubricants. As a result, the growing demand for environment-friendly lubricants is expected to drive the Bio Lubricants Market expansion.
Increasing Usage as Petroleum-Based & Mineral-Based Oil Alternatives to Stimulate Market Growth
Bio Lubricants Market is becoming popular as they are generally a viable alternative to petroleum-based oils. Such lubricants provide several environmental and long-term benefits compared to petroleum-based options. Also, they are less costly with a high biodegradability rating. Moreover, their high usage as an alternative to mineral and petroleum-based oil has considerably expedited the Bio Lubricants Market growth across the globe. In addition, the Bio Lubricants Market is less expensive because of the low maintenance, storage, and disposal requirements, which will likely strengthen the market in the future. Besides, the higher oil prices are reasonable to fuel the market growth rate. Increasing the need to improve fuel efficiency in vehicles will also propel market development.
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Key Highlights from Report:
- The Vegetable Oil segment is anticipated to propel the growth of the Bio Lubricants Market during the forecast period due to its high biodegradability, low toxicity, and high lubricity. The abundance of vegetable oil seeds used as raw materials might also be blamed for the rise.
- The Hydraulic Oil segment dominated the growth of the Bio Lubricants Market in 2021. Bio-based lubricants are used as Hydraulic Oils in forests to enhance operations such as harvesters, cranes, tractors, or load carriers. Many producers of bio-based lubricants are aware of this market opportunity. They have goods that reflect the region’s most susceptible to spills and applications lost in use, or they are designing such products.
- The Asia Pacific is predicted to mention the fastest growth in the Bio Lubricants Market during the forecast period. Nearly 70% of the global power demand comes from China, making it the largest power market in the world. The industrial sector, which includes the production of steel, iron, and other metals, the building, and cement industries, and the significant demand for cooling, are the main drivers of China's high energy demand. In India, the need for power is also increasing exponentially. The excessive usage of air conditioning in buildings, in particular, caused this increase. The growing demand for Bio Lubricants in these power plants due to the nation's increasing number of power units may benefit the local market.
Segment Analysis:
- Base Oil
- Vegetable Oil
- Animal Fat
- Other Oils
- Application
- Hydraulic Oil
- Metalworking Fluids
- Chainsaw Oil
- Mold Release Agents
- Two-Cycle Engine Oils
- Gear Oils
- Greases
- Other Applications
- End-Use Industry
- Industrial (Marine, Mining & Metallurgy, Energy & Power, Food & Pharmaceutical)
- Commercial Transport
- Consumer Automobile
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The report on Bio Lubricants Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Europe Dominated the Global Bio Lubricants Market
Europe dominated the Global Bio Lubricants Market and is expected to continue the same trend during the forecast period. This is primarily due to adopting bio-degradable products and different emission standards. Moreover, the evolution of several government initiatives to strengthen environmental regulation will propel regional market growth in the future. Furthermore, the regional market development can also be attributable to the fact that the U.S. Air Force supports plant-derived biodegradable products as a strategic and fundamental approach to national security. Besides, the Europe market is also estimated to profit from a significant quantity of soybean and rapeseed feedstock because of the increased biodiesel production in this region. This, in turn, is likely to drive bio-based lubricant consumption.
Recent Developments:
December 2021: RSC Bio Solutions, a leading green technology company, and Standard Sekiyu Osaka Hatsubaisho Co. Ltd. (SSOH), a company that operates in the Government industry, announced a new distribution partnership to meet the increasing demand in Japan for Environmentally Acceptable Lubricant (EAL) offerings for marine and industrial applications.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Bio Lubricants Market Forecast Report (2022-2028).
Some of The Key Questions from Our Customers Are:
- Which are the top companies in the market?
- How will the market change in the next years?
- What are the drivers and restraints of the market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the market throughout the forecast period?
- Which area offers the most significant benefit for the world market?
- What are the threats to business and the impact of the current scenario on growth and market perception?
- What are the likely advanced scenarios and maximum incentive to see movement by application, type, and region?
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 1.9 Billion |
| Revenue Forecast by 2028 | USD 2.3 Billion |
| CAGR | 3.9% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | ExxonMobil, Royal Dutch Shell, Total S.A, Cargill, BP, Emery Oleochemicals, FUCHS Group, Panolin, Kluber Lubrication, Binol Lubricants |
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